The news is abuzz with the reports of the solemn, haggard faces of the leaders of congress when Bush's economic Czars Paulson and Bernanke informed them of the deadly threat of financial meltdown the US, even the world economy faced if something dramatic was not done immediately.
So, of course, they came out, shaking in their boots, telling the nation how awful things were, how close to the abyss we've come.
This sounds far too similar to Bush's surrogates Condeleeza Rice and Colin Powell warning us-- at the UN in congress in 2003-- that Iraq and its WMDs was an imminent threat to the nation and the world. Back then, senators Clinton, Kerry, Edwards and most of the rest of the Democrats spinelessly assented to accept the story they were told, failed to challenge the data or demand other options, and now, they all apologize to us.
It's not too late this time. We have no good reason to believe that Bush economic appointees will do any better dealing with a financial crisis than Bush diplomatic and military appointees did with the "terrorist threat."Now, we face the financial/economic meltdown "threat."
This evening, even as we speak, or blog, whatever, the Bush administration is in the process of LEAVING THE f*cking WHITE HOUSE WITH A f*cking SEVEN HUNDRED BILLION (BILLION!) DOLLAR BAILOUT OF ABSURDLY IRRESPONSIBLE WALL STREET FIRMS, combined with ABSOLUTELY NO FUCKING ACCOUNTABILITY OR OVERSIGHT.
TalkingPointsMemo Put on the Brakes Josh Marshall
I'm quite convinced that some drastic action needs to be taken to avoid a cascading and debilitating series of crises. But the more I look at this plan, the more wrongheaded it seems. But if I'm understanding this deal, the taxpayers are going to pony up close to a trillion dollars to take bad debts off the hands of financial institutions who were foolish enough to make the deals in the first place.
I can't seem to find any of the people who I respect thinking the bailout plan, as presented, is a good idea.
Paul Krugman No deal ,
...there’s no quid pro quo here — nothing that gives taxpayers a stake in the upside, nothing that ensures that the money is used to stabilize the system rather than reward the undeserving.
I hope I’m wrong about this. But let me say it again: Treasury needs to explain why this is supposed to work — not try to panic Congress into giving it a blank check. Otherwise, no deal.
... this brand of stupid led to both the Great Depression and the Savings & Loan scandals.
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