During a televised address last Wednesday, Bush said that he understands "the frustration of responsible Americans.but given the situation we're facing, not passing the bill now will cost Americans much more later."
If Congress had passed this bill as it was, it would have will triggered a far more distressing scenario than the economic downturn that Bush and Cheney are holding over our heads. With less than four months left to his reign, the Bush administration is desperate to complete their agenda, which by many accounts is the transformation of our republic into a huge global corporation (i.e. fascism).
Shame on you!
This situation is all to familiar--use a crisis to pressure Congress to agree to terms that under normal circumstances would seem preposterous. Mr. President, I believe you tried to use this expression in the past: Fool me once, shame on you, fool me twice, shame on me! And shame on anyone who lets this ruse happen again!
How come no one is talking about the fact that twenty years ago, our current Republican presidential candidate, John McCain, was up to his neck in an eerily similar banking crisis--the Savings and Loan Scandal. Years of de-regulation, championed by McCain, led to the failure of hundreds of banks and a taxpayer bailout of $125 billion. Remember the Keating 5? McCain was one of five senators who accepted bribes from Charles Keating, chairman of the failing Lincoln Savings & Loan Association, in exchange for getting regulators who were investigating his operations to look the other way. Now McCain tells voters he wants to get tough on Wall Street and "end the old boys network". Shame on the media and the Obama campaign for not reminding voters of this.
Another outrageous power grab
There is an amusing email making the rounds, mimicking the ubiquitous Nigerian scam, where the "Minister of Treasury, Paulson" instructs the American people to "Please reply with all of your bank account, IRA and college fund account numbers and those of your children and grandchildren to email@example.com." If approved in its original form, the bailout would amount to that, but worse; it would result in a consolidation of power to the Executive Branch. The original 4-page bailout plan blatantly stated:
Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.