Administration Is Seeking $700 Billion for Wall Street. While legislators debate the terms of this giveaway, all I can think is, WTF?! There is no way a bailout should be happening under any terms.
At his news conference, Mr. Bush also sought to portray the plan as helping every American. “The government,” he said, “needed to send a clear signal that we understood the instability could ripple throughout and affect the working people and the average family, and we weren’t going to let that happen.”
Condoleeza’s mushroom cloud smoking gun.
Mr. Frank said Democrats were also thinking about tightening the language on the debt limit to make clear that the additional borrowing authority could be used only for the bailout plan. And he said they might seek to revive a proposal that would give bankruptcy judges the authority to modify the terms of primary mortgages, a proposal strongly opposed by the financial industry.
Lately, I’ve been thinking that perhaps I am too cynical and paranoid about collusion between Republicans and Democrats, trading power back and forth while ultimately promoting the same corporate special interests. Then this happens.
House web site has been down most of the day. List of TX reps that voted in favor of the bailout:
TX-08 Kevin Brady (R)
TX-12 Kay Granger (R)
TX-15 Ruben Hinojosa (D)
TX-16 Silvestre Reyes (D)
TX-17 Chet Edwards (D)
TX-20 Charlie Gonzalez (D)
TX-21 Lamar Smith (R)
TX-30 E.B. Johnson (D)
TX-32 Pete Sessions (R)
Very disappointed to find that Nydia Velazquez voted in favor, but it seems that almost all NY reps did (surprise…). Pelosi voted for, Barbara Lee against (!).
Lest the two major Presidential candidates, who both supported this legislation, be forgotten:
Obama’s top 5 contributors (2003-08) include
Goldman Sachs $748,880
JPMorgan Chase & Co $493,469
Citigroup Inc $467,849
McCain’s top 5 contributors (2003-08) include
Merrill Lynch $306,813
Citigroup Inc $277,251
Goldman Sachs $234,345
Morgan Stanley $234,272