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.