Sunday, September 21, 2008

Welfare for Wall Street

This whole damn bailout hoohah gives me the jimjams; I can't ecape the lingering fear that somehow it will constitute a bunch of money directed to people who don't deserve to be saved from their own stupidity or avarice or both – the people making $30k who bought $300k houses and the slime who ran their mortgages through and then laid off the action to other greedy chumps. I'm happy to detect at least a little resistance to the plan. Friedrich von Blowhard has some links to non-enthusiasts:
The Paulson plan for bailing out the financial sector is extremely dubious. The prospect that it will get rubber-stamped into legislation by a panicked Congress within the week is a distressing, but sadly real, possibility. I strongly urge you to oppose passage of this proposal without – at a minimum – a full and thorough airing of the issues involved.

Read all of Friedrich's stuff here. Someone on there has a nicely snide crack about Ronnie Raygun's remark that the nine most terrifying words in the language being "I'm from the government, and I'm here to help you." Don't guess we'll hear that for a few months ... Realistically, the fix is in, and we're on the hook for the money, like it or not.
And from the WaPo Web site Sunday evening:
Sources familiar with Treasury's thinking said last night that the department is also continuing to monitor troubled financial firms and may have to intervene in the markets again this week, before Congress acts on the bailout, to address specific flashpoints
The story indicates some possibility of the Ds imposing some restraints on the money gusher. Read it here.

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