Hullabaloo

Saturday, September 20, 2008

 
Bush To Congress: Trust Me, I Can Solve It

by tristero

Now here's a truly sensible idea:

The Bush administration on Saturday formally proposed to Congress what could become the largest financial bailout in United States history, requesting unfettered authority for the Treasury Department to buy up to $700 billion in mortgage-related assets.

And right now, congresscritters are soberly weighing the consequences.

No, you ninnies! Not the consequences for the country! No! The consequences of acceding to Bush's wish versus acting sensibly:

1. If I agree to give Bush carte blanche then
2. Repulbicans can't blame me for blocking their proposals and thereby scream I made the crisis worse, but
3. This country will endure yet more grossly incompetent management from Bush/McCain/Cheney/Palin and friends while the rich get richer.

1. If I don't agree and fight Bush tooth and nail,
2. Four bloggers, my mother, and my pet hamster will be really, really proud of me. But
3. This country may have a chance of putting together at least a moderately workable approach to the financial crisis that doesn't reward the shareholders at the expense of the victims.

Anyone have any doubts what course of action Congress will take?

UPDATE: Glenn has the long versionwith a terrific ender:

... this authorizes Hank Paulson to transfer $700 billion of taxpayer money to private industry in his sole discretion, and nobody has the right or ability to review or challenge any decision he makes.

tristero 9/20/2008 05:00:00 PM |