As reported in The New York Times, the Bush Administration has a $700,000,000,000 plan to "Purchase Mortgage Related Assets". That's $2,333 from every man, woman, and child in the United States. How's that rebate check looking now?
Politico points out, the plan "called for giving Paulson purchasing authority that was “non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.”
Jeralyn at TalkLeft, "Will this be like the Patriot Act, where Congress acts in haste and repents at leisure?"
From Digby, "If the conservative movement survives this with their free market fundamentalist cant intact, then we really will know that the post modern epistomology they've introduced these last few years has become so pervasive that even an economic crisis can't penetrate it."
Glenn Greenwald (Salon.com): "We've retroactively created a win-only system where the wealthiest corporations and their shareholders are free to gamble for as long as they win and then force others who have no upside to pay for their losses ... [The Bush plan, in draft form] 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."
As Josh Marshall (Talking Points Memo) says, Is this another Bush "Shock & Awe, followed by an occupation of Wall Street, and all with no exit plan"?
From Russ McBee, "... the anti-oversight, anti-accountability, anti-regulatory zealots who created this crisis in the first place have shown the rest of us just how clever they are; they privatize the profits while socializing the risks."
Should we be asking for more information? Should there be an emergency call to economic experts for an indepth review of the overall situation? Who can we trust? I don't know. Do you think the bailout plan shoud be approved as written?
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