Monday, September 22, 2008

New Financial Bailout Plan is Scary

Photo from source, Huffington Post

You're going to hear--if you haven't already heard--that Congressional Democrats are stonewalling the Wall Street bailout plan, and that they're further endangering the economy. Don't buy it (really, you're going to need all the money you can save). The reason there is resistance to the plan, is that the damned thing is scary.

This is a classic damned if you do, damned if you don't scenario for Democrats. They could sign on to the hastily cooked up plan, and piss off their supporters, and screw the country. They could fight it, and endure the wrath of right-wing radio, the right-wing blogosphere, and the full onslaught of the McCain campaign.

Check out what makes this thing such a problem. . .


A critical - and radical - component of the bailout package proposed by the Bush administration has thus far failed to garner the serious attention of anyone in the press. Section 8 (which ironically reminds one of the popular name of the portion of the 1937 Housing Act that paved the way for subsidized affordable housing ) of this legislation is just a single sentence of thirty-two words, but it represents a significant consolidation of power and an abdication of oversight authority that's so flat-out astounding that it ought to set one's hair on fire. . .

Read more at: Huffington Post

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