Time for a $700 billion (and that's just the STARTING figure) bailout, we're told.
What a lot of people miss in all this is:
1) the "banking system" referred to isn't the issue in this crisis--commercial banks are already well-regulated.
2) this "crisis" didn't spring up overnight (see the previous post).
3) this plan ENDS independent investment banking by NATIONALIZING the remaining investment banks (the others are now under commercial banking regulation)
4) this plan STRIPS the power of controlling the purse strings from Congress and hands it, WITHOUT OVERSIGHT, to the Secretary of the Treasury (appointed by the President and needing no Senate confirmation)
5) this bailout expands the government's actions to the INSURANCE industry (AIG).
6) this is the latest "we're in a crisis and must act immediately to take extraordinary measures" tactic Bush used to sell his invasion of Iraq (which had nothing to do with 9/11 or WMD) and the subversion of the Constitution under the Patriot Act.
Of course, he passed those when a Republican Congress rubber stamped his idiocy. I hope the Democrats have the balls to reign him in this time. Yes, the financial mess is real, and yes, something, unfortunately, must be done--but it DOESN'T have to be rammed through immediately with this false sense of urgency. The credit markets will be fine as long as something is in the works. Let's take the time to get one right, for once, and yes, the people fleeced under the usury-like mortgage practices deserve at least a chance to make good on their debt and keep their homes---THAT will be better for the country, its people, its lenders--and its economy.
How much longer will the sheep voluntarily line up to be slaughtered?