This bailout is not some gesture to save the economy. It's a ploy to rule from the grave. By spending $700b out of the treasury, Bush will cripple any plans the next president or two plans to do. Doesn't matter if McCain or Obama wins as both would be limited to only what exists in the current budget.
Why is this a bad idea: David Corn summarizes the left's case against the bailout in this
article. His main points are:
- The taxpayers will not only bail out U.S. companies, but also foreign ones
- Million-dollar-a-month CEO salaries will continue
- The five-member oversight board will include three Bush appointees
- Few home owners will be saved from foreclosure
- There are no guarantees that the treasury will get warrants commensurate with its investment
- There is no regulatory reform in the bill
Re: OT: US Pres election
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