Saturday, September 20, 2008

About the proposed bailout

Emptywheel says it all, and we need to be paying attention:
But here's all you need to know. Hank Paulson is asking for $700,000,000,000. That's $2,333 from every man, woman, and child in the United States.

In exchange for that money, Paulson is unwilling to accept any demands to make markets more transparent, limit executive compensation, or assist homeowners fighting foreclosure. The sole purpose of that $700,000,000,000 is to bail out Wall Street and only Wall Street, but not to fix it, or our larger economy.

He is asking to be absolutely unbound by any law when he spends that money.
[Emphasis mine]

Just. Say. No.

They can do better than that.

And if they don't, vote every damn one of them OUT in November. No prisoners.

This is Glenn Greenwald's elegant summation:
Put another way, 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.

--the BB

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