Thursday, September 25, 2008

Senate Hearing on Wall Street Bailout: Fail

Stolen from Denver Post

It would be a shame if the firms fail and people lose jobs and actual real sustainable loans become impossible to obtain due to draconian institutions desperately hiss at anyone coming close to what little actual funds they have, but I genuinely don't have any idea what this Bailout plan really involves.

The more I hear of it it sounds more like "here's a giant pile of cash, now, Treasury Secretary Nazi-Frankenstein, feel free to do whatever you want with it and no worries, we'll never ask you what you did with it because we wrote it in the law saying that we can't review any of the treasury secretary nazi-frankenstein's decision."

I mean, this doesn't feel the same as the Federal Reserve buying and owning 80% of AIG or the government taking control of Freddie Mac and Fannie Mae, this is, from the sound of it, a literal plea for a giant pool of money for them to do as they wish.

Is that what the bailout plan is?

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