There is just something that is starting to make this bail out bill feel like the greatest American swindle since, say, the second American-Iraq war.
The LA Times claims that,
Treasury Secretary Henry M. Paulson is about to become the most powerful mortgage financier of the modern era — most likely of any era.
The Washington Post tells us that,
Almost 200 academic economists — who aren’t paid by the institutions that could directly benefit from the plan but who also may not have recent practical experience in the markets — have signed a petition organized by a University of Chicago professor objecting to the plan on the grounds that it could create perverse incentives, that it is too vague and that its long-run effects are unclear.
The Huffington Post lists 5 reasons to vote AGAINST the bailout bill:
- BAILOUT’S INHERENT FISCAL INSANITY COULD MAKE PROBLEM WORSE
- EXPERTS ON BOTH THE LEFT AND RIGHT SAY THIS BAILOUT COULD MAKE THINGS WORSE
- THERE ARE CLEARLY BETTER AND SAFER ALTERNATIVES
- ANY INCUMBENT VOTING FOR THIS PUTS THEMSELVES AT RISK OF BEING THROWN OUT OF OFFICE
- CORRUPTION AND SLEAZE ARE SWIRLING AROUND THESE BAILOUTS – AND AMERICA KNOWS IT
Now, I know a lot of those opposing this bill are the free market wheelers whose ideas got us here in the first place. But I can’t help but think this is Bush’s economic Iraq war pitch all over again. At least the money will be phased in giving lawmakers the chance to nix future lump sums of tax payer money heading to Wall Street.
If you are so inclined, read the text of the bill here.
