Wednesday, September 24, 2008
Doin' The Short Form
It's becoming obvious that the Bush gang, far from trying to "shore up the markets", was trying to pull off the biggest bear move in history- to scare the markets into total failure by saying that unless $700 billion was provided immediately our financial system would crash. With a neat little provision enclosed giving Paulson absolute power and immunity from the law, they were trying to spook the herd.
Kevin Drum found the neat chart about bailouts, and links to details at the original source.
You will note that John McCain was involved in the S&L swindle as a co-conspirator, that his campaign manager collected over $2 million from Fannie Mae and Freddie Mac for his work defeating regulation and oversight, and as Chairman of the Commerce Committee McCain was directly involved in the wrong legislation and oversight that resulted in the other financial failures. Probably nobody else in the US can claim to have been so directly involved in every major financial disaster of the past twenty years. You're doing a heckuva job, Johnnie.