Monday, September 29, 2008


Are you looking for info about this whole bailout mess? I can give you the 10 cent version:
Wall Street, the Federal Reserve and the US Treasury want to use at least $700 billion to pump cash back into banks and other domestic and foreign lenders sucking hind tits now because they overpaid for tens of billions of dollars of worthless mortgages. The Dems and GOP haggled, agreed to some token oversight of how the money is spent and I'll-believe-them-when-I-see-them restrictions on executive pay at the firms receiving federal money.
McCain and Obama both support the measure, albeit reluctantly, but that's now academic. The members of the House of Representatives have been flooded with calls from their constituents who oppose the plan. Being fond of their jobs, 227 Congresspersons voted today according to the wishes of voters rather than the lobbyists who feed them blow, hookers and unmarked bills.
To better understand the ramifications of all this, check out Paul Krugman and Barry Ritholtz.

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