Saturday, September 20, 2008

The Bush Legacy: $700 Billion Bailout

Remember when some folks actually thought George W. Bush knew what he was doing?

True, it's been a while. In the meantime, the economic excesses of the past eight years have caught up to the Bush Administration. The result, as we know all too well, has been the biggest economic shakeup in decades. 

Here's an AP summary filed today. This bailout ought to be one of the final blows to Bush's sagging reputation now and for many, many years to come. 
WASHINGTON--The Bush Administration asked Congress on Saturday for the power to buy $700 billion in toxic assets clogging the financial system and threatening the economy as negotiations began on the largest bailout since the Great Depression. 

6 comments:

des killian said...

It's not really a bailout. It's a transfer from the U.S. taxpayer to Wall Street. Now what could you buy with $700 billion. You could fully fund social security. You could provide full healthcare for many years. You could fix the roads, bridges and public infrastructure that's falling down around our ears. Or you could buy what the Bush Administration wants to buy with it. Nothing. Zip. Nada. It's like broke parents using a credit card to bail out their errant kids. Instead of jailing the theives and swindlers, the U.S. taxpayer will reward them. In another six months, when the dollar is worthless and interest rates are an outrage (note in the last week the Fed was unable to cut interest rates and see how much the price of oil/gold has surged since the bailout talk began) the taxpayers will realize they've been duped, and it will be the next administration's problem. This package will pass, the owners of congress and the executive demand it. Besides, it's the weekend. The U.S. taxpayer is too busy with football, baseball, Nascar and golf to notice he/she is being robbed. One nation under God. I wonder if he's shaking his head in despair or laughing his head off.

Anonymous said...

Well lets see, I think it has to be approved by a majority in congress, and let me think congress is majority DEMOCRATS.

Anonymous said...

This bailout is just another diabolical ruse to ensnare the many to serve the few.

Tulsan said...

I don't think He's even paying attention to the taxpayer. Reality show contestants are constantly looking to Him for favor, so he stays pretty busy tending to them.

Charles said...

This action is unconstitutional. There is no provision anywhere in the Constitution that allows the president to take this action. This is blatant theft and the taxpayer is being shafted once again. But then Bush thinks the Constitution is just a "goddamned piece of paper."

Anonymous said...

it didnt pass!
but it still might
what are the alternative plans?
sell insurance policies to the struggling corporations?
that would work fo sho but only for a little while, then thered still be another bailout
we're going to end up paying for it somehow
lets just hope its not 10-14 thousand dollars a household like they said