(Untitled)

[artricia]

Text of the Failed Bailout

I'd just like to highlight one part:

b) Necessary Actions.-The Secretary is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this Act, including, without limitation:
. . .(3) designating financial institutions as financial agents of the Government, and they shall perform

Comments

[artricia]

No. {Goes to look it up.)

[encyclops]

And yet the Republicans mostly voted against the bailout.

Maybe they're dreading an Obama-controlled banking system?

[artricia]

I think people are chalking the Republican reaction to the bill to electoral politics: they don't want to pass it so close to the election when so many people are against it and watching.

But I do think this bill would have laid the groundwork. Whether this was the intent of the bill or not, it would be hard for someone not to take advantage of that kind of power. Especial someone like Bush.

[encyclops]

Oh, no doubt.

I'd like to think that there are some Republicans out there who are really sick of the damage the religious right and the neocons have done to their party, but there probably aren't many.

[encyclops]

Yeah, it's in my top 5 for sure.