$700,000,000,000
700 Billion dollars. That's how much taxpayer money we're going to spend to bail out Wall Street. Bush's proposed bill pretty much "authorizes Hank Paulson [Treasury Secretary] to transfer $700 billion of taxpayer money to private industry in his sole discretion, and nobody has the right or ability to review or challenge any decision he makes."
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I'm glad you post this stuff - it keeps me informed about the world. lol.
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It should make people mad. Bush is trying to cram one last terrible bill down Congress' throat before he leaves. The plan is universally reviled by economists, and liberals and conservatives alike don't like the plan either.
Of course, they never expected to get the bill through as it stands. But they designed it to be so lopsidedly pro-business that even after "compromises" are added to it, it will still heavily reward the companies that got us into this mess. Ben Bernanke (Chairman of the Federal Reserve) opposes punishment for the companies, because it might "discourage firms from participating". Because golly gee, those poor, defenseless CEO's shouldn't have to give up their multi-million dollar bonuses and stock options just to receive government aid. They have yachts to pay for.
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