The Bailout Plan will transfer $2,333 from every living American to Treasury Secretary Hank Paulsen (former CEO of Wall Street firm Goldman Sachs), who will then distribute the $700,000,000,000 to his old Wall Street cronies. No rules, no limits, no judicial review.
As many bloggers have noted, it's like the Iraq War all over again. Paulsen called Congress in on Thursday night and told them there was a mushroom cloud in their future. They began cringing and mewling on the floor, begging to go along with whatever he proposed. Today Hank-o says he needs billions for a Shock and Awe campaign to occupy Wall Street. No exit plan, either.
No one should trust the Bush Administration about anything. They are stealing us blind to reward bad actors. No wonder the stock market soared on Friday. They're getting away with it.
Paul Krugman, NYTimes: No deal
Glenn Greenwald: The complete (though ever-changing) elite consensus over the financial collapse
Sebastian Mallaby, WaPo: A Bad Bank Rescue