Sooner Be Blue

Heads up folks, we are all witnessing the birth of a new federal agency...sired by Wall Street. All those people who booed Healthcare for all citizens, calling it socialism, are now applauding this new beast, Wealthcare.

"Will latest bailout plan work? No one actually knows"

By Kevin G. Hall | McClatchy Newspapers

WASHINGTON — The Bush administration swung for the fences Friday with an unprecedented bailout of the financial sector that will cost taxpayers "hundreds of billions of dollars." It jolted markets back to life for the day, but questions remained about whether the bold effort would actually work.

Truth is, no one knows. America and its financial markets haven't been down this road before.

...Congressional leaders from both parties agreed to work through the weekend to craft legislation that would authorize the Bush administration's plan to buy up all of the mortgage-backed securities at the root of the problem and get them off the books of banks and other lenders.[..]"

http://www.mcclatchydc.com/227/story/52779.html

So, we the taxpayers are getting stuck with the gambling debts of those mortgage-backed pillagers, corporate raiders and hedge fund looters...who were taking home beaucoup booty and living high.

We're told the tab will be between $500 billion and $1 trillion...depending on just how worthless that worthless paper they are holding might be...

Of course, we couldn't expect the plundering class, the speculators, the grifters and grafters, to pay it, could we? So, as always, we the taxpayer will foot the bill for being stolen from...

Yes, I understand that our government must intervene, bail out our financial institutions and markets, to keep our economy from tanking any further...but it still pisses me off.

Few care that this big mess was caused by executives who gambled with company funds so they could personally pocket buckets of cash -- all enabled and encouraged by the Bush Administration's anti-accountability, "Free Market" ideology.

I see nothing wrong with a tax hike on those who are profiting from this bailout. Levy a surtax on everyone making $250K a year or more in the banking and financial industries.

A few days ago they they were crying poor me...today they're probably back to snorting coke off the stomachs of supermodels.

I hate it that those who are responsible for bringing our nation's markets to the brink of disaster will get off scot free. Congress needs to push for real accountability and create iron-clad deterrents to keep corporate looters from ever putting us taxpayers (and shareholders and workers) in this pickle again.