The bailout - maybe necessary, but needs careful thought

[Pixsurguy]

I got the email below this morning.
The problem that I have with the bailout is not necessarily the bailout itself, but the way that Bush wants to do it. His plan gives his political appointee, the U.S. Secretary of the Treasury, the right to "buy" any asset he wants to buy from a troubled corporation and there is NO oversight whatever by anybody. So, if Halliburton has a piece of swamp land in Florida, the Secretary of the Treasury can buy it and pay whatever he wants for it. He can buy common stock of any company; not just the companies that are in trouble, and in any event, he is the one who can decide who is "in trouble" and who is not. This is a worse blank check to the Bushies than the so-called Patriot Act and the other so-called "war powers" that the dummies in the Congress gave Bush after 9/11. What is worse, do you realize that the Communist Chinese already have us by the short hairs because of how much money we owe them? What we owe them now is a drop in the bucket compared to what we'll have to borrow from them and others to pay for the bailout. It is a fact that the U.S. Government simply does not have 700 billion Dollars (the lowest estimate today) to bail out just Wall Street.

I assume you have already heard that President Bush wants Congress to give his administration $700 billion dollars to bailout Wall Street. That's right; Bush wants American taxpayers to give the administration that brought us the Katrina response and the War in Iraq a blank check to fix a financial mess Republican deregulation got us into.

Barack Obama calls the Bush Bailout bill a price tag without a plan.

Today, the price tag just got worse as Republicans and Democrats talk about increasing the bailout dollar amount to 1.8 TRILLION -- more then three times the cost of the Iraq War to date.

It took years of Republican led deregulation and little government oversight to get us here; we don't need to fix everything with one blank check.

Call your Senators right now and demand they stop the Bush Bailout. We need a plan that protects the American people not a bailout for Wall Street CEO's. "
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[Flynn]

The bail out now has strings attached, the congress actually wants accountability.

The NYSE took another hit, it's not over.

[Don'tLikeStinkingThinking]

Been watching really closely...have moved monies into safer places. I don't trust them to do the right thing even if the Government bails them out...

[Pixsurguy]

The biggest unanswered question is: WHERE ARE THEY GONNA GET THE BUCKS TO DO ALL OF THIS?

One thing you can almost certainly count on - the Repubs will raid the Social Security funds. They've wanted to that or similar for years. Occasionally they called it "privitization" and other times something else, but they always hated it.