Tuesday, September 23, 2008

A Critique of the Madness

Here's a good post over on the Bilerico Project about the mass hysteria of our financial crisis on Wall Street.

Treasury Secretary Henry Paulson has put forward a proposition to bail out the finance industry with a price tag at $700 billion.

The plan comes with near-dictatorial power granted to the executive branch, with a huge raid on the treasury with no means of paying for it, with a petulant demand of "Now, now, now!" coming from the Bush Administration, and with no plans for oversight (this time, actually, there's a specific ban on oversight written into the bill).

No plan for an end game, an endless blank check for private companies who have well-placed friends, and more power for the executive branch, all sold by typical Republican hysterics that the sky will fall if their bill isn't passed immediately... what does that remind us of? To me, it sounds a whole lot like the Authorization for Use of Military Force (AUMF), the bill that authorized the Iraq War. (read more)

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