Refusing to be pushed, Republicans and Democrats alike rebuffed dire warnings Tuesday from the government's top economic officials of recession, layoffs and foreclosed homes if Congress doesn't quickly approve the administration's emergency $700 billion financial bailout plan.
My favorite moment was when Federal Reserve Chairman Ben Bernanke said we have to pass this or ... we'll have a recession. Dude, I believe we're already there. But how the fuck would he know? I'm sure he gets paid pretty well, WITH benefits and health coverage.
The New York Times Op-Ed page today was chock full of juicy tidbits, but Bob Herbert scores the most points for one-liners of the day.
Referring to treasury secretary (King) Henry Paulson:
His eyes, as he hopped from one network camera to another, said, as salesmen have been saying since the dawn of time: “Trust me.”
But, here's the best. The bailout in a nutshell:
Lobbyists, bankers and Wall Street types are already hopping up and down like over-excited children, ready to burst into the government’s $700 billion piñata. This widespread eagerness is itself an indication that there is something too sweet about the Paulson plan.
The free-market madmen who treated the American economy like a giant casino have had their day. It’s time to drag them away from the tables and into the sunlight of reality.
Is it too late for Obama to replace Biden with Herbert in the VP slot?
And this "oversight committee" which Barney Frank was referring to just now on K.O., what's that gonna cost? It wasn't part of the original plan. I agree if we're going to do this it needs oversight, but Jesus H. Christ. Just let it go.
We need to just deal with this now and see the full force of the ugliness. No bailouts!