U.S. House Speaker Nancy Pelosi said Sunday that Congress should not write a "blank check" to Wall Street in a bill to allow the U.S. to buy up distressed assets.
In a statement issued Sunday evening, Pelosi said a Treasury proposal received by Congress "does not include the necessary safeguards" and that congressional Democrats "will not simply hand over a $700 billion blank check to Wall Street and hope for a better outcome."
It makes for great drama, but in the end, George Bush and his cronies on Wall Street will get what they want as just enough Democrats cower in fear and vote to give the same people who caused this mess a blank check to do with as they please. It will be just like the funding for the war in Iraq or the new and not so improved FISA law. The Democrats will talk the talk but when it comes time to vote, they'll do what they always do, give it all away. The sad thing is, Bush never got this much from Congress when the Republicans were in charge. As bad as they were as a minority party, the Democrats are even worse as a majority party.
Should my representative vote to approve this $700 billion giveaway, I'll rip the sign for his campaign out of my front yard and toss it into his campaign headquarters with a vow to see him defeated in a couple of months. Anyone who votes for this big pile of shit isn't worthy of my vote and never will be. Fuck them all.
ANOTHER THOUGHT: Kurt Cobb brings up what I've long been saying and it bears repeating. As Peak Oil takes hold and our energy supplies continue to decline, it will become impossible to ever repay all of this debt. You see, as fossil fuels become more scarce, economic growth will become impossible and as a result, none of this shit will probably matter in a decade or so. Anyways, here is his quote:
I title this piece, "The Last Bailout," because if we are at peak, then financial bailouts will do little to help us. In the past when society had rising energy supplies with large energy profit ratios, these financial bailouts could avert disastrous consequences. They would allow the economy to regain its equilibrium and await the next sustained upturn. But, what if there is no next sustained upturn? If that turns out to be the case, then even if additional bailouts take place after today, they will all ultimately be lumped together into one, namely, the last bailout. And, the last bailout will of necessity fail to work as advertised.
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