The more I understand about the current financial situation, the more I’m persuaded that some form of government bailout of the financial sector really is necessary. This is not to say that I love the Bernanke-Paulson plan. If time permitted and private financing were avilable, I’d very much prefer a plan that looked more like the Chrysler bailout, in which the government acted as a guarantor rather than a principal.
What’s not acceptable, however, are the barnacles already attaching themselves to the bailout.
I’m relieved the ACORN-funding nonsense has been yanked..what an insult that was. I’m also glad to see the money is being passed out in a more controlled fashion than just $700b hog slop.
That said, I think it probably could have been half this size and done far more.
Indeed, the timing could not have been worse. Were this not an election year, and in the last 6 weeks at that, more time and less posturing would have resulted in a far less destructive bill. And of course there is the election itself which may well be skewed.
#1, where did you see that the “Acorn-funding nonsense” has been yanked, I read the article and saw “Acorn” mentioned as a trough piggy, but nil about taking that out.
I wrote our Junior Senator, Jim DeMint, and told him to fight to get rid of it, haven’t heard anything yet. Also told him I would gladly join a class-action lawsuit to the Supreme Court to find that sort of funding unconstitutional, if in fact any of it is.
Thanks for any info Jeffersonian,
Grandmother in SC