“I’m a dirt farmer,” said Senator Jon Tester...“Why do we have one week...?"

[groovedaddy]

“I’m a dirt farmer,” said Senator Jon Tester, the Montana Democrat who still lives on his family homestead. “Why do we have one week to determine that $700 billion has to be appropriated or this country’s financial system goes down the pipes?”

Good question, one that Treasury Secretary Henry M. Paulson and Federal Reserve Chairman Ben Bernanke have yet to adequately answer. If they seemed flummoxed, perhaps it’s because they still can’t explain what will be accomplished by nearly nationalizing the banking system and giving the treasury secretary more power than a king.

Another question — since we now own a big part of the world’s largest insurance company, A.I.G., does that mean I can save a load of money on my car insurance? — might be easier to answer.

This bailout, in present form, is toast. Now, with John McCain offering to suspend his campaign and delay Friday’s debate, it looks like the drainage of years past is pulling him down. He wants to back out of facing Barack Obama at the height of the campaign. Why not change the topic, from foreign affairs to the economy?

http://egan.blogs.nytimes.com/2008/09/24/crash/?th&emc=th

[fascisthunter]

1. because the longer the public has...

the less likely a bail out would be possible. So, the fuckers tied to Wall Street are rushing this through...

[unblock]

5. bingo. nothing makes you hand over your wallet like a gun to the head.

[jobycom]

2. Damn those disruptors! Don't they know that Bush is running out of time?

Look at how much he has to do before leaving office! He has to bankrupt the government so he can end social spending, hand all of its resources over to his corporate sponsors, nuke Iran, and take over Paraguay's water supply before he moves there. And he's being slowed down by little people! Christ, he must feel like Gulliver on the beaches of Lilliput!!! Oh, can't you sympathize?

[unblock]

3. my question has long been: why didn't they do ANYTHING for the last year?

besides "small" versions of the same thing for failing firms?

if a $700 BILLION bailout makes sense now, there should have been a clear warning to congress months ago that this was at least a possibility.

recent events (fnma/fhlmc failing, aig failing, lehman failing, etc.) were all widely predicted.

[groovedaddy]

6. Some have conjectured that Bush & co. didn't think the shit would hit the fan

until they were gone.
Interesting, also, that the financial bail out plans have been in the works for months. Square that with the crap that McSame & Gramm have put out and it makes me wonder if Bush & co. were intentionally keeping McSame out of the loop on the looming disaster.

[snappyturtle]

4. When I heard the hearings I was so glad that Sen.Testor said what he did.

I am not happy with the hurried nature of this decision. If Paulson hasn't been corraled in some way and there aren't provisions for adequate over-sight, I might finally, just give up on politics. If this is the way it turns out then the Dems will have caved.

[groovedaddy]

7. It strikes me as the old car salesman ploy: IF YOU DON'T BUY IT NOW...n.t

[snappyturtle]

8. I guess there's something wrong with me but I think this hurried action

smells. Yesterday I read in several places here on DU about remembering how we were hoaxed into the Patriotic Act and the war with Iraq and today I haven't seen squat about this, well, cave-in, in my book.

[Kolesar]

9. There is a lot of opposition to this bailout in Congress and in the press

:huh: