The Fed is pushing a $1 trillion bailout of Wall Street and we're supposed to care about earmarks?

[BeyondGeography]

That's an $18 billion a year issue, Gramps. You're bitching about $3 million bear DNA studies, which is less than the base salary of the typical CEO whose bank is being bailed out by taxpayers.

I'm watching CNBC this morning and it's pretty interesting. While they're all getting off on the rally, a lot of their commentators are appalled that their cherished market now has the distinction of being the biggest welfare case in the history of this country. John Harwood made the point that these are the people who sneer at Robert Byrd's highway money, and now they're begging for handouts.

Getting back to the race, this is all going to make McCain look increasingly quaint with his earmark obsession, which was a false "reform" issue to begin with.

[KittyWampus]

1. Obama will hopefully say this is taxpayer funded welfare for Wall Street taking $ from schools

health care etc

[BeyondGeography]

2. Absolutely...this is a killer issue for him

can't wait to see what he makes of it.

[WinkyDink]

6. Too many people have their money in funds like are being bailed out.

IRA's, retirement pensions, savings.
The Republicans have succeeded in their 50-year quest to get most of Main Street's money. And ALMOST succeeded with Social Security.

[DemocratSinceBirth]

8. If You Owe The Bank $1,000.00 It's Your Problem...

If you owe the bank $10,000,000.00 it's the bank's problem...


The financial system is too big to fail...I have no clue what the solution is...But letting the bank system fail is not an option...The lack of liquidity is what caused The Great Depression...

[BeyondGeography]

10. It's not an either/or discussion...Obama can point to the cost of this bailout

and use it to illustrate the cost of weak government. He can also use it to support his call for ending the Bush taxcuts for the wealthiest Americans (which is also a $1 trillion windfall over four years) because the point can now be made that government needs the money to help pay for its new liabilities (as well as the investments he will make).

[DemocratSinceBirth]

11. I Agree

But I do not expect Obama to oppose the bailout...

[BeyondGeography]

13. Me neither

[DemocratSinceBirth]

14. It's Beyond My Pay Grade

But obviously you can not allow the financial system to fail...

[WCGreen]

3. I tell you what...

I was surprised at the reaction of some of the panelists on CNBC today.

In a good way.

I always said these are the only people on TV that are actually doing journalism. They dig into stories and aren't afraid to ruffle feathers. I can't remember which one said that notice GE wasn't included in all of this and they are a really big plater in the financial markets.

[BeyondGeography]

4. Think that was David Faber...he was railing against the bailout, too

They had a great debate going; count me among the surprised, as well.

[kentuck]

5. Even though the stock market went up over 400 points yesterday...

They are trying to stampede Congress into acting today. Today! Before they leave town. I never want to hear anyone talk about welfare again.

[Nicholas D Wolfwood]

7. Earmarks are budget dust.

Literally. if you eliminated all earmarks, you wouldn't even save a percentage point on our annual budget. It's a waste of time and a distraction. Not to mention, quite frankly, they DO play a very important role in local economies and in the appropriations process.

Want to solve our budget crisis? You MUST look at the big three entitlement programs (Social Security, Medicaid, Medicare.) By 2055, they will encompass the entirety of our budget if something isn't done. Good luck though - I'm sure AARP and the disporportionate number of senior citizen voters would have something to say about reforming those. Without someone to take a bold stand on this, we're pretty much fucked.

[KittyWampus]

12. I'd rather look at the money thrown into Defense, first.

[Johonny]

9. wouldn't you start regulating if you just wrote a 1 trillion dollar

check...