The U.S. House of Representatives voted today (263-171) for the $700 billion (probably more) bailout of their Wall Street buddies. They stuck it to us real good.
Montana Congressman Denny Rehberg voted Nay. Rehberg and U.S. Sen. Jon Tester got it right. Tester voted no earlier in the week. U.S. Sen. Max Baucus got it wrong when he voted for the bill. But, as a consolation prize, Baucus will still get thousands of dollars in campaign donations from his Wall Street buddies.
The bill was passed in just a few days because, according to the experts, the sky is falling. It was over 400 pages and loaded with crap. Nobody is really certain it will work.
Now, it’s vacation time for the House and the Senate. There will be plenty of money in the wallets of their friends now when they host fundraisers for members of Congress.
This November remember: $700 billion.
avatar: The bill’s purpose is, “Provides authority to the Treasury Secretary to restore liquidity and stability to the U.S.financial system and to ensure the economic well-being of Americans.”I believe the “U.S. Financial system” includes Wall Street.Nonetheless, they stuck it to us today. Thanks for your comments. -Jack
Wall Street didn’t cause this mess. It was the poor management of Freddie and Fannie. People like Mudd, Gorelick, Franklin Raines, and James A. Johnson pirated Freddie Mae. In the 80′s Freddie almost went out of business from investments in mortgage backed securities and investments in real estate. nomedals.blogspot.com