September 25th, 2008

The $700, 000,000, 000 Figure Is Picked COMPLETELY at Random

Forbes.com:
The more Congress examines the Bush administration's bailout plan, the hazier its outcome gets. At a Senate Banking Committee hearing Tuesday, lawmakers on both sides of the aisle complained of being rushed to pass legislation or else risk financial meltdown.

"The secretary and the administration need to know that what they have sent to us is not acceptable," says Committee Chairman Chris Dodd, D-Conn. The committee's top Republican, Alabama Sen. Richard Shelby, says he's concerned about its cost and whether it will even work.

In fact, some of the most basic details, including the $700 billion figure Treasury would use to buy up bad debt, are fuzzy.

"It's not based on any particular data point," a Treasury spokeswoman told Forbes.com Tuesday. "We just wanted to choose a really large number."
Okay, it was bad enough a few days ago when we heard this:
"Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency."
Understand exactly what kind of money we're really talking about here. scorpioatl offers a fine grasp of that in this post.

Ellen Goodman: Why is a welfare mother to blame for her poverty while Wall Street fat cats can count on the federal government for $700 billion? Whatever happened to personal responsibility?

Anyone? Anyone?

Discuss.
Manchurian Candidate

Lying To The Masses

This comes by way of the awesomeness that is zarq. Seriously, it's pretty alarming what lengths the McCain campaign really goes to in order to win when it is clear that this will not get accomplished by honest means and/or on merit. This is not to say that I think the Obama campaign is spotless, but certainly not to the degree that the Manchurian Candidate is.

zarq:
salon.com is reporting that the McCain / Palin '08 campaign hired "Letters to the Editor" ghost writers to pose as Americans writing to their local papers in support of McCain.

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