Bailout 2.0: The Bucket Passes to The Senate
Day 13 of the Financial & Political Panic of ’08
Government to Fix The Crisis Government Caused
Click on the boat to see all articles in Big Bailout Series
In a nation where the people are supposedly free, and masters of their own destinies, we the people are hopelessly ensnared in the government’s web of corruption, hubris and stupidity.
We can only watch and wait while the self-appointed Smartest People in The World, including some of the very same politicians who are accountable for the crisis, presume to be clever enough to manipulate global financial markets with their brilliant words and legislation, but without causing new problems due to unanticipated consequences.
The Senate will vote today on a revised Big Bailout, recently renamed “Rescue.”
So far, the Senators don’t trust us, the voters who elected them and the taxpayers who will get stuck with the tab, enough to make the revised legislation public. But Senators have told reporters that there are “tax breaks” and an increase in the Federal Deposit Insurance that guarantees bank deposits from $100,000 to $250,000.
LibertyWorks will provide updated information as it dribbles out from the sanctums of the Most High Masters of Our Fates.
Update:
The just released text of the Senate’s 451 page “rescue bill” is here. One wonders how many of those Senators who will be voting today have read and completely comprehend all the consequences of every page of this bill, which apparently was just pubished this morning. Barack Obama just parachuted in from the campaign trail this afternoon, and has already given a spirited speech on the Senate floor in support of the bill. Has he read read and does he completely comprehend all the consequences that will result from these 451 pages?
Update 2:
The Senate has passed Bailout 2.0, an enhanced version of the bill that failed in the House Monday. Tomorrow (Thursday) it goes back to the House for another vote.
