Saturday, September 20, 2008

Congress--For Once Read the Fine Print!! UPDATED

I don't really know if allowing behemoth financial "institutions" to avoid bankrupty by providing taxpayer support is sound or sane economic policy. I'm not an economist and I have no background in finance.

But, I've got a really, really, really bad feeling about the rush by Bush Republicans and their Neo-con supporters to push Congress into immediately passing their ready-made legislation package authorizing the bailout.

We've seen this movie before, and we all know the plot.

There have been similarly "urgent" needs and pressuing of Congress from this very same crowd to pass the Patriot Act, the Clear Skies Initiative, FISA "reforms" giving telecoms retroactive immunity, Iraq War authorization, ad nauseum.

I don't trust anyone in the Bush crowd to ever do the right thing for the majority of Americans, and I see no reason why Congress isn't being given the time to read the fine print. Who knows what poison pill is in the details?

There's no reason that the United States can't simply suspend stock market trading altogether on a per-week time frame, which will give Congress and citizens time to actually read, consider and debate the proposal. Americans should demand more time. After all we're being asked to foot the bill, aren't we? Other nations have suspended trading temporarily and it's done them no lasting harm--namely Russia, India and Venezuela. If they can do it, we can do it too.

UPDATE--My intense suspicions about the fine print appear justified.

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