Administration Is Seeking $700 Billion for Wall Street Bailout

[spanone]

HOLY SHIT!!! i'm sure this has been posted today, but i just now got around to seeing the news...HOLY SHIT

WASHINGTON — The Bush administration on Saturday formally proposed to Congress what could become the largest financial bailout in United States history, requesting virtually unfettered authority for the Treasury to buy up to $700 billion in mortgage-related assets from financial institutions based in the United States.

The proposal was stunning for its stark simplicity: less than three pages, it would raise the national debt ceiling to $11.3 trillion. And it would place no restrictions on the administration other than requiring semiannual reports to Congress, allowing the Treasury to buy and resell mortgage debt as it sees fit.

Staff members from the Treasury Department and the House Financial Services and Senate banking committees immediately began meeting on Capitol Hill, where negotiations were likely to be complicated but quick. Democratic Congressional leaders have pledged to help approve legislation by the end of this week.



http://www.nytimes.com/2008/09/21/business/21cong.html?_r=1&hp=&oref=slogin&pagewanted=print

[trumad]

1. More like a Trillion when all is said and done.

[pretzel4gore]

2. the Mugging of Uncle Sam, part10

the gopigs are real good takedown artists, eh... seeing as how they are Monty Burns, one would think big tough stone killers like the american people would stand up to them, but NOOOOOO!
go junyer! (the youngster at least is ON OUR SIDE!)

[SOS]

3. But on s-chip children's health insurance the Republicans said we couldn't afford it.

A trillion to occupy Iraq? No problem!
A trillion to bail out Wall Street thieves? You got it!

$50 billion, over five years, for children's health care? The Bush Administration called that a "welfare program".