I'm no economic expert, but here are some links I've found helpful towards making sense of this bailout thing.
First thing to know is, they are utterly shameless. They wanna take $700 billion of your money, with no controls over what they do with it
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.Senator Bernie Sanders makes all kinds of sense
. So does Robert Reich
Meanwhile, McCain manages to be wrong about more things in a single sentence
than was previously believed to be possible:
Opening up the health insurance market to more vigorous nationwide competition, as we have done over the last decade in banking, would provide more choices of innovative products less burdened by the worst excesses of state-based regulation.
(Obama has a new ad out calling him on it [YouTube]
And as of last night, McCain still thinks deregulation was a good idea
How can he think that? Well, this exceptional post, Three Times Is Enemy Action
lays out the pattern of their misdeeds, and exactly how bogus the entire system was leading to this crash. Seriously, if you want to understand the deregulation crowd (including John McCain)'s sordid crisis-creating past, read this.
Does this massive turnover of funds and power constitute a coup
? Personally, I'm not saying yes, but I'm not saying no.