(Wash. DC) The White House and Congressional leaders from both parties announced a tentative bill to bailout failed financial institutions. The bill is a response to the $700 billion initially request by the White House last week. The bill allocates $250 billion to start with a total authorized of $700 billion. The money will cover the losses of distressed Wall Street firms facing bankruptcy due to bad investments, primarily in risky real estate securities known as subprime securities and "derivatives."
There were no provisions announced to bailout citizens facing foreclosure or help with their bad investments.
(Wash. DC) We're being blackmailed into accepting the responsibility and debt for the worst managed financial institutions in the history of this country. The starting price, our debt, is $700 billion dollars.
What's really about to happen is that the failed financial institutions will be rewarded for their bad behavior. As a result, they and others will be encouraged to do it again. It's just a matter of time.
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