Here's Why Congress Should Reject Bush's Bailout

Posted by Brad , Sadly, No! at 11:13 AM on September 22, 2008.

I just called my Congressman and urged him to give Big Hank Paulson the finger on his insane $700 billion to buy worthless assets. I strongly urge you to do the same. Some of the general points I made include:

• The administration is essentially arguing that the treasury secretary should have unchecked power to buy up garbage assets without any congressional oversight. This is completely unacceptable.

• The panicked way this administration is pushing Congress to enact this godawful rescue plan is akin to how it bullied Congress into voting to authorize the use of force in Iraq. Do not let yourselves be bullied.

• Given the bang-up job this administration has done in rebuilding both Iraq and the Gulf Coast, do you really want to give them $700 billion to play with? Could you please step back and think before you vote?

• If these Wall Street a-holes are going to be unloading their shitty debt onto us, I want them under an iron fist of regulatory power. In particular, I want the CEOs of all participating firms to have their salaries and benefits slashed as punishment for making us pay to keep their sorry asses out of the local homeless shelter.

This is a very big deal, peeps. While it may not have the immediacy of opposing the Iraq war, it will have very serious consequences to our financial futures if it passes as proposed. You can find your congressman by entering in your zip code here.

Tagged as: congress, meltdown

Brad is a regular blogger for Sadly No!.