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I’m sure you know more about the particulars of the plan to “save the US economy” than I do: the Fed has proposed borrowing money to buy bad mortgage-backed securities from Wall Street firms and assorted other financial institutions. This crisis was supposedly unforseeable, yet it so happens that this administration has been waiting for the current financial crisis to roll out this “bailout,” which is really a massive program of corporate welfare. Yet, according to the laissez-faire, Chicago School orthodoxy that dominates the Republican Party, Wall Street and practically the entire world of business today, this proposed 700 billion bailout is not necessary. If it were something that actually needed to be done, wouldn't the private sector do it? There was a time when big industrialists and financiers would have gotten the capital together to handle this, but now they expect the government to do it. This from the very people who have lectured the poor about a so-called "culture of dependency."
If Congress had impeached the President, this administration would not have had the time to devise yet another corporate welfare scheme to be doled out by the public fisc. This is why impeachment was such an important issue, but it's not too late for this Congress to redeem itself, however. This proposed bailout will not work, and will prove to be a huge liability that will be paid by my kids and grandkids. Please don't fall for this boondoggle. Please don't cave in on this one. Stand up and be the Democratic leader your years of experience in Washington should have prepared you to be.
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