Saving The Rich, The American Way

The House failed in its bid to bail out their big donors on Wall Street and now the Senate is working in concert with the White House and rapidly putting a new bail out package together. (The House would be working on a new plan but they’re on Holiday until Thursday – yes, really).

“In a surprise move to resurrect President Bush’s $700 billion Wall Street rescue plan, Senate leaders slated a vote on the measure for Wednesday – but added a tax cut plan already rejected by the House. Majority Leader Harry Reid, D-Nev., and GOP Leader Mitch McConnell of Kentucky unveiled the plan Tuesday. The Senate plan would also raise federal deposit insurance limits to $250,000 from $100,000, as called for by the two presidential nominees only hours earlier.”

There’s no point in resisting, we will be screwed either way.  If they pass the plan you can bet we’ll pay, if they don’t pass the plan we’ll probably go into a recession.  At this point I don’t think a recession is a bad thing.  A natural market correction is, obviously, in order.  Question is why is Washington acting as though a recession is the end of the American economy?  President Bush says there will be “lasting damage” to our economy. Does he have any credibility here?  Senator Clinton thinks that, “commerce could stop.”  Why do we need to give $700 billion to people who didn’t do their job the first time around? Personally I don’t have a whole lot of faith that the people who got us into this mess are now going to get us out of it.  Also you have to be concerned about the fact that the Democrats have decided to work with the Bush Administration on this.  Am I the only one that’s thinking I’ve heard these dire predictions from the White House before?