The Bush administration sketched out a multi-faceted effort on Friday to confront the worst U.S. financial crisis in decades, outlining a program that could cost taxpayers hundreds of billions of dollars to buy up bad mortgages and other toxic debt. Relief washed over Wall Street with a surge of buying.
Anybody else hearing shrieking warning bells here? Let's see…
President Bush, flanked by Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke, acknowledged that the program will put a "significant amount of taxpayers' money on the line."
Everyday law-abiding people to be completely screwed? Check!
Markets unhinged by anxiety in recent months greeted the plan enthusiastically. The Dow Jones industrials shot up over 400 points and stayed in that territory into the afternoon. Global stock markets soared, too.
Rich misbehaving fucks to be completely let off the hook? Check!
The administration is asking Congress to give it sweeping new powers to execute the plan. Paulson said it "needs to be big enough to make a real difference and get to the heart of the problem."
Sweeping new powers demanded by the very people responsible for every mistake, deception, and crime at the root of the catastrophe at hand? Check!
Paulson gave few details….
Few actual details provided as to what we are actually agreeing to in the way of new costs, new rules, new powers, new reforms, new players, new responsibilities? Check!
but said he would work through the weekend with leaders of Congress from both parties to flesh out the program, the biggest proposed government intervention in financial markets since the Great Depression.
Democrats timidly hanging their heads and bleating like sheep while the Republicans literally turn everything to blood stained shit before our eyes? Check!
I give up.