Congress is on the brink of making a one-sided deal to give George W. Bush a blank check to bail out his pals - offering nearly (or perhaps more than) a trillion taxpayer dollars to Wall Street to cover its bad debts. That works out to somewhere between $2000 and $5000 from every American family. So what do the taxpayers get in return?
Nothing. No new regulation or oversight to help avoid this kind of crisis in the future. No public interest givebacks to help people whose homes are in the hands of the banks. Perhaps most shockingly of all, the taxpayers get absolutely no share in the profits if and when these finance giants bounce back, even though we are now assuming a great deal of the risk.
This is worse than a bad deal - this isn't a deal at all. This is a blank check to some of the richest companies in the world.
I just signed a petition calling on key members of Congress to impose a few sensible conditions to this bailout in order to protect the American people -- I hope you will too.
Please have a look and take action.
"Fear not the path of truth for the lack of people walking on it." Robert F. Kennedy
Thursday, September 25, 2008
Trillion taxpayer dollars to Wall Street?