Not so much bail-out as rip-off

http://www.guardian.co.uk ^ | Monday September 29 2008 | Nouriel Roubini

[Maelstorm]

Thus, the treasury plan is a disgrace: a bail-out of reckless bankers, lenders and investors that provides little direct debt relief to borrowers and financially stressed households and that will come at a very high cost to the US taxpayer. And the plan does nothing to resolve the severe stress in money markets and interbank markets that are now close to a systemic meltdown.

It is pathetic that Congress did not consult any of the many professional economists that have presented – many on the RGE Monitor Finance blog forum – alternative plans that were more fair and efficient.

This is again a case of privatizing the gains and socializing the losses; a bail-out and socialism for the rich, the well-connected and Wall Street. And it is a scandal that even Congressional Democrats have fallen for this treasury scam that does little to help millions of distressed, debt-saddled home-owners.

[Maelstorm]

It is a Ripoff. Bailout=R.I.P.

[goldstategop]

We still have to kill it in the Senate But the markets survived so its going be an uphill fight for the proponents there now. Do McCain and Obama want to be for a piece of legislation that couldn't even make it through the House? Its dead, baby, stone cold dead!

"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus

[SargeK]

That chill you just felt was H*ll freezing over as I found myself in agreement with ANYTHING the Guardian has to say.

[American in Israel]

Don’t feel so bad, for I found myself thankful for Pelosi, as her shooting off her mouth may have saved this democracy from a Socialist takeover.

Imagine finding myself thankful for Pelosi!

My beber is fully stuned...