Undemocratic Bailout Bill Passes - Congress Laughs at the American People

Robert Johnson, former chief economist of the Senate Banking Committee: "...This bill, 5 weeks before an election, is illustrating for the American people, when there are 2 currencies of power — votes and money — that even at this time, when the power of votes is at its cyclical high..., they are almost laughing at the American people, ...by the nature and structure of this bill. This is a very sad result. ...It was a very misconceived bill. Paul Krugman, Joe Stiglitz, John Makin on the American Enterprise Institute, Alex Pollock, the American Enterprise Institute, Lucian Bebchuk at Harvard Law School and Olin Foundation - these are conservatives and liberals all standing around saying, 'Why are you doing the wrong thing, Secretary Paulson?' And Congress went along." 3 October 2008. Democracy Now. http://www.democracynow.org

Category:

News & Politics

Tags:

• bailout
• bill
• congress

[davidmesaaz]

So what your saying is that Government don't act for the little guy? They act for large government interests? That seems to me an argument for limiting the power of government instead of Obama's power of expanding the power of government.

[yrrmom]

Actually, the current government doesn't act for large *government* interests. It acts in the interest of big business. If we can't prevent the government from working in the interest of big business, then that might be reason for trying to limit government power. But, on the other hand, if the power of government is limited without doing anything about the power of big business, then the little guy will just be at the mercy of big business anyway. Big business is the main problem, not gov't.

[reh61955]

This guy is right. Why didn't the media explain that the bailout bill was expanded by $150 billion, to buy votes to pass it. This is obscene. Paulsen and Frank are scammers.