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The $400 Billion Gift

14 March 2008 in Notes, Politics, Transparency by Stilgherrian | No comments

Catching up on news from earlier this week, I’m astounded to read the real reason the US stock market rallied: “The US Taxpayers just lent the Biggest Banks and Hedge Funds in New York $400 Billion in exchange for ‘mark to market valued’ sub prime mortgage securities that are probably nearly worthless (being so far down on the claims chart in a bankruptcy). This is a ’silent bailout’ of the Republican’s biggest contributors that is going to be much more expensive than the S&L Rescue package of the early 90s. At least Bush Sr proposed the S&L bailout in the sunlight. Bush Jr, Paulson and the Fed are doing the bailout without asking our permission. What does ‘pork barrel’ John McCain think of this corporate welfare?”

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