$700B Bailout DEFEATED!: Thank Goodness For That!
Yes! Finally! A good enough margin of Representatives in Washington D.C. still have some semblance of intelligence left. Well, at least enough intelligence to say NO to something that was worse than the alternative. Put the taxpayer on the hook for oodles bad debt with non-existent funds, or just let the bubble finish bursting. It will clean itself up afterwards.
Oh, the horror that’s coming. Oh, the impending financial doom we face. (Dripping sarcasm there.) Yeah, things will be pretty tough for a bit. But guess what? Crap like that happens! Especially when you have decades of over-regulation. Forcing companies to assume bad debt. And penalizing the hell out of them if they don’t take the debt.
Thanks Obama, for those lawsuits against Citi. I’m sure they appreciate you lots now for that. There’s a video in a link further down that shows his participation in this fiasco.
http://hoopyfrooddude.blogspot.com/2008/09/700b-bailout-defeated-thank-goodness.html
