Glenn Greenwald has a good post up that points out that the tactics used to sell Congress on the Fat Cat Bail Out Plan (FCBOP) are the same as those used to sell the Iraq war, WE'RE ALL GOING TO DIE! The only way to save ourselves is to
invade Iraq give $700bn to Fat Cats. Greenwald summarizes the proposed 'plan':
Here is the current draft for the latest plan. It's elegantly simple. The three key provisions: (1) The Treasury Secretary is authorized to buy up to $700 billion of any mortgage-related assets (so he can just transfer that amount to any corporations in exchange for their worthless or severely crippled "assets") [Sec. 6]; (2) The ceiling on the national debt is raised to $11.3 trillion to accommodate this scheme [Sec. 10]; and (3) best of all: "Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency" [Sec. 8].
Put another way, this authorizes Hank Paulson to transfer $700 billion of taxpayer money to private industry in his sole discretion, and nobody has the right or ability to review or challenge any decision he makes.
If it works, it works. Why mess with success?
The only question left is, will this be the final reaming that the US will undergo at the hands of the Bushies? I think this is the topper, but you never know!