Economic Outlook: Stop Congress from Giving Away Your Money
In the latest example of privatizing profit and nationalizing risk, the Bush administration has proposed bailing out Wall Street’s investment houses, hedge funds, and all the commercial banks by giving away $700 billion of taxpayers’ money. The total cost of the ad hoc bailout of financiers may eventually exceed $1 trillion. And the administration’s Treasury secretary, Hank Paulson, says we must give him the power to use this $700 billion any way he sees fit. And, by the way, Congress has to give it to him right now! -more-