With financial markets in a virtual state of collapse this week, the Bush administration "rose" to the occasion with a proposal to bail out corrupt and essentially bankrupt Wall Street firms to the tune of $700 billion, an astonishing figure. Criticism was instantaneous, with even John McCain deriding the plan.
Sen. Hillary Clinton, by proposing a New Deal-style plan seeking to protect home-owners, came closest to something which made sense. I have been saying for years that what we needed in this country was a revival of FDR's program for protecting citizens and reviving the economy. What we most certainly do not need is a bail-out of Wall Street firms who have already been gobbling up "liquidity" (money) at hyper-speed, probably illegally.
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