Yesiree, gentle readers, the Senate did it. By a lopsided 74-25 vote, our corporo-fascist U.S. Senate voted to approve the largest example of corporate welfare in the history of the planet. From this morning's Deseret News story:
WASHINGTON — In a historic vote, the Senate approved a massive $700 billion rescue plan for the nation's finance system Wednesday night but only after tacking on another $110 billion in tax breaks to lure votes from both parties.For those who remain as yet unclear about how the banking cartel bailout actually works, here are the mechanics in a nutshell:
A strong bipartisan majority rallied behind the controversial Wall Street bailout package, passing it by 74-25. Utah Sens. Orrin Hatch and Bob Bennett both voted for the legislation.
In the House, leaders were working feverishly to convert enough opponents of the bill to push it through by Friday, just days after lawmakers there stunningly rejected an earlier version and sent markets plunging around the globe.
The government takes $700 billion away from you, and gives it back to the banks, to lend to you!
Elegant plan...ainnit?
As gentle reader Danny commented in last night's thread, Bush, Paulson et al. will be putting the arm on members of the U.S. House of Representatives, who at this juncture represent the last bulwark against the final gutting of what's left of American free market capitalism. All the bankers need are 12 votes; and at least one U.S. House Republican has already rolled over.
In that connection, we once again post our helpful U.S. Congress contact link:
Utah in the 110th Congress
Representatives Bishop, Cannon and Matheson are probably standing by the phone right now, waiting to hear what their constituents think.
And if some of you are still undecided about this reckless intervention into the private sector by the forces if Big Government, and the looting of the federal treasury by corrupt banking interests, we link this most excellent crib sheet:
Ten Reasons Not To Bail Out Wall Street
Knock yourselves out, O gentle ones.
