OK Now I am convinced... the Bailout is not only a scam.... but a trap for Democrats...

[Blackhatjack]

Testimony before the Senate Banking Committee by Paulson, Cox, and Bernanke, confirms my worst fears. These guys are asking for a handout for Wall Street Heavyweights, to be used in ways not even imagined by anyone else, to hire as consultants the very same people who created this disaster, and without detailing any methodology they intend to follow and without having a plan for valuing the assets to be purchased.

They are asking for the whole $700bil with a clear statement that it may not be enough.

The bailout has no plan for really addressing the problem.

It is going to be 'pushed for immediate approval' with little to no oversight or benefit for the taxpayers who will be paying for it.

ANd the trap is well-set. If the Pelosi led House and the Senate Democrats vote to pass this boondoggle, it will come back to haunt them because the Wall Street beggars will definitely come back for more to fix their own balance sheets and protect their hedgefund investors.

Dems would be wise not to vote for any plan that does not garner the super-majority of Republicans approving it.

[dipsydoodle]

1. Of course its a trap

Most things that use fear to sell them are a trap.

[Neecy]

2. speaking of hiring as consultants

Has anyone asked Paulson, Cox and Bernake - who will probably be unemployed in January - if they'll commit to not taking one of these taxpayer-funded consultant roles after they leave office?

[butterfly77]

3. It is..

everytime you hear a republicon talking head what do you hear? Fannie Mae and Freddie Mac their talking point at the moment.

[Blackhatjack]

4. Let them explain the exotic leveraged instruments and how they will value and purchase those...

How will they use $700bil to shore up 'credit default swaps' which presently are valued at $5trillion more than all the present GDP on Earth?

This is a bucket with no bottom they want to pour $700bil into.