I’m staggered by the scope and the scale of the bailouts announced today. The Federal government — led by a Republican administration — has effectively nationalized the consumer banking industry. This is unprecedented in our lifetimes.
What’s more, they’ve effectively just used the savings of the American middle class to bailout the shareholders of the financial industry — mainly rich white guys, with a few Arab and Chinese sovereign funds thrown in to boot.
We’ve effectively turned into Argentina, only without the great soccer team.
You, and I, and everyone in this country not about to retire will be paying this off for a generation.
Just when I thought Bush couldn’t possibly add to his legacy of corruption, reactionary-ism, and general stupidity, now he’s got a new one — socialism.