Unlike when the Gov’t usually spends tax dollars, they are getting an INVESTMENT.

The proposal is to buy the bad debt in the form of either the bundled securities, or the actual paper loans. The purchase is proposed at 30 – 70 cents on the dollar.

Eventually, these loans may have more value than 30 – 70 cents on the dollar. In that case, the Gov’t and THE TAXPAYER stand to gain a profit.

The problem for Fannie, Freddie, and Investment Banks, is that none of them have anywhere near the assets to cover 800 billion in bad debt for 5 weeks, much less a few years.

The Fed Gov’t is the only entity that can cover that amount of liability.

And, at 30 – 70 cents on the dollar, the banks will still have substantial losses for their greed and stupidity.

McCain voted with the Bush administration 91% over it’s lifetime and 95% within this last year.

Maverick? That’s a lotta bull.

That’s a mule, not a maverick, townie.

So, kiddiepoos, how about going to the EU for a handout to lower our taxes and lure Intel back to our fair shores from Kildare?

McCain has got to flood the airways with 1,000 video ads touting his foresight: Immediately! His actions clearly demonstrate his “maverick” characteristic. Kudos, as well to Dole, Sununu and Hagel.

So sad that 96 members of the Senate put their own interests ahead of the taxpayers who were, unknowingly, making the Fan/Fred con-men filthy rich.

A question came up: Where do we get the money? What will have to be cut from the budget to pay for this?

John’s answer? There’s no transcript yet, so I’ll paraphrase:

We need to cut taxes to grow the economy. Ireland taxes business at an 11% rate. Here, we tax business at over 30%.

So, we’ll deal with the cost of an $800 billion Wall Street handout by reducing their taxes, and reducing federal revenues?

John was also asked what he thought about including stimulus provisions in the bail-out package to ease the difficulties on Main Street.

Nope, says John. Nothing should be attached to the bail-out legislation. It should stick to it’s single defined purpose.

The way I read this–the reality of it—is that we’re basically just going create the bail-out money. The cost will be inflation–a further drop in the value of the dollar, which has already dropped 41% since Bush took office.

If anyone has a more cheerful interpretation, I sure would like to hear it.

The sky is black with flights of chickens coming home to roost.

McCain has been an unfettered free market acolyte since he got to Congress in the Reagan years when the damage was first done.

Worse yet, McCain has voted with the Bush administration’s wishes, economic or not, 91% of the time. Then, to gag the maggot, over the last year he voted with the Bush administration 95% of the time.

Book ‘em Dano.