Already deep in deficit, the administration wants to borrow $700 billion dollars -- in addition to the $900 billion already spent this year to prop up troubled lending institutions and deal with the fall-out from the housing crisis -- and entrust it to Treasury Secretary Henry Paulson, fresh from a long run on Wall Street himself. He'd then buy up worthless paper from struggling banks.
Under Bush's plan, the taxpayer would get little, if anything, in return. The whole thing would happen without Congressional oversight, save for a semi-annual report on the process, and Paulson's actions would be beyond challenge in the courts.
It is an economic coup d'etat in the making. And people are talking about little else. Here's 10 things that have been on our radars ...
The $2,000 dollar figure per taxpayer for this bailout is extremely low.
Make that somewhere between $5,000 to $7,000 (or possibly more) per taxpayer and that is probably a little closer to the mark of what We the People will have to fork over to clean up the messes that We the People have not created.