It seems the financial catastrophe that was minutes away when the congress was considering the $700 billion bailout is now taking its sweet time. The Whitehouse is now saying it will save half of the bailout money for the incoming Obama administration to dole out.
So let's review, the bailout was needed to buy up bad mortgage debt RIGHT NOW so that everyone's employer could get a loan to meet payroll. Now, weeks later, we find that the money is NOT going to be spent on bad mortgage debt at all, but instead "loaned" directly to banks, insurance companies and automakers.
This bailout has become so absurd that we are now on the verge of loaning $25 billion dollars to three automakers that could be purchased completely and in total for about $7 million. Basically you are about to loan $25 billion of your tax dollars to companies that are worth a fraction of that money and haven't shown the ability to turn a profit in years. Sound eerily like the mortgages that got us into this mess?
Would it surprise you to learn that one of the most vigorous proponents of this idea is Barney Frank?
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