1115.org

Bush says economy on the upswing – AP (8/30/08):

“There have been some recent signs that our economy is beginning to improve.”
[...]
“The economic stimulus package that I signed earlier this year is having its intended effect. Many Americans who received tax rebates are spending them. Businesses are taking advantage of tax incentives to purchase new equipment this year. And there are signs that the stimulus package will continue to have a beneficial impact on the economy in the second half of the year.”

Fed and Treasury Offer to Work With Congress on Bailout Plan – New York Times (9/19/08):

The head of the Treasury and the Federal Reserve began discussions on Thursday with Congressional leaders on what could become the biggest bailout in United States history.
[...]
While details remain to be worked out, the plan is likely to authorize the government to buy distressed mortgages at deep discounts from banks and other institutions. The proposal could result in the most direct commitment of taxpayer funds so far in the financial crisis that Fed and Treasury officials say is the worst they have ever seen.
[...]
The bailout discussions came on a day when the Federal Reserve poured almost $300 billion into global credit markets and barely put a dent in the level of alarm.
[...]
By any reckoning, Mr. Paulson and Mr. Bernanke were desperate for a way to stem the crisis once and for all by Thursday evening. Over the previous 10 days, they had allowed one Wall Street firm, Lehman Brothers, to collapse; and an even bigger Wall Street firm, Merrill Lynch, to be sold to Bank of America. Then, on Tuesday, the Federal Reserve abruptly took over the nation’s biggest insurance conglomerate, the American International Group, and began bailing it out with an $85 billion loan.

As Barry said, “We Are A Nation of Morons, led by complete Idiots, making us complicit in our own self destruction.” If there was ever time for a veto, it’s now. Help us Obi Wan Coburn, you’re our only hope.

For the record, Democrats are completely blowing this. Republican de-regulation and castrated enforcement created this mess, and Dems are going along with the bailout before ensuring much-needed regulation. And even if regulation is not possible, they are joining in the demonization of short-sellers rather than gaining a political advantage by explaining where the real blame lies. Textbook Democratic strategy: Let Republicans off the hook and don’t bother fighting for an actual solution.

Related: When will Wikipedia and other references be updated to reflect our shift from free market capitalism to de-facto socialism?