Paulson, Bernanke, and Bush hatched a brilliant plan. It was not a bailout. It did not hook taxpayers. It would have worked. It has the backing of Frank, Schumer, Dodd, Reid, Pelosi, Rangel, Johnson, and Raines, former head of Freddie Mac and Ginnie--all the Democrats who caused this mess! Badly communicated by back door dealing, it was misunderstood by the public, who saw the guilty getting off the hook. It did not address the core problem. Sarbanes Oxley, a complicit SEC, rating agencies, a foolish mark to market rule and others.
With mail running 500-plus to one against Republicans, house members revolted. Senators Shelby and DeMint saw the writing on the wall.
Senator McCain responded. He kept his powder dry at the White House. Now he will get a bill which blows Frank and Dodd (along with their fellow travelers), out of the water. McCain will be our next President.
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The truth is that it was the current administrations bailout plan and Bush did not do a good job selling is to the American public. He also seems to have lost the support of his own party.
Education is evil in the world of boneheads, eh MLR?
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