Today starts voting in Congress on the $700 billion taxpayer bailout package. Over the weekend, many in Congress got on television and tried to explain what they had put in the bill. Then the newscasters and pundits reported and voiced their opinions.
I don’t know enough about the contents of the bill to be specific, but it seemed to me most were trying to convey to the American people the benefits of the bill—like the checks and balances included, plus the possibility that in five years the taxpayer may get something back. They also made a big commotion about preventing CEOs from receiving their usual millions.
In other words, after the original proposal failed, this revised rescue bill will siphon from taxpayers incrementally, and is being sold with pretty wrapping paper and a card that says, “There will be an oversight committee to keep an eye on the money.”
