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This Bailout follows a pattern where the shareholders are wiped out while the debt holders (filthy rich) are protected. Now Investors have caught on and are betting on future bailouts by selling stock and buying bonds in the struggling firms. Which exacerbate these Institutions troubles. But again this only screws the taxpayer while the rich, including Congress, get richer.
" BILL TITLE: To amend the Internal Revenue Code of 1986 to provide earnings assistance and tax relief to members of the uniformed services, volunteer firefighters, and Peace Corps volunteers, and for other purposes"
With nonsense like that, how can anyone expect this bunch (Democrats AND Republicans) to be straightforward enough to get beyond "It all depends on what the defininition of "is" is?
I love the fact that John McCain blames the vote going against the bailout on Obama. But there is an interesting fact out there. ALL the representatives from Arizona voted against the bailout? It just shows how much the other reps from AZ respect McCain. If he can't get the republicans from his home state to vote with him how is he going to get the rest of the nation to work with him. Maybe they are angry because while McCain brags that in 26 years he has never done anything for his home state, they are all stuck working for the people of Arizona in DC.
ARIZONA
Democrats — Giffords, N; Grijalva, N; Mitchell, N; Pastor, N.
Republicans — Flake, N; Franks, N; Renzi, N; Shadegg, N.
It really is that simple.