Today the men who run our country for the next three months, Ben Bernanke and Richard Paulson, formally asked the American taxpayers to bend over and take a platinum phallus to their anuses. Think I'm exaggerating?
They are demanding $700 Billion for the public to purchase worthless mortguages, or else, they say, the country will suffer greatly.
'Give us the money or the country gets it!!'
But the treasury does not have the cash. If this goes through, the US would have to borrow $700 Billion.
If this mortgage bailout plan passes through Congress, we're beyond screwed. How, you ask? Here are some well-informed opinions:
Paul Krugman, NY Times (registration required): Cash for Trash
Henry Blodget: Bernanke and Paulson - Here's why we're screwing you.