Here’s a great article that just reinforces the stupidity and immorality of the current bill. You can read the full text here.

The Treasury plan also does not explicitly include an HOLC-style program to reduce across the board the debt burden of the distressed household sector; without such a component the debt overhang of the household sector will continue to depress consumption spending and will exacerbate the current economic recession. Thus, the Treasury plan is a disgrace: a bailout of reckless bankers, lenders and investors that provides little direct debt relief to borrowers and financially stressed households and that will come at a very high cost to the US taxpayer. And the plan does nothing to resolve the severe stress in money markets and interbank markets that are now close to a systemic meltdown. It is pathetic that Congress did not consult any of the many professional economists that have presented - many on the RGE Monitor Finance blog forum - alternative plans that were more fair and efficient and less costly ways to resolve this crisis. This is again a case of privatizing the gains and socializing the losses; a bailout and socialism for the rich, the well-connected and Wall Street. And it is a scandal that even Congressional Democrats have fallen for this Treasury scam that does little to resolve the debt burden of millions of distressed home owners.

“The Effective Fed Funds rate has been trading 50 basis points or more below the 2% target for five straight days now, and for the last two days, it has traded 75 basis points under.” (Don’t take Karl’s word for it, here’s the official data.)

What is Ben Bernanke doing?

Why did WAMU fail on a Thursday instead of a Friday (like the other 6 banks?)

Hank Paulson was the CEO of Goldman Sach’s. Do you think he has the best interests of Main Street or Wall Street in mind?

I even called my two senators (Murray and Cantwell) today. Most of the faxes were campaigns thanks to Mish, but I’ve also been urged on by Jesse, Karl, and others - and I’ve even authored a few originals.

It helps that I was able to script the delivery of a single letter to multiple senators using some Python and MetroFax.

Admittedly, sending faxes from your house isn’t much work for political activism. Nontheless, few things have compelled me to action as much as the recent fear mongering and insanity aimed at bailing out the rich few on the backs of the ordinary.

Senator,

Haste Makes Waste.

The American economy is strong and resilient. The key to that strength is the creativity, flexibility, and hard labor of American citizens. The key to that strength is the belief that tomorrow is a new opportunity to improve and prosper and that opportunity is unburdened by the sins of the past.