Congressional Democrats think that stealing national assets to cover private losses is just fine and dandy and want to act fast to save the banking system:
Rep. Frank sees Congress acting fast on bailout plan
They think Bush’s bailing out the banks is brilliant:
Democrats see boost for $50 billion econ stimulus By Richard Cowan
WASHINGTON (Reuters) – The urgent need for the U.S. Congress to approve a Bush administration plan to rescue Wall Street has given Democrats renewed hope of enacting another economic stimulus package for Main Street, congressional aides said on Friday.
For months, House of Representatives Speaker Nancy Pelosi and other leading Democrats in Congress have been pushing $50 billion in emergency spending they say would spur the flagging U.S. economy.
I wonder why? Here’s your answer:
Sept. 19 (Bloomberg) — The market storm that brought down Lehman Brothers Holdings Inc., American International Group Inc. and other pillars of U.S. finance may have also blown holes in the portfolios of House Speaker Nancy Pelosi, Senator John Kerry and more than 50 other members of Congress.
Altogether, 56 senators and representatives had stakes in AIG, Lehman, Fannie Mae, Freddie Mac, Bear Stearns Cos. or IndyMac Bancorp Inc. — some of the biggest casualties of the market bloodbath — according to the Center for Responsive Politics. The most recent annual disclosure filings list investments as of Dec. 31, 2007, and reveal the size of holdings only within a range of values. Lawmakers may have sold shares since then.
I should’ve known.
