WASHINGTON - After one spectacular failure, the $700 billion financial industry bailout has found a second life today, winning lopsided passage in the Senate and gaining ground in the House, where Republican opposition softened.But I thought the most interesting paragraph of the article was this,
Senators loaded the economic rescue bill with tax breaks and other sweeteners before passing it by a wide margin, 74-25, a month before the presidential and congressional elections.But may be I just have a suspicious mind.
Jeffrey Tucker over at the Mises Economcs Blog has a posting on The Senate at Its Finest. He writes,
That's the claim that these guys are making after having passed what is surely the most ghastly piece of legislation since I don't know when. One after another of these Senators is stepping forwarding the mic to declare just wonderful, how courageous, how inspiring it has been to steal $700 billion from American taxpayers to give it to failed but powerful market players, against the overwhelming opposition of the public and in defiance of every principle of economic logic. Some held out but changed their votes when the legislation was made ever worse with each additional inclusion of pork, control, and moral hazard. Such a hard, indeed, Senatorial, thing to do!