Tuesday, September 23, 2008

Bad debt buyouts and conspiracy theories

By now I expect most people even vaguely aware of what's going on in America's financial markets has heard that the Bush plan to respond is to have the American treasury (it is the treasury, yes?) essentially write a blank check for $700 billion dollars (that's American billions, so $700 000 000 000) to buy off the bad debts that are causing the problem in the first place, and demand that Congress pass it NOW, dammit.

Is it too much of a conspiracy theory to think that this massive cash injection, for which there is no apparent oversight or accountability planned, isn't designed to fix the problem at all, but simply to delay the ultimate collapse for a few more months so that, when it finally does happen, the blame can be pinned on Obama the next President rather than Bush?

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