The finance sector of the economy is, essentialy, being nationalized; this means that you and I, dear taxpayer, are being stuck with the cost, to the tune of 500 Billion to One Trillion Dollars according to the Treasury Secretary, Henry Paulson, whom, one would think, would be in a position to know. Just as an aside, he used to be former Chief executive for Goldman Sachs, with a net worth at around $700 million dollars. No pain for him here.
From Naked Capitalism, who actually reads the fine print in those bills in front of Congress:
Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
Briefly, Paulson has totally free reign to pay off his bff's to the tune of, as already mentioned a ^%$#@'d amount of money. Lucky us. And, according to the current legislation, there is nary a thing we can do about it. What, you don't have his cell phone? Tough tookies. You're clearly one of the preterite, destined for hell, sooner or later. Sooner, I'm guessing. I'm not angry or anything.
Privatize the profits, nationalize the losses, as the saying goes. Thank you, President Reagan, Bush, and Bush. And a bit of a tip of the Chapeau to Clinton.
I say, let the bodies hit the floor.
Thanks to Hipdadiddy for the picure