Wednesday, September 17, 2008

Pelosi Barks at Bush and Bailouts

"Is it a free market if you privatize the gain and nationalize the risk?"
“This is crony capitalism manifesting itself in the meltdown of our financial institutions,” Pelosi said, lamenting the fact that taxpayer dollars would now have to be used to fund the bailouts."
VIA The Crypt

I have to admit I'm a bit jaded. This seems like a great way to help Obama and the Democrats case.

I'd like to see some sort of mea culpa of various Dems, mostly Chris Dodd, as they pushed through and authorized at $300 Billion Bank Bailout bill.

What I also worry about is Congressional Stock positions. From Capital Eye:
According to the nonpartisan Center for Responsive Politics, nine lawmakers have between $785,900 and $1.8 million of their own money invested in Merrill Lynch...Fifty-four lawmakers ... held stock in the company in 2007, worth between $1.9 million and $5 Million.

Eight lawmakers owned stock in Lehman Brothers at the end of 2007, valued at between $102,170 and $184,160.
And Again...
Of all of the companies facing major transitions over the last week, lawmakers owned the most stock in AIG. Twenty-seven lawmakers owned stock in AIG last year, worth between $6.4 million and $20 million.
Then there's campaign contributions with AIG, Bank of America, Lehman, and Merill Lynch contributing over $40 million to both sides of the aisle.

I'm going to leave out Fannie Mae and Freddie Mac for now.

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