The Democrats whine about imaginary handouts to "corporations" and "Wall Street" for my entire adult life, and now that the government is actually going to give away US$700,000,000,000
, they're complicit.
Bernanke seems to have drunk his own Kool-Aid(TM). I guess he does technically work for the banks who are getting the graft, but I couldn't support this atrocity with a straight face. And of course Paulson's job is to print scrip with no relation to any objective measure of value, so we shouldn't expect him to say anything.
The media are tripping over themselves to explain how wonderful corporatism is. It worked well under Hitler, and Bush=Hitler, so it'll work for us too.
Meanmhile, the dollar, stock market, oil prices and bond yields react the way I'd expect them to if Chicago was overrun by zombies, or perhaps the Russians invaded Alaska on a foggy day.
I feel zero pity, at this moment, for the millions of people who will lose their jobs and homes because of this. Most of them share the responsibility for what's going to happen next year. This is a republic, after all.