Republicans to join hands with Dems to jump off cliff. With your wallets!

In a historic move today, lawmakers essentially agreed to a bailout worth 700 billion dollars for financial institutions holding toxic mortgage-backed securities. A vote by the House and Senate which is expected tomorrow, September 29, could be crucial in making or breaking the deal before it reaches the President’s desk. The initial proposal by the White House giving the Treasury Secretary unbridled power was quickly rejected by both parties, resulting in a revised plan that includes accountability and eliminating “Golden Parachutes” for company executives participating in the taxpayer-subsidized program. The money, to be doled out in tranches of 250,000,000,000 in its’ first installment, would ostensibly stabilize a tight credit market and restore investor confidence. Democrats sought to save face by  exhorting support from House Republicans on a bill largely unsupported by most Americans. With an upcoming election in as little as 36 days, many lawmakers fear losing their seats to a seething public that feels the excesses of Wall Street should not be at their expense. The pitchforks and torches have not come out to raze the Whitehouse to the ground at such an audacious plot by the Executive Branch to consolidate power. Other countries have revolted for much less. The legislation known as the Troubled Assets Relief Program attempts to protect the American people from avaricious speculators, however upon reading the bill, Americans may be in for a rude awakening. Keep your powder dry. You can read the bill here