Uppity Wisconsin

"You want to be greedy when others are fearful. You want to be fearful when others are greedy. It's that simple. ... They're pretty fearful. In fact, in my adult lifetime, I don’t think I’ve ever seen people as fearful economically as they are right now."
- Warren Buffett, October 1, 2008 on the Charlie Rose Show

Why the Charlie Rose show featuring an exclusive conversation with Warren Edward Buffett, regarded as the world's greatest investor and chair of Berkshire Hathaway, is not endlessly broadcast this week is a mystery of the American political culture.

Even as House Republicans scream (at the apparent urging of Newt Gingrich) that the Emergency Economic Stabilization Act 2008 is a slippery slope to socialism, Buffett's reasoned defense of the Bush-Paulson-US Senate-Everyone-except-the-GOP-House Members Act assures that not only may the bailout bill produce a net profit (if conceived of in those terms) for American taxpayers, but the fear and loathing epitomized by the House Republicans (though not singled out by Buffett in the interview) is ludicrously removed from reality.

Update II: Congress, Bush team OK bailout terms; Stocks sink
Update: From ThinkProgress: Question: In 1999, you were one of the senators who helped pass deregulation of Wall Street. Do you regret that now?
McCAIN: No. I think the deregulation was probably helpful to the growth of our economy

The proposal to bailout Wall Street investment banks appears to be welfare for the rich. Nearly $1 trillion is being requested from U.S. taxpayers to avoid an economic disaster, and the current plan put forth is being universally reviled by economists and global treasury markets.

Daily Kos has a rundown of the details explaining why U.S. Treasury Secretary Henry Paulson and the Bush Administration's plan is a seriously BAD DEAL for U.S. taxpayers.

In short, there is nothing in this plan that in any way benefits taxpayers. We give money, we get nothing in return.

There will be no oversight as to how the money is spent. None.

Regulatory reform is not part of the plan. This will be allowed to happen again as the bill is currently written.

Something needs to be done. Get Uppity and talk to your representatives about this.