The Bush Administration sent a $700 billion plan for a U.S. government bailout of bad mortgage debt to Congress on Saturday, seeking extraordinary authority as it tackles the worst financial crisis since the Great Depression.
Democratic lawmakers, who control both houses of Congress, said they hoped to approve the bailout quickly but wanted changes such as more oversight, limits on executive pay at participating firms, and assistance for homeowners.
Congress Examines Bush’s Proposed $700 Billion Market Bailout Plan
Corporate welfare, otherwise known as market socialism. So much for American capitalism…
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