Did we not expect this? Give our lawmakers lots of money to spend and have it not always go where intended (and in an election year), but go where advantageous to incumbents…?
Today the Emergency Economic Stabilization Plan, signed by President Bush on Oct. 3, involves the government taking direct equity stakes in banks, and at least one bank used the money to buy a rival. The taxpayer money's also expected to be used to buy stakes in life insurance companies, and may soon even go to help two struggling Detroit automakers merge.
In short, what once was disparagingly referred to as bailout for Wall Street now looks like a broader bailout of all sorts of troubled businesses. Some lawmakers and outside analysts question whether that's serving the public interest as intended — or whether it's becoming a taxpayer-financed giveaway to favored firms.
We were told giving taxpayer money to shore up the banks would result in stabilization. Now that the money's being doled out and the markets are on a rollercoaster, watching the senate attach those dreaded earmarks for their re-election is not just sickening. I should be criminal.
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