Yesterday, Treasury Secretary Henry Paulson painted a terrifying picture of total financial doom if Congress doesn't act, like fucking immediately, to rescue Wall Street corporations with the hugest government bailout in recent history.
Oh, and don't even attempt to watch what they do with the money, or else that doom might still come a-knockin'.
"It's only after we've lost everything that we're free to do anything."
It took us nearly a decade to get into this crisis. We aren't going to solve it overnight by burying it in tax dollars. Congress needs to take a little time to plan a reasonable solution. But Paulson and Federal Reserve Chairman Ben Bernanke said Congress needs to act swiftly to preserve the health of the U.S. economy and stem a widening crisis that started with housing and has spread to other areas.
Fortunately, there are some legislators who won't allow themselves to be held hostage. Like Senator Dodd.
"There is no second act to this," Dodd said. "It is critically important that we get this right."
The Bush administration is (naturally) asking for a "blank check." On Tuesday, Paulson and Bernanke argued that too many restrictions on the program would limit its effectiveness at a critical time.
Additional hearings are scheduled for today. We'll be watching this closely.
of course, from the movie "Fight Club")