The porked-up bailout bill has passed, and Comrade Bush has signed it. Along with the $700 billion bailout plan, there are tax breaks and a number of ridiculous provisions. The stock market thanked Leviathan by losing even more ground. So much for your 401k. Those who feared for the future of certain corporations and their employees have gotten their wish. But again, we must face the fact that the economy is going to be bad no matter what. Add to this the stunts necessary to pay for this bailout. They’re not going to raise taxes, nor could this be paid for with taxes. Instead, the Federal Reserve will print more money (again). We will not only have a recession, but also hyperinflation and possibly a depression.
But don’t worry. Wall Street got what it wanted.