Posted By: Watchman Date: Thursday, 25 September 2008, 9:39 a.m. In Response To: THE *REAL* REASON FOR THE SUDDEN RUSH FOR BAILOUT? (BASEL-II) (billym) Timely post, Billy.
I was in the process of preparing a post on the "campaign suspension" announcement by McCain, so I will just shorten it and say the following
Bush-McCain-Obama know the obvious, there is no need to campaign anyway. Follow along--
The official word from the administration is that the "bailout for wall street" must occur by Oct 1, which just coincidentally happens to be the first day of the new US Corporate Government's fiscal year, when the financial system must conform to the new Basel agreement..
Congress has balked at the size of the bailout, which though touted at $700B, is has a good chance of exceeding $14 Trillion. (the number spoken by Bernanke under questioning)....However some have ventured numbers more than 100 times the latter, or 1000 Trillion. Such numbers boggle the imagination.
Congress will continue to "negotiate" read "delay" the bill because of the vast public outcry from us peons, "forcing" an "October Surprise" from Herr Bush that elections are suspended until further notice. This announcement will occur around the first week of October, as sure as God made little green apples..
Because-- even congress- facing the lowest approval rating in history, don't want elections either, and their excuse will be-- Hey--we did not have time to campaign because "we were working for you..."