by Deb Cupples | Yesterday, Matt Stoller posted an explosive letter from an un-named Democratic congressman to his or her colleagues, which was leaked to the press.
Later, Stoller posted another email from another anonymous congressman: this one lays out how he or she thinks House Dems will allow lobbyists to utterly shaft us taxpayers, by approving the Bush Administration's $700 billion Wall Street bailout without any strings attached and without any efforts to improve oversight and accountability.
The amusing (and frightening) letter, which even takes a swipe at Sarah Palin, is re-printed below:
"Here's the industry's play: progressives will approach Nancy [Pelosi] with ideas for reform, and she'll agree to push for their proposals, and she'll really mean it.
Then industry lobbyists will go to Dennis Moore, Melissa Bean and a few other Democrats, and tell them how dire the consequences of the proposals would be, and that the members who understand how the economy works need to step up to stop Nancy and the crazy liberals from doing something rash.
Then those Democrats will go to Steny [Hoyer] and tell him how terrible Nancy's crazy ideas would be, and how we can't rush into something like that without much, much more thought.
Maybe Barney [Frank] will try to talk to Dennis or Melissa, but it will become apparent quickly that they have no idea what they're talking about; they're just repeating by rote what the lobbyists told them to say. Melissa may actually be dumber than Sarah Palin.
Barney will realize he might as well talk to the lobbyists directly and save a step.
The lobbyists will agree to something inconsequential, but certainly nothing that would really affect the industry's conduct. Then the leadership will do the math and conclude that because the vast majority of Republicans will vote against any bill, we can't get enough votes without the Dennis and Melissa crowd. The only way, our leadership will conclude, to get anything at all passed is to include nothing more than the inconsequential proposals that the lobbyists agreed to. Then we'll all go along because it would be wildly irresponsible not to act when we're staring over the brink of a complete collapse of world financial markets.
I'd diagram it for you if I had a chalkboard. I've seen the play again and again, and it always goes for long yardage.
The only defense for the play is for a significant group of Democrats to say they won't vote for any proposal that isn't unpalatable to industry, and mean it. It's a pretty high stakes game of chicken, but otherwise we come out of this with nothing but a $700 billion giveaway to a crooked industry. (Open Left)
Bingo: The Plan really does seem to involve a $700 billion giveaway to a bunch of crooked folks who helped create this mess in the first place.
This no surprise, given that one of the two men who concocted The Plan (Treasury Secretary Henry Paulson) is, himself, a former Wall Street Executive -- a so-called "deal maker."
That and the Bush Administration has long favored funneling tax dollars to corporate folks (e.g., via poorly negotiated government contracts). The current economic crises create the perfect opportunity to do so again -- especially with congressional Democrats panicking and afraid to be seen as obstructing whatever half-baked plan the Bush Administration proposes.
Never mind that the Bush Administration's anti-accountability policies (which some misleadingly dubbed "free market" principles) enabled some very crooked Wall Streeters to create the very mess in which we now find ourselves.
Nearly six years ago, congressional Dems -- without fully questioning the dubious evidence -- helped authorize the Bush Administration's invasion of Iraq.
Three months ago, congressional Dems spinelessly voted to grant retroactive legal immunity to law-breaking telecom companies that had helped the Bush Administration illegally spy on us Americans.
Sometimes, great adversity inspires people to do stupidly shortsighted things. Sometimes, it forces people to find the better (and wiser) parts of their nature.
I hope that the current economic adversity will push our congressmen to stand with strong spines and act in the best interest of us taxpayers.
Memeorandum has commentary.
Other Buck Naked Politics Posts:
* Executives Skate out of Disaster with Millions
* Skeptics Question the $700 Billion Bailout
* The Virtually Undebated Plan to Save the Economy
* Economic Crisis: Sen. Clinton Nails it (video)
* Hoping Congress Really Thinks Through "Solutions" to Economic Crises
* Wall Street Bailout Plan and Iraq-War-Style Sales Pitch
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