I can only imagine the technocratic twists and spin going on in Washington as a hard-core conservative republican government tries to justify such a massive bailout of the US financial system. How can they explain the nationalization of banks and the purchase of mortgages that turns large swaths of the US into public housing? It seems so – socialist.
The mainstream media has reported the postivie impacts – renewed confidence and stability – but I have seen little of the public or political reaction to the stories. (This AP article shows some of the “Editorial reaction to $700B bailout plan“.)
But back to the spin. This war on financial plundering will not be tolerated. America will fight this war and will not allow greed, capitalism or excessive risk taking to impact the American way of greed, capitalism, and excessive risk taking.