It has been well documented by Mish and Market Ticker (who has a great video up tonight; it is a must see) that the darkside to this money grab may have more to do with foreign creditors than is being spoken about. China, Japan, Saudi Arabia and many others were duped into buying tons of the mortgage backed AAA rated toxic paper, and they are not amused....looking at diminished stock returns, and now saddled with worthless paper the foreign powers seem to have had enough.So, just as MaxedOutMama pointed out here on my question about the GSE bailout, this is all about keeping th foreign credit, upon whihc our once-proud nation is so dependent, flowing to enable our continuing sub-prime government spending.
The strong language that allows foreign trash to come back to the treasury was such a sticking point to any plan that a veto was threatened if this provision was taken out.
It makes sense. The total rush-iob; the inclusion of foreign assets; the fact that as stated, the plan won't actuallly address the real problem, or does so only in the most corrupt and inefficient fashion. It all makes sense.
We are so screwed. We are owned by our creditors because we must still borrow just to keep running.
Someday soon, this will be put to the ultimate test: economic blackmail used to affect our stand on foreign policy. What will we have to give up to keep pawning ouselves? Israel? Taiwan?
Or will it be a more subtle, but equally devastating, insistence that we allow the "political correctness" that allows Fundamental Islam its foothold in this country, undermining all that makes this country the beacon it has been?
As many have said, we are fadst in the process of becoming a 3rd world nation - a banana republic - with nukes.