Those who thought that the $700 billion bailout plan was A Bad Idea must be feeling a soupcon of vindication today, as it was revealed in today's Washington Post that Treasury Secretary and Economic Czar Hank Paulson slipped by the entire legislative process and repealed a tax law that Congress passed into law - back in 1986.
The change to the tax code gives banks a $140 billion windfall. I bet Paulson, former Goldman-Sachs CEO, must be feelig quite pleased with himself (as must be the Randite Republicans who wanted the change made for 22 years).
Lord knows the banks must be happy, as well as the CEOs of the companies that helped push bad paper on people (and who are STILL getting their fat bonuses that have nothing to do with their actual performance in the job).
You know, it's almost axiomatic that as people age they tend to get more conservative. I, however, defy ordinary prediction and have been drifting steadily leftward since first developing a political awareness in eighth grade.
This news is almost enough to make me consider raising the Red Flag.