Surprise! Congress Does What Wall Street Wants.

Earlier this week when the House defeated the Wall St. bailout, I thought we might be glimpsing a populist uprising. Wrong!
According to NPR, the U.S. House just passed a $700 billion financial rescue package by a vote to 263-171, paving the way for the government to start buying up troubled assets from financial institutions caught on the wrong side of record home foreclosures.
Rep. Michele Bachmann (R-MN) is against the bill. Treasury Secretary Henry Paulson “pulled the fire alarm and cried fire, fire from the roof,” she said on CNBC. The Senate’s version of the bailout bill is nothing more than a dressed-up version of what she voted against Monday, Bachmann said.
“This doesn’t address the fundamental problem of the credit crisis,” she said, adding that she had not changed her mind and was prepared to vote against the plan. “Coming down the road for the next few years, we may rue the day that this passed.”

About David Burn

Co-founder and editor of AdPulp. I wrote my first ad for a political candidate when I was 17 years old. She won her race and I felt the seductive power of advertising for the first time. I worked for seven agencies in five states before launching my own practice in 2009. Today, I am head of brand strategy and creative at Bonehook in Portland, Oregon.