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Bailout bill was more of the same, another corporate welfare

November 9, 2008

Talk about "corporate welfare" - the $850 billion financial institution bailout bill approved by Congress a few weeks ago is turning into a grab bag of cash for all comers.

It originally was intended to help banks and similar financial institutions.

But Treasury Department officials in charge of handing out the money say the bill was written in terms so vague that virtually any kind of business may qualify for help.

We did not support the bailout bill, for a variety of reasons.

Among them is the fact that about $150 billion in "sweeteners" - many of them involving cash for special interests and private companies - were included in the bill.

Another reason for our opposition is that the bill funds one of the biggest socialist programs in U.S. history.

It requires in many cases that the government receive ownership shares in companies being bailed out. In effect, bureaucrats in Washington will be running many major financial institutions because of the measure.

It's too late to repair much of the damage being caused by the bill.

Still, Treasury Department officials at least can interpret the bailout law to keep them focused on assisting companies involved directly in handling financial transactions, such as credit.



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