Why are Democrats so supportive of the Bush/Paulson bailout? *Update*

Because they’ve gone a stuffed it full of pork. I’m working to see what’s been added and will let you in on it as soon as I know.

*Update* – about 11:30 a.m.

Here’s the agreement in principle from the Banking Committee that’s being proffered by the Democrats.

It’s nod-off reading. What I did find is that 20% of the profits from the sale of acquired assets (does that mean they are expecting taxpayers to make a profit here?) will be siphoned off and spent according to the rules suggested. That’s where the sham organizations like ACORN are included. I also found silly little things like credit counseling no longer being required when a loan goes into foreclosure. Also, senior executive compensation is limited to $400,000 with loopholes to any company touching these securities. (Think loophole – this is talk and no real action.)

Who knows if all this will hold as they finalize negotiations. I’m still hoping for as little action as possible from Congress.