Socialise the losses and privatise the profits.

And rewrite basic capitalist economic free market theory and practice to protect the shysters who have ripped out so much money based on dodgy loans.

The whole edifice is now to be supported by a tax payer bailout – funded by Government bonds – complete with the Government taking a stake in failed financial institutions – effectively nationalising them. Who would have thought this could happen?

The US plan does not reduce across the board the debt burden of the distressed household sector. Does that mean that without such a component the debt overhang of the household sector will continue to depress consumption spending and will exacerbate the current economic recession?

Will purchasing toxic/illiquid assets of the financial system be an effective and efficient way to recapitalize the banking system? It would appear that the plan does not address the need to recapitalize those financial institutions that are badly undercapitalized. It looks to be a bailout of reckless bankers, lenders and investors. Bailing out wealthy bankers when the millions of families losing their homes get little direct help is not going to play well in Main Street America, which has seen factory after factory close and jobs move overseas. What has happened to fairness in the US?

“Give us what we want or we’ll take all of you with us.”

Memo to suicide bombers everywhere: you need bigger bombs.

I’m not sure if this accusation from Obama about the rain of McCain not falling on the Spanish plain is out of context or not, but then again McCain 2008 is very different to McCain 2000-7. He seems a little too close to the “agents of intolerance” he used to excoriate and now joined to the hip with some policies that the former McCain would have had the courage to revolt against.

Before 9/11 Bush was regularly lampooned on tv as a useless dolt a figure of ridicule. He still is, but for more serious reasons. Bring on the clowns, its half time. McCain and Palin will fix it well and truly as the bankers extracting the last availble cents move to their new villas in Spain (providing McCain hasn’t attacked it).