"The possibility of a massive, U.S. taxpayer-funded bailout to attack the mortgage crisis and calm financial markets gripped Washington and Wall Street on Thursday on signs a Bush administration plan was in the works."
"[T]he Treasury Department has been shopping a proposal for a government fund to absorb bad mortgage debts with congressional leaders... ."
"The market had been battered by [last] Monday's bankruptcy filing by investment bank Lehman Brothers Holdings and Tuesday's $85 billion government rescue of insurer American International Group."
"Word of a possible solution to the debt that has poisoned the balance sheets of major financial firms sent stocks soaring to give Wall Street its best day in six years."
"If you have hundreds of millions of mortgage-backed securities on your books that you cannot value -- much less sell -- you can now unload them to the U.S. government."
Bush calls it a "bailout;" the rest of the world sees something remarkably un-Republican; I call it rewarding greedy stupidity.
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