$700 Billion Faith-Based Initiative? No, Thanks

President Bush and Secretary Paulson won't like this, but the Democratic Congress looks like it might actually be ready to act on behalf of the American people, and not merely rubber-stamp the usual Republican corporate welfare program:

“Congress will respond to the financial markets crisis by taking action this week in a bipartisan manner that will protect the taxpayers’ interests,” House Speaker Nancy Pelosi said. She added that the administration’s proposal did “not include the necessary safeguards. Democrats believe a responsible solution should include independent oversight, protections for homeowners and constraints on excessive executive compensation.”

“We will not simply hand over a $700 billion blank check to Wall Street and hope for a better outcome,” she said.

Yeah. We don't need a $700 billion faith-based initiative.

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