Privatization (News)

By Nomi Prins and Christopher Hayes

The government hasn't exactly been forthcoming about how it has made buckets of money available to the banking sector. But here's what really happened. As we mark the end of the first year of the financial bailout, the public seems to regard the government's actions with a toxic combination of rage and confusion. People are pissed off but too bewildered to know what to do with that anger. The confusion isn't an accident. The government hasn't exactly been forthcoming about how it's made buckets of money available to the banking sector. When it does disclose some information--such as in July's SIGTARP report from the Treasury or the Federal Reserve's weekly balance sheet--it's in the form of intimidating descriptions, accounting mumbo jumbo and technical reports that do little to illuminate just what the hell is going on.

By AlterNet Staff

The House voted this afternoon to pass a modified version of the Bush-Paulson bailout plan by a 263-171 margin. 172 Democrats and 91 Republicans supported the measure.

Before the vote, CNN reported, "At least 20 House members said Friday they had switched positions and would now support the proposed $700 billion bailout of the nation's financial system.

"Among the 20 converts is Rep. Jesse Jackson Jr., D-Illinois, his chief of staff, Kenneth Edmonds, said.

"Edmonds said Jackson is changing his vote because "he received assurances from (Sen. Barack Obama) that, if elected, his administration will aggressively use authority in the bill to prevent foreclosures and stabilize the housing market."