Bailouts to local govts and also foreign authorities

Andy McCarthy on National Review’s Corner points out,

The scheme “[a]llows the government to purchase troubled assets from pension plans, local governments, and small banks that serve low- and middle-income families.”So in addition to rewarding irresponsible lenders and borrowers, we taxpayers are now to be “protected” by buying the toxic debt of states, cities and municipalities.  It’s one thing to throw a life-line to the credit industry; local governments, by contrast, have the ability to cut spending drastically or raise taxes if their inhabitants want government services.

Did Andy also notice Section 112 in Sunday’s draft (emphasis mine) ?: “To the extent that such foreign financial authorities or banks hold troubled assets as a result of extending finances to financial institutions that have failed or defaulted on such financing, such assets qualify for purchase under Section 101.”

Just wait until the voters catch these particulars. They’ll take their revenge on whoever signs this saying, “Throw the bums out!”