We Save Wall Street!


House passes bailout bill. Life as they know it on the Upper East Side will continue.

In one of the most remarkable events in the history of American capitalism, Wall Street officially went on full-blown welfare at 1:23 p.m. EST today.

You have bailed out the bankers. Now that you’ve floated them the money to ensure their soft landing — some would characterize this government intervention as unprecedented socialism — will they return the favor once they get their investment houses in order? Don’t count on it. But do count on the bankers and their Capitol Hill allies to angrily characterize your pleas for help as “socialistic.”

All that’s in the future. Here’s how the Washington Post describes this afternoon’s vote to use your money to wash away Wall Street’s sins:

In a dramatic reversal, the House today approved by a comfortable margin a $700 billion financial rescue package that will bring the greatest intervention of the federal government into the private marketplace since the Great Depression, attempting to prevent the economy from sliding into a deep recession.