Here's How It Expands...Already!!!

Want to see Congressional lunacy in action? Here you go:

In the dark of night over the weekend when most people were snoozing, the Treasury dramatically expanded its bailout plan to include buying student loans, car loans, credit card debt and any other "troubled" assets held by banks.

The changes, which were included in draft language that also opened the bailout program to foreign banks with extensive loan operations in the United States, potentially added tens of billions of dollars to the cost of the program.

Although it was a major addition to what was already the nation's largest-ever bailout, it did not become part of the debate between Democrats and the Treasury over details of the program. A Monday counterproposal by Senate Banking Committee Chairman Christopher J. Dodd included such consumer loans as well as mortgages, just as the Treasury's draft did Saturday night.

"The costs of the bailout will be significantly higher than originally considered or acknowledged," said Joshua Rosner, managing director of Graham Fisher & Co., who charged that the Treasury and Federal Reserve have not been "forthright" about the ultimate cost to the public. The plan gives Treasury the discretion to buy the non-mortgage loans and securities in consultation with the Fed.

Conservatives cited the move as a sign that the massive plan to take over bad mortgage debt already is opening the door to further government bailouts.

"Such a large takeover by the government will surely be accompanied by adverse, unintended consequences," said Pat Toomey, president of the Club for Growth, a conservative advocacy group. "Already, other companies and industries are lining up at government's door asking for their own bailout."

If you haven't been fired up enough by this overspending power grab by your elected leaders to call them yet, maybe this will do it.

More commentary from Michelle Malkin:

We don’t have to have this trillion-dollar bailout shoved down our throats.

You can make a difference.

Phones are ringing off the hook. Peter Viles at L.A.Land:

A key quote in this morning’s Senate hearing about the Paulson bailout is worth repeating. This comes from Ohio Sen. Sherrod Brown, a Democrat:

“Like my colleagues, my phones have been ringing off the hook. The sentiment from Ohioans about this proposal is universally negative.”

Not “overwhelmingly negative.” Not “deeply suspicious.” Not “extremely upset.” Universally negative.

I’ll state the obvious: Members of Congress aren’t generally in the habit of passing historic and spectacularly unpopular legislation five weeks before election day.

Make your voice heard now. Every second counts: 202-224-3121.

Quotable: “‘Just because God created the world in seven days doesn’t mean we have to pass this bill in seven days,’ said Rep. Joe Barton, R-Texas.”

Or at all.

You might want to make a special effort to phone John McCain’s office. He’s waffling and wavering and straddling. Mr. Maverick needs a clue.

To recap: your elected 'leaders' in Congress are about to spend an unknown amount of taxpayer money that will likely be well over $1 trillion to secure all of their political hack friends in the financial industry, including mortgages, investments, school loans, car loans, and credit cards.

Angry yet? Make the calls.

There's my two cents.