Well... not really.
You still have to pay up or face the repo man. But for those poor credit card companies that took a chance on you and kept loaning you money, Bush's Treasury Secretary (and former Goldman Sachs CEO) wants to use your tax dollars to pay off the debt.
Rep. Peter DeFazio (OR-04) reported how he and others objected to this provision in the Democratic caucus and it was stripped. But by the time the billionaire bailout bill came up for a vote, Paulson and his cronies had inserted this language (which Pelosi and Reid must have been comfortable with.)
- (9) TROUBLED ASSETS.—The term “troubled assets” means—
- (A) residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before March 14, 2008, the purchase of which the Secretary determines promotes financial market stability; and
- (B) any other financial instrument that the Secretary, after consultation with the Chairman of the Board of Governors of the Federal Reserve System, determines the purchase of which is necessary
For the sake of Saint Peter, BLANK VOTE every spineless pol who is willing to let Bush ride out his presidency while the country collapses.