Jeff Sparrow, editor of Overland writes in Crikey Newsletter:
Speaking of which, the $700 billion this little bailout will cost is, as many commentators have noted, roughly the same as the more conservative estimates of the bill for the Iraq war.
So that’s where we are. President Bush and his supporters can find $700 billion to spend on a war of choice. Almost overnight, they can stump up an equivalent amount to stop Adam Smith’s invisible hand from throttling their shonky cronies in the banking sector. Such extraordinary sums, if devoted to public transport or alternative energies or scores of other socially useful outlays, would go a long way to ending America’s dependence on carbon fuels.