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Tax-wealthy to pay for bailout

Sen. Bernie Sanders explains his long list of reasons for rejecting the rescue bill which was later passed by the Senate by a margin of 74-25. Sanders pointed to the absence of a plan to help those who face imminent foreclosure on their homes. He chided congress for not effectively limiting Wall St. executives from continuing to award themselves excessive compensation and "make out like bandits." He argued that the bill does not address the problem of oversight, and continues to trust an ex-CEO of one of the companies responsible for the crisis to resolve that crisis, pointing out that Treasury Secretary Henry Paulson was CEO of Goldman Sachs during the bubble period. Also, he criticized the failure to address the lack of deregulation which produced the crisis in the first place. Finally, he presented his taxation plan for financing the bill, adding that he would not vote for it unless this amendment was agreed on.

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