Fed and Treasury Prepare Massive Bailout

Will somebody please tell me when I woke up in the Soviet Union? Seriously. We have secret police. The government taps my phone and reads my emails. Our "leaders" hide behind curtains and reporters are forbidden to ask any questions. We're always invading somebody. And now the government is buying up the entire financial sector of the country?

You know what I miss? Capitalism.

The head of the Treasury and the Federal Reserve began discussions on Thursday with Congressional leaders on what could become the biggest bailout in United States history.

While details remain to be worked out, the plan is likely to authorize the government to buy distressed mortgages at deep discounts from banks and other institutions. The proposal could result in the most direct commitment of taxpayer funds so far in the financial crisis that Fed and Treasury officials say is the worst they have ever seen.