It’s a bailout bill, and it should be opposed (UPDATED)

Unless I missed it (and if I did, I expect to see multiple examples in the comments), the Virginia blogosphere has been largely silent on the Dodd Bailout bill making its way through the Senate.

Today is the first cloture vote.  I sincerely hope that the 41 Republicans oppose cloture and block the bill via filibuster.

The bill grants the federal government the power to do the following: (a) determine at any time that a firm is “too weak to survive” (which is much more worrying than “too big to fail” – and that’s saying something) and seize control of it, (b) usurp corporation charter powers from the states, (c) “charge” banks a fee to create a bailout fund – a fee which is actually tax-deductible, thus the government, i.e., you and me, will pay for it through the back door.

In short, it’s TARP with all of the power and a little of the money.  It’s a bad bill.

Cross-posted to RWL

UPDATE: The Republicans held firm, and won over Ben Nelson, too.  Good for them.