Reply #12: The Bankers Are Being Bailed Out For Trillions, While

[MannyGoldstein]

GM was kept afloat for a few tens of billions until an orderly bankruptcy could proceed. The Paulson/Summers/Summers Banker Bailout has the effect of further enriching the rich, whereas GM's bankruptcy will disproportionately hit the middle class.

Obama's tax cuts are quite minimal, and the odds are that taxes on the wealthy will simply return to what they were under Reagan - actually, the wealthiest Americans will still pay far less than they did under Reagan. Right now, the effective federal tax rate on the wealthiest Americans is far lower than that of the median American (e.g., http://taxprof.typepad.com/taxprof_blog/2007/06/warren-buffet-p.html), and Obama has zero plans to do anything to substantially close that gap.

I didn't say the policies were the *same* - I said "essentially the same". In other words, they end up at the same place.