Faced with a possible collapse of the world’s banking system brought on by the greed of Wall Street bankers and money grubbers, the Feds have demanded some sort of rescue operation (paid for by the taxpayers, of course.)

Ever eager to grovel before George Bu$h, Nancy Pelosi and her spineless cohorts in the House have agreed to a proposal that will soften the edge of the greedheads' panic by reducing the Fed interest rate in two steps: ¾ of a point was stripped off the Fed interest rate the day before yesterday, and there will be an additional cut, perhaps half a point, signed off on next week.

Wall Street reacted exuberantly yesterday, with the Dow-Jones Industrial average finishing the day up more than 150 points from the start. We can confidently expect another bog jump next week when they Feds give their best friends another bog wet kiss.

Just to pretend that this recession won’t hurt the middle class and the poor there’s even something in it for you and me: we’ll get token tax “rebate” checks, which are actually part of our 2008 tax return payments/credits. That means you have to pay these rebates back next year. But in the meantime you’ll think Nancy loves you.

WASHINGTON — House leaders and the White House on Thursday announced a tentative agreement on an economic stimulus package of roughly $150 billion that would pay stipends of $300 to $1,200 per household, and more for families with children, plus provide tax incentives for businesses to encourage spending.

The accord was announced by Speaker Nancy Pelosi of California, Representative John A. Boehner of Ohio, the House Republican leader, and Treasury Secretary Henry M. Paulson Jr. at a Capitol news conference and hailed minutes afterward by President Bush as the fruit of “patience, determination and good will” in both parties.

By now you should understand that if George Bu$h compliments the Dem “leadership” that means he’s laughing at what’s on their chins. And it’s a big load this time.

As it was presented on Thursday afternoon, the package calls for workers who paid income taxes to receive $300 to $600, and couples to receive up to $1,200 — plus $300 more for each child. The stipend, which some lawmakers were calling a “tax rebate,” would be subject to income limits so that the wealthiest taxpayers would not receive it. Payments would go to individuals with adjusted gross incomes under $75,000 and couples with adjusted gross incomes under $150,000. (Late Thursday afternoon, the White House corrected an earlier statement that the $75,000 and $150,000 ceilings applied to taxable incomes.)

Just remember that even some of the politicians are telling the truth. These are “rebates.” If you can remember back a few years when Mr Bu$h fraudulently sent out “rebates” everyone danced for joy. “Oh,what a wonderful kind man he is! He’s giving us our own money early.”

And then we all had to account for it in next year’s tax returns. Watch for the same thing for your 2008 returns.

And even the republicans like this one because not only does it give more tax breaks to businesses, it screws the poor and needy.

[I]t was unclear how the package, without extended unemployment benefits or increased food stamps, would be received by Democrats in the Senate, including Senator Edward M. Kennedy of Massachusetts and Senator Charles E. Schumer of New York, who have said that those proposals offered the best prospects for quickly injecting added spending into the economy. [emph added]

Just to be clear, Nancy couldn’t find it in her to fight for the Americans who need the help the most. If you’re out of work, or need help to feed your kids properly, toughski shitsky, as they say in the Polish Army.

Nancy is very proud of her hard work.

Wipe your chin, Nancy. You look ridiculous.