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During a time when most of the commentary and news "analysis" has been in favor of the Wall Street takeover plan, Rep. Brad Sherman of California was on Larry Kudlow's CNBC show (web site) on September 30 to cite evidence that the legislation potentially "provides hundreds of billions of dollars of bailouts to foreign investors," including those in Communist China.

The offensive provision (web site) is Section 112, "Coordination With Foreign Authorities and Central Banks," which "Requires the Secretary to coordinate with foreign authorities and central banks to establish programs similar to TARP"?the Troubled Assets Relief Program.

In another strange twist, in order to get around the constitutional requirement that revenue raising bills must originate in the House, the Senate attached the Wall Street takeover plan to a House bill, the Paul Wellstone Mental Health and Addiction Equity Act of 2007. The socialist-style bailout passed (web site) 74-25 with one senator (the ailing Senator Ted Kennedy) not voting. Of the 25 opponents, 15 were Republicans.

Presidential candidates Senators Barack Obama and John McCain both voted for it.

Obama, perhaps the most radical candidate to run for president on a major party ticket, is coming in for strong criticism from supporters of Ralph Nader, who is running for the presidency on a third party ticket. An article (web site) on the Nader-for-president website says Obama has been fronting "for the most vicious predators on Wall Street."

Those Senators voting against the legislation, (web site) known as the Emergency Economic Stabilization Act, were Allard (R-CO), Barrasso (R-WY), Brownback (R-KS), Bunning (R-KY), Cantwell (D-WA), Cochran (R-MS), Crapo (R-ID), DeMint (R-SC), Dole (R-NC), Dorgan (D-ND), Enzi (R-WY), Feingold (D-WI), Inhofe (R-OK), Johnson (D-SD), Landrieu (D-LA), Nelson (D-FL), Roberts (R-KS), Sanders (I-VT), Sessions (R-AL), Shelby (R-AL), Stabenow (D-MI), Tester (D-MT), Vitter (R-LA), Wicker (R-MS), and Wyden (D-OR).

During an appearance on the Fox News Channel, Senate Republican Leader Mitch McConnell of Kentucky said he supported the legislation and cited a conservative Heritage Foundation study in favor of it. The Heritage study, however, acknowledged constitutional problems with the legislation and warned that it threatened "centralization of power" in the U.S. Government.

McConnell's colleague from Kentucky, Republican Senator Jim Bunning, doesn't buy McConnell's reasoning. "Since Treasury Secretary Hank Paulson first came to Congress with this plan I have opposed it," he said. "And while some of the language and the length of this bill may have changed in the last week, it is still the same old bailout for Wall Street with a few extra sweeteners intended to buy off votes. In the end, this bill still puts the taxpayers on the hook for Wall Street's losses and takes America's free market system down the path towards socialism. I cannot and will not support that."

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