Ari explores further the rather peculiar story of how the Republican party just got an $8m loan from failing Wachovia bank, when the rest of us can't even get loans for our cars and our businesses.
So let me get this straight:
- Wachovia is on the brink of insolvency, to the point where is needs to be first sold to Citigroup with the help of the FDIC, only at the last minute to be bought by Wells Fargo.
- People cannot get mortgages and those are backed by houses, which while declining in price still have some value.
- But its financially sound to make unsecured multimillion dollar loans to their Republican buddies.
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