I Can Haz Trezuree?
I've never run an investment bank, but obviously I'm a whole lot smarter than former Goldman Sachs CEO Hank Paulson, because I figured this out as soon as he proposed it. So can I be the Treasury Secretary now?
Treasury Secretary Henry M. Paulson Jr. confirmed Wednesday what was already becoming apparent -- that the government will not use any of its $700 billion financial-industry bailout fund to buy toxic assets from banks and other institutions.
Those purchases were the basis of the Troubled Asset Relief Program that Congress approved last month. The argument was that removing distressed assets such as mortgage-backed securities from the books of those companies would ease fears about their solvency, free up capital, encourage lending between companies and thaw a frozen credit market.
But in a quick turnabout, the Treasury Department has decided that making direct capital investments in banks is a better way to stimulate lending.
Of course what really matters are the terms of those investments. Warren Buffet demands high returns on his investments, while Hank Paulsen is giving our hard-earned tax dollars away for practically nothing.
this $700B, originally designed for purchasing distressed assets, is now a $700B slush fund for Bush and Paulson to do with whatever they please.
I can't decide which is worse.
The great irony is that Paulson's "September Surprise" cost John McCain the election by exposing him as nothing more than a drama queen. When he "suspended" his campaign to "solve" the crisis - and nuked the big White House meeting - he fell 6% behind in the polls and never recovered.
- Bob Fertik's blog
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A partin gift for Bush
Our elected officials in Washington DC. gave this gift to the Bush Adminstration to the tune of $700 billion dollars, plus. It is proving out to be almost exactly what 84- 92% of the American Public's warning to these elected officals do not pass any bill that would give any money requested by the Bush Adminstration.Especially when he wanted to put his people in charge of dissperssing those funds to their buddies in the failed financial markets that they helped create.
Our elected officials refused to listen to their constituents, nothing new for their actions to date. Regardless of who it was that pushed the elected officals by whatever means they used, and it was clearly not for the working people of "We the People", there was no respect for "We the People", what-so-ever shown by these so-called leaders.
Now the truth about the $700 billion issue is becoming reality. There's no accountability, or oversight being exercized by the Bush Adminstration. [Once again Congress; please don't just listen, "HEAR WHAT WE ARE SAYING"!!! The Bush Adminstration, "CAN NOT BE TRUSTED." For a first, can you TRUST, "We the People" for this once.
Here's a question, If these Congressional Leaders refuse, and ignore us, why don't "We the People" demand their removal from their positions? Who do thse people work for anyway? If its "We the People", we can remove them for NOT representing the majority of "We the People". They ignored us, we can ignore them! In my opinion, they have NOT earned the RESPECT of "We the People". "We the People" can and should give them the same treatment.