If you ever wanted to know why we're in this financial mess all you need to do is listen to Henry Paulson's testimony yesterday in front of the Senate Banking Committee. He flat out says, "we can't have too many strings attached to this money or the companies might not take the offer from the government."
Are you kidding me?
That isn't a direct quote since I can't seem to find a real transcript online. But he quite clearly isn't in favor of doing anything to fix this mess and only desires to throw more money at the problem. Are we really that stupid that we're going to hand over all this money with nothing in return? NOTHING! Come on.
The only strings I think Mr. Paulson is familiar with are the ones attached to him being pulled from afar by the organizations he's proposing giving all this money to. The executives of these firms must be salivating just listening to him speak.
We'll have to see if our legislature has any brains at all but if they give this money away, the state of our US Government is much sorrier than I could have ever imagined.
2 comments:
Even the fact that they come to the taxpayers asking for a trillion dollars with no strings and no accountability is all the evidence you need to determine that these people are not acting for the good of the nation.
It seems to me that ANY decent American would demand accountability and preconditions before handing out a trillion dollars.
We may need a bailout, but we do it under scrutiny, and make it clear that buying your bad debt comes at the cost of putting a serious end to the greedy shenanigans of the investment banks.
Congress MUST grow a spine and stop this last desperate act of a corrupt and morally repugnant administration.
Here is a good reason you can't listen to Paulson or anything he says:
The Bush administration's plan would grant the Treasury secretary nearly absolute control of the $700 billion authorized by the bailout measure. The language in the measure sent to Congress would make the Treasury secretary's decisions "non-reviewable" — including by "any court of law or any administrative agency."
See http://www.npr.org/templates/story/story.php?storyId=94973418&ft=1&f=1001 for more info.
Wow!
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