Download this page in PDF formatSo let me get this straight.
Treasury Secretary Paulson goes to Congress and begs for $700 billion of taxpayers money in large part so the government can buy up bad mortgages, refinancing them/guaranteeing them/what have you, because lenders made seriously bad choices in who they lend money to.
Then the week after the election, he wants to use that $700 billion of taxpayer money instead to buy bank shares, on the grounds it will encourage banks to offer more loans to people.
So … the logic goes “Banks made bad loans, let’s buy their stocks so their shareholders get big fat dividends again, and let the banks make … more bad loans”?
Embedded video from <a href=”http://www.cnn.com/video” mce_href=”http://www.cnn.com/video”>CNN Video</a>
And this guy is supposed to be the Treasury Secretary??
What
The
Fuck?
Congress needs to immediately tell Paulson that he has to use the money as he originally called for it to be used, and not to enrich the pockets of shareholders and encourage further financial incompetance and mismanagement by banks.
It’s bad enough that our money is going to fatten the wallets of a bunch of people who screwed up so royally to begin with, but now he wants to turn around and reverse something that was supposed to help homeowners in danger of foreclosure and use it instead to create more debt??
Is he totally incompetant, or is this part of some mysterious plan to totally fuck the country’s economy up so Obama can’t bring it back on track before the next election cycle?
Congress, get off your fat lazy asses and DO SOMETHING. You’re throwing OUR money away.
At best you got fleeced, at worst you’re complicit.
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