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It's Time for Paulson to Cut the Crap and Do His Job
Just about every economist who supports bailing out the banks thinks that taking an equity stake through a direct infusion of capital is the way to go. While Secretary Paulson had pushed for his buying bad assets approach, he is now playing Hamlet and flirting with the idea of going the equity route.
This is not the time for high school drama. Doesn't Paulson remember his comments from the last two weeks when he told us that the economy would collapse if Congress didn't act immediately? Those statements were not true, and obviously Paulson didn't believe them, since it has now been a week since he got his bill and we still don't have even the outlines of his plans for buying bad assets.
We could harp on the bad faith shown by the administration in using unwarranted fear to force Congress into hurriedly passing the bailout bill. We could also harp on the horrible media coverage on this issue, with the media acting almost as an appendage to the Bush administration in its efforts to increase public support for the bill.
But the immediate issue is to get the Treasury to actually do something to help the economy. That means using its $700 billion in the most effective way possible by directly injecting capital into the banking system. What will it take to get Paulson to move?
24 Comments so far
Show Allmaybe if his home was emptied of contents and the contents and the home sold at auction he might be moving his ass alot quicker. hmmm
or maybe people should march on his home and take everything this ahole has and sell it and distribute the monies to foreclosed familes.
It seems paulson has really screwed the public with his obscene salary he made at Goldman Sachs and is screwing the public with this bs bailout plan. this bs plan is fundamentally undemocratic. cleaning out ahole paulson and many of the other ceo criminals and using the monies to help displaced families could be another plan if all this bailout bullshit doesnt work.
How about we exchange Paulson and Kash & Karry for someone who is not from Goldman Sachs?
By the way, does anyone know where the money AIG is paying out is going to?
I think they were selling 'insurance' on some of the worthless deals and bonds.
That's why their crash immediately followed the crash of some of the banks and brokerage houses. AIG was being asked to make the payments they promised when they sold the 'insurance', and that was coming due as these other firms were forced to settle their accounts.
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"To know, and not to do, is not to know"
www.samsonsworld.blogspot.com
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Bush played '' GOTCHA" again...
What say you America ?????
VOTE NADER/GONZALEZ 2008… You’ll be glad you did and so will I…
http://www.votenader.org/index.html
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AIG sold a kind of bond insurance on mortgage backed securities, called credit default swaps.
from the news a week or two ago:
"Credit default swaps written by AIG cover more than $440 billion in bonds. We learned this week that AIG has nowhere near enough money to cover all of those."
Supposedly there were over a trillion dollars in credit default swaps issued by these types of firms, my dad said "it was like selling life insurance to twenty year olds", and no regulation of this.
What will it take to get Paulson to move? How about jail...
http://www.globalresearch.ca/index.php?context=va&aid=10495
"may you live in interesting times"
He is doing his job. His job is to quickly transfer our national wealth to the wealthiest few and drive off with it. He is scooping the last few bills into the bag before jumping into the getaway car and speeding off to some posh hideaway. That's his job.
Joe
I sure wish I could disagree with you.
Where is the $700 billion bailout money coming from? No one has told us that.
Go look in the mirror. Or check your wallet to see if its a bit lighter today.
Or, if the system was accurate, check your credit report. No, you won't see it there. But you did incure a bit over $2000 in debt the second Bush signed that bill. As did your spouse, your children or anyone else you know.
The government will borrow the money (they hope). We the citizens are responsible for paying it back, even though its all going to go to the Wall Street crooks.
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"To know, and not to do, is not to know"
www.samsonsworld.blogspot.com
Have kids? Have grandkids? Look into their future. Be mad. Be very mad. These selfish ____ are stealing from our beloved babies.
Joe
hey Joe...
I have 9 grands and 9 greats.
All the more reason for me to believe in what Ralph Nader wants to fulfill for the future of our country.
VOTE NADER 2008… You’ll be glad you did and so will I…
http://www.votenader.org/index.html
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Yep. China and India. I believe was stated.
"But the immediate issue is to get the Treasury to actually do something to help the economy."
tool.
I just don't get something. The economy is in big trouble. I think everyone can agree on this. So give this guy Paulson from Goldman Sachs the job "fixing" the mess?
There is nothing Bush and his haw haw good ol billionaires club can't f**k up at this point. And he doesn't even give a darn. He appoints his dumbass cronies. He's been given just about every disaster this side of I don't know what and has screwed up everything.
"On the raft, the situation deteriorated rapidly. Fighting arose between the officers and passengers against the sailors and soldiers. On the first night 20 men were killed or committed suicide. Stormy weather threatened, and only the center of the raft was secure. Dozens died either in fighting to get to the center, or because they were washed overboard in the large waves. Rations dwindled rapidly and by the fourth day there were only 67 left alive on the raft, and some resorted to cannibalism. On the eighth day, the fittest began throwing the weak and wounded overboard. By that time only fifteen men remained, all of whom survived until their rescue two weeks later"
http://en.wikipedia.org/wiki/Medusa_(ship)
Day Eight Mr Paulson
I remember I had a Pogues album with that painting on the cover.
What have economists ever done for us?
Two other points of view ...
http://www.worldreports.org/news/177_german_finance_minister_ambushed_over_settlements
http://larouchepac.com/
I attempt to be realistic, yet it is difficult in this election, since we really only have two campaigns that are electable, so as usual it gets down to the "lesser of two evils", BOTH having given Paulson too much power and slack. For those interested, a great article was recently posted entitled "The Federal Reserve Bank of the United States - Looking at the facts and fallacies about this huge American Corporation". To view this, go to:
http://www.rootsofdemocracy.com/fed_owners.html
Also, to check up on other pertinent articles with breaking news, we now have another website where you can find truth and justice, while restoring the Progressive American Way...
http://www.RootsofDemocracy.com
For information how we can SAVE our country $hundreds of billions, while instituting true health care reform, go to:
http://www.HealingNews.com
Although it is a compromise at best, we are still much better off with Obama than McCain at the helm. Though flip flopping on FISA, off shore drilling, and now favoring this compromised bail out that simply props up an out-of-control financial system that is destined to fail eventually, at least it's not four more years with McShame.
After the elections are over, it is time to really put in action a "3rd." party that has the capacity to really get elected officials. Both parties have numerous disenchanted members, and feel left out.
Let's get together and get the PROGRESSIVE PARTY going, so we can really make necessary changes in the way government is run. In the mean time, our best hope is to kick Republicans out of office, then we will only have to deal with "Republican Lite" Dems at the helm. Many on both sides of the isle might just be willing to join us Progressives, when the majority of Americans realize that changes Obama is offering are not much compared to what REALLY needs changed.
This could help us put in place a financial system to replace the Federal Reserve, that is fair, and NOT just based on running up a debt while most of society are just dug into a hole with no way out but failure, as the way it is presently run is a no-win situation. If we as a society were actually able to pay back the Fed, there would be no money in circulation as that whole system is built on debt.
http://www.RootsofDemocracy.com
http://www.HealingNews.com
Hey Roots - where have you been? There already ARE progressives on the ballot. You even have a choice! They are Nader and McKinney. Oh, you're waiting for a full fledged PARTY? What for? It is party politics that have given us this mess. You want a progressive? Vote for one.
They're not "electable", you say? Why, have they changed the Constitution? Aren't they both over 35 and native born? Aren't they both on the ballot in a majority of states? Can't you pull their levers? Who decides who's "electable"? I thought we did.
You know, it's funny, I thought it was us "3rd party" people who are accused of being "purists". Seems to me the ones who want an "official" Progressive Party before they vote progressive are the purists.
The old "let's get together after the elections are over" has a familiar ring to it. Where have I heard that one before? Sounds like the political version of Bush's "we'll get better cars when we get hydrogen for 'em".
While you guys are out there waiting for Godot, some of us will actually be VOTING progressive!
(PS - good thing you weren't around in the 1770s, Washington would have had no luck with you!)
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Nader says...
"Wake up Americans! Cut the crap and take over."
VOTE NADER/GONZALEZ 2008…
http://www.votenader.org/index.html
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Go, Nannie! You are one of my favorite posters! I'd love to meet you someday!