Thursday, November 13, 2008

$700B - Bail-out or Blank Check

Stop the presses? The money-printing presses, I mean.

If you ever wondered how powerful Treasury Secretary Henry Paulson is, listen to the news, watch TV, read the news magazine, read the paper.

Congress gives him $700 Billion to bail-out the junk mortgage securities market; he decides to spend half of it bailing out banks. Naturally, he's not doing this alone, because he works for someone. Even if it's a lame-duck someone, Hank isn't self-employed.

And it's not "his" money.

Congress ought to be all over him. Is it?

Said Hank on Wednesday, "The facts changed, and the situation worsened." Well, duh... Or should we be asking, "Oh, really? What changed so drastically is four weeks?

According to the Associated Press, "Setting up a purchase program for the bad assets was taking too much time, officials said."

The last time a bank loaned me money, it expected me to use it as applied for. Had I run back in a month and told the bank that I wasn't going to buy a home, instead I was thinking of an RV ... well, can you hear the laughter? And the demand for its money back?

1 comment:

Richard W Gorski, M.D. said...

I am surprised you have not learned this till now (having reached old age); the government and many of its elite executives do as they please until someone calls them on it and then maybe, just maybe they are punished or in rare, very rare instances go to jail when the law is violated. This applies to both Republicans and Democrates alike and any other subspecies of politician that exists.