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We Changed Our Minds Again, Now We are Going to Give the Money Away
by James Glaser November 13, 2008 Secretary of the Treasury, Henry Paulson, said yesterday that he is no longer going to use the $700 billion bail out money to buy mortgage-related securities. Instead he is starting a "campaign to bolster the financial markets." No, I don't know what that really means, and guess what, neither does anyone in Washington. Remember when President Bush told the nation that he and Secretary Paulson needed 700 billion dollars right away, or the country would fall into ruin? Well, that was many weeks ago, and nothing happened. Oh yes, Congress gave them the money, and it looks like now there were no strings attached. Strings like stating what the money could be used for. Paulson, and I would guess, Bush have decided their first idea wasn't really what would save America, so instead of doing something about the freefall in the housing and mortgage industry, they have decided to give, and the word "give' is appropriate here, the bail-out money to just about anyone who loans money to the masses. We have to somehow make sure that every American can get farther and farther into debt. It seems like in America, no corporation is going to be allowed to go under. It is now Washington to the rescue, no matter how poorly you ran your company. Congress and the White House have the, "Heck, it's only American taxpayer money anyway" attitude. Post Script: National Public Radio reported yesterday that 86,000 American homes were taken back by banks and lending institutions through foreclosure last month. |
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