How do you know if Paulson, Bernanke, Bush & the rest of them are lying? Their lips are moving!
"Paulson won approval from Congress in early October to spend up to $700 billion to calm financial markets and revive lending, but has ruffled feathers by changing the focus to bolstering bank capital from buying mortgages."
I've seen bait-and-switch scams from discount department stores pulled off with better finesse than this! This whole thing was a scam to help those Wall-streeters with whom a big part of the blame for this mess lies! It was never meant for us on Main Street, we don't mean a thing! I can only hope that those of us that went along with this scam are finally starting to open our eyes to what's really going on. Many told me, "Well, we have to do something! What they are doing is better than not doing anything." No, we don't and no, it isn't! Sometimes, it's better not to interfere, just allow things to work themselves out. This is especially true when it comes to hastily doing things that have such far-reaching consequences! Haste makes waste!
"Government purchases of capital in healthy banks are likely to restore lending, he said."
This is nothing short of nationalizing the banking system of the United States. An October 8, 2008 article in the New York Times, U.S. May Take Ownership Stake in Banks, makes this abundantly clear, "...the Treasury Department is considering taking ownership stakes in many United States banks..." This nationalization of banks is not limited to just the United States, either, "...the Bank of England announced its plan to nationalize part of the British banking system..." What in the world is going on? Are we going to just sit on our complacent asses and let this happen?
"...the financial crisis has mutated into a global downturn that economists warn will be painful and protracted, and for which there is no quick cure." No truer words have been spoken about this crisis we now find ourselves in.
"One concern about the Treasury’s bailout plan is that it calls for limits on executive pay when capital is directly injected into a bank." Personally, I believe we should limit executive pay to match current government spreads for any company that does business with the government. The current government salary spread is about 25-to-1, with the president making $400,000/year and the lowest paid government employee making about $16,000/year. Some of these corporations have spreads of 4000-to-1, and more. That's insane, especially if the taxpayer is footing the bill. For the absolute private sector, a company that does not do business with the government, I would not impose salary caps.
The Fed already has control of Fannie Mae, Freddie Mac, and American International Group (AIG). Now, it has its sights set on the banks and automakers. What more needs to be said?
Welcome to the United Socialist States of America (USSA)!
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