Thursday, November 13, 2008

Behind TARP's Closed Doors, Hank Lets Hair Hang Down

Mid-September the Bush administration cried "wolf" as the big money boys quit lending to each other. They no longer trusted one another to make good on their debts. Congress rushed to approve a $700 billion bailout bill to buy up toxic assets. Update:

1. Credit hasn't unfrozen, despite use of $290 billion
2. Hank wants to invest in non-bank financial firms
3. Treasury won't buy any toxic assets, the plan 50 days ago

The American taxpayer is recapitalizing sinking financial firms. Now Paulson wants to put our money in firms that securitize auto loans, student loans and credit card debt. We are involuntary investors in America's New Sovereign Debt Fund.

Given that, who's looking out for our interest? No one. No oversight panel has been appointed and the Bush team missed the deadline for their first monitoring report. George W. Bush is a consistent performer on behalf of his business friends. The Corporafornication continues...