I think the current Administration and the preceding Republican Congress should be known as the most wasteful bunch that ever ran this country. Under their leadership we have squandered what will be $2 trillion or possibly even more on unneccesary war and failed economic policies. The whole time we have been lectured on how any kind of social program is irresponsible, and wasteful.
Now, the very people who made this mess are warning the bail-out may not work:
Treasury Secretary Henry Paulson acknowledged Sunday that his proposal to prop up the financial markets by purchasing devalued mortgage debt won't save every institution.
"I can't say that there won't be more financial institutions that have problems here," Paulson said on "Fox News Sunday." "The concern I have is for the American people and the economy. ... We're not doing this to protect our financial institutions in and of themselves."
"This is not a spending program," Paulson said. "It would be extraordinary circumstances, highly unlikely, that the cost would be anything like the amount we spend for the assets."
But Paulson had a sober message for fretful taxpayers: "There are no guarantees, and the taxpayer is at risk."
http://www.politico.com/...
I think I can make one guarantee, our children and grandchildren will be paying for this, and hard-working honest Americans will never see one penney of it. The only one who is ever at risk is those that have the least.
Paulson pretty well admitted as much:
Addressing concerns that Treasury would use this money to assist wealthy investors, particularly hedge funds, Paulson repeatedly said that that was not the intent of this plan. But he did acknowledge an obvious truth: "There is no doubt that this plan is something that is going to increase the debt."
http://www.politico.com/...
Well, I always did say that we could be investing our money in our own country, and not Iraq but this is not what I had in mind. Plus, we are still throwing money away there.
I have heard talk of keeping certain people like Paulson on in a Democratic Administration and all I can say is "Please, NO"!! Everything these people have touched has been a huge disaster, and their input is worthless. To me, all of this is just a final, trillion dollar giveaway from the most irresponsible Administration in American History.
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