Taxpayers will never see the $700 billion again.
The left (and this includes Bush and Paulson) have been using greed to sell the plan, telling concerned voters that “the government could actually MAKE money on this plan.”
This is a lie, because the Government will not collect the debt on these homes, under the Democrats, the Government will forgive the loans, and the ‘rich’ (i.e., taxpayers) will have bought nice middle-class homes for the poor.
LOL!
This is beyond mortgages
You are underwriting “derivatives” and no one even knows who owns them or how much is owed ... worldwide
some figures suggested have been in the hundreds of TRILLIONS of dollars of worldwide debt
Paulsen reportedly (interviews last night on Cavuto) pulled the figure of $700 BILLION out of his rear end. All he knew was he needed “a lot” of money
Our government (formerly of the people, by the people, and for the people) is tonight committing the full faith of our country (against the expressed will of the people) to throw $700 BILLION into a financial black hole that no one really understands or knows how to stop
That is why Bush has tears in his eyes
God Help America. I think Uncle Screwtape is chuckling at Uncle Sam somewhere