Posted on 09/23/2008 6:24:22 PM PDT by Notary Sojac
Now that's what I've been trying to say!
"Goldman Sachs may have been smarter than most of its peers, but under Paulsons leadership it played a primary role in the creation of the pyramid scheme of debt and opaque derivatives that has just come tumbling down, endangering not just the American taxpayer and investor, but also a global economy based both on trust and the free flow of capital. Paulson was in the thick of the massive over-leveraging of the investment banks, a major beneficiary of obscene levels of remuneration for those who gambled with other people's money."
Fox in the hen house.
The rest of article is even more damning. Heads should roll.
Wasn’t this the guy who told us (not so long ago) that all was well?
Incompetence, or dissembling? Either way, can’t we do better than this guy?
This fund is structured to greatly benefit Paulson and his buddies when he becomes a CEO of a major Wall Street firm on or about January 21st. By Bernanke's own admission, the plan is to pay much higher than market for the assets in question, allowing banks to book huge gains. Paulson will take over one of these banks, sell off assets to the fund, and get a huge, huge bonus a year later.
Government officials like Paulson claim that we should trust them to exercise their powers wisely. But government officials spawned the mortgage meltdown and financial crisis through their incompetence, such as mandating risky loans to promote affordable housing. And Paulson himself failed to see it coming even when the warning signs were obvious. Not long before taxpayers ended up bailing out mortgage giant Fannie Mae, Paulson claimed it was in good health, and for political reasons, he ignored warnings to the contrary from conservatives. His arguments for the bailout are internally inconsistent, and disregard the lessons of history. There is no reason why taxpayers should trust him with $700 billion and no strings attached, especially given his conflicts-of-interest in doling out the money.
For all you history buffs ...
Paulson appears to be
America’s Vidkun Quisling.
“Just when there are calls for tighter regulation of the financial sector, the Federal Reserve and Treasury conspire to trash their own rules to help two unworthy institutions.”
Where to start? The arrogance, the contempt, the corruption, the pure selfish sleaze....
Enjoy the ride folks because we’re going where they’re taking us and we might as well get SOMETHING out of it.
Let Goldman and Morgan Stanley fall...That’s Capitalism!!
We’d be better off bailing out Starbucks or McDonald’s...it’s something a lot of us actually and there are thousands and thousands of minimum wage employees that would stay in their jobs (without seven figure bonuses every year!). Let Goldman and Morgan die. It’s not our problem.
Start new lending regulations...don’t save those Manhattan jerks.
We’d be better off bailing out Starbucks or McDonald’s...it’s something a lot of us actually and there are thousands and thousands of minimum wage employees that would stay in their jobs (without seven figure bonuses every year!). Let Goldman and Morgan die. It’s not our problem.
Start new lending regulations...don’t save those Manhattan jerks.
Let the banksters go to hell.
Wasn’t it Paulson that McCain said a week or so ago should to be fired?
Banksters Uber Alles.
So who the hell are the “rich Asians”?
And who stands to gain the most should Goldman Sachs and Morgan Stanley fail?
The sad thing is, we will cut off our noses to spite our face. YES the bailout has BIG problems. So does the financial system. The ystem nearly collapsed last week.
If the bankster bailout passes, we’ll have to rename the country the USSA.
I'd feel safe if it was in the hands of someone who was seriously bucking the trends back in 2003-04.
Someone who was sounding the alarm bell loud and clear about lending standards that were too lax, reserve requirements that were too low, and AAA ratings pulled out of someone's AAAss.
I don't see anyone like that waiting in the wings, if you do please tell me about it.
If the bailout is in the hands of a party-hearty guy (which Bernanke and Paulson both were prior to their sudden recent conversions) it will be worse for the economy long term than if we do nothing.
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