“Now I want to talk about the bailout bill that we expect to have on the Senate floor soon. The Paulson proposal is an attempt to do what we so often do in Washington – throw money at a problem. We cannot make bad mortgages go away. We cannot make the losses that our financial institutions are facing go away. Someone must take those losses. We can either let the people who made bad decisions bear the consequences of their actions, or we can spread that pain to others. And that is exactly what Secretary Paulson proposes to do – take Wall Street’s pain and spread it to the taxpayers.”
I thought you were being sarcastic. In now way do I take this speech to be a cave. Just the opposite. He is just talking about the possibility of this bill coming to a vote. Not wanting it to.
Called his office and asked they tell him thank you for standing up for us! Think everybody needs to do this.
Spreading the pain for bad decisions. We also need to be spreading the wealth more widely rather than concentrating it through oh, so clever, tricks that almost no one understands or can track.