Paulson: "We just wanted to own everything in the first place"
"Paulson said the government's $700 billion financial rescue package will not purchase troubled assets from banks as originally planned. He said that plan would have taken too much time, and that the Treasury instead will rely on buying stakes in banks and encouraging them to resume more normal lending."
This is pure awesome. I am still laughing. Paulson just told us that the entire story we've been spoonfed for the past month was complete B.S. Honestly this country has been raped, and now he's admiting to the crime because he owns the cops (or rather, their mortgages, insurance, and bank accounts).
On top of that, we can expect credit card companies to get the next bailout. He isn't done. Read:
"Paulson also announced a new goal for the program to support financial markets which supply consumer credit in such areas as credit card debt, auto loans and student loans. He said "with a stronger capital base, our banks will be more confident" to support economic activity."
How do they get a stronger capital base? Well with the free government money of course! Please tell me someone else is as sick of this as I am?
I'm done. Its time to move out of this country. Iceland sounds good, my worthless american dollars will buy a lot over there, perhaps enough to ensure I can live comfortably for the next few decades.
Okay, maybe a bit rash, but at some point this has to stop.