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Gingerbreadman55 (26.74)

Paulson: "We just wanted to own everything in the first place"



November 12, 2008 – Comments (4)

"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.

*Deep Breath*

Okay, maybe a bit rash, but at some point this has to stop.



4 Comments – Post Your Own

#1) On November 12, 2008 at 11:29 AM, hmkassis (< 20) wrote:

Wall Street, Detroit and now Connecticut? Where does it end?

 Found this interesting article on College Finance 101 about Bush giving an... "Ultimatum" to Obama.

Will Colombia save GM? Perhaps a bail out for Detroid won't happen unless we easy trade restrictions on Colombia.

You raise many good points, Gingerbreadman

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#2) On November 12, 2008 at 12:44 PM, Gingerbreadman55 (26.74) wrote:


I've always believed Obama will make sure the auto bailout happens. So yes, it would seem that Colombia will get a great deal because of it.

Wasn't Bush lumping Colombia in with his axis of evil a few years ago? I could be wrong here, though. Time to go back through the old speeches... 

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#3) On November 12, 2008 at 12:54 PM, MarketBottom (28.61) wrote:

Bailout gains teeth as banks must now clean up their own mess.

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#4) On November 12, 2008 at 12:58 PM, abitare (30.11) wrote:

James Kunstler says it best:

So, a large and looming question is: who will be appointed the next attorney general of the US (to replace the human sash-weight currently occupying the office), and how soon will the federal marshals be scouring the wainscoted hallways of Goldman Sachs, JP Morgan Chase, not to mention a thousand Greenwich, Connecticut, hedge fund boiler rooms, with man-sized nets?

A story-line is already emerging to the effect that these birds really didn't quite know what they were doing in grinding out that multi-trillion dollar basket of alphabet securities sausage (a theme on Sunday's "60-Minutes" broadcast). Nobody will buy that line of bullshit, though -- and certainly not in the courtroom where, for instance, Mr. Hank Paulson will have to answer why his own firm of Goldman Sachs set up a special unit to short its own issues. It will be edifying to see how they answer.

In the meantime, however, millions of Joe-the-Plumber types will have gotten their pink slips, slipped helplessly into foreclosure, watched the repo men hot-wire their Ford pickups, and eaten down the kitchen cupboard to a single box of Kellogg's All-Bran (which had been sitting there for eleven years infested with weevils). They will be watching the official proceedings in the federal courtrooms with jaundiced eyes as they hunch in their tent cities, in the rain, sipping amateur-brand raisin wine bartered for a few snared rock doves. How long before the hardier ones among them venture out to Easthampton with long knives and matches?


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