Paulson Debating Whether To Ask For Second Installment Of Bailout

Wall Street Journal:

U.S. Treasury Secretary Henry Paulson is debating whether to ask Congress for the second installment of the $700 billion bailout package, concerned about competing demands for the funds and a potentially hostile reaction from lawmakers.

Mr. Paulson's dilemma was thrown into relief Tuesday by a report from the Government Accountability Office, the investigative arm of Congress, which criticized the Treasury Department's handling of the Troubled Asset Relief Program, or TARP.

Read the whole story: Wall Street Journal

Comments

[zippy2112]

But how often is the natural propensity to society disturbed or destroyed by the operations of government! When the latter, instead of being ingrafted on the principles of the former, assumes to exist for itself, and acts by partialities of favour and oppression, it becomes the cause of the mischiefs it ought to prevent.

Thomas Paine

[PhilipTaylor]

It is time for all Americans to have the benefit of the FED Interest Rate that the Paulson Banksters.
The Banksters get money at 1% right now and then lend it to Americans at 6% to 30% for credit cards.

Just think about that the Banksters pay 1% and we pay 18% to 30% on credit cards and all they do is a little bit of paperwork that could be automated completely. That means they make 18 times to 30 times what they paid for almost no effort. This is why they think all the other scams they invented are OK including the TICK adjustable Mortgages, the illegal Naked Shorts, the illegal 30 to 1 to 100 to 1 Leveraging, the TOXIC Derivatives, and the Default Swaps among other swaps.

Eliminate most of the Banksters:
1. Nearly all Banking functions are definable by a series of mathematical equations linked to databases and linked to customers.
2. Most Bank Functions can be automated via ATMs and the Internet including loans, cash, and deposits and even planning.
3. What would be lost? Middle men who charge exorbitant FEES and pay top 1,000 Executives $10's Million to $100's Million! A Massive layer of Corruption! An undeserving Industry!

[Kassandra]

Ahhhh...go ahead and give it to him, maybe he'll be happy then! After all, he's done SUCH A GOOD JOB with the first half of that $$$. NOT!

Besides, I thought Bernanke was busy printing out as much as the Bushies could possibly want for their "retirement years"????

[darthdarcy]

It might be time for we as a nation to make Paulson, "an offer he can't refuse",.....know what I mean, know what I mean...?

[jlover]

$350 billion ............HAMMERING hank paulson talks about that amount like its nothing...........paulson spent $350 billion already....WITH NOTHING TO SHOW FOR IT,EXCEPT MORE TURMOIL.......don't give in reid\pelosi.......some banks may need a bridge loan, but don't give them too much,AND MAKE THE BANKS PAY IT BACK WITH INTEREST AND RAISE COPORATE TAXES TO 39%..........REID AND PELOSI SHOULD SAY............the obama administration needs theis money(350 billion) more than hank paulson does...........

[MrBarkyVonSchnauzer]

No dammit! WTF happened to the FIRST 700B?
Until 'they' account for that, no more money. Turn off the faucet!
What a comedy of errors. Sheesh!

[smoore2614]

That is it! He is done. Freeze the money. The American people are so tired of incompetent and deceitful people. We are done! Where is the accountablity, where is the unfreezing of the credit markets. My head hurts! This is getting to the point of being laughable. I swear Bush is going to try to destroy this country before he leaves office. This is what is going to make a great conspiracy theory for someone.

[Kassandra]

Try? He's already done it. And it ain't a conspiracy "theory" if it is an established FACT!

[brighterside]

I hate Republicans. They have ruined our country beyond belief. Why can't we just impeach these criminals in the WH so that they will never get the chance to destroy our country even further? Paulson needs to be thrown into jail for wasting our money on the rich.

[Dre3030]

Two words Hank... Hell No!

[BPCentrisAmerican]

Hank just say no, let the grown ups handle it.

[darthdarcy]

Well said..truly..!

[diwdeesmom]

His face looks like an a$$.

[KarateKid]

Keep debating, Paulson, then decide, on January 21. Go away, Mr. Incompetence.

[piul05]

One has to wonder how he has the gall to even consider this; I suppose it confirms the scientific belief that many s*ciopathic personalities develop very successful careers.

[peloquin]

NO MORE MONEY FOR JOO!

[Natalie4Obama]

There needs to be a freeze on bailouts until Obama get in power.

Republicans sing the praises of the free market and when it fails they won't let it correct itself.

We tried a bailout, it didn't work.

I feel horrible for the people who lost their homes and the bank employees laid off but seriously what kind of lesson does it teach them?

$700 Billion more could be used to start Universal Health Care. Subsidize College Educations. Build Schools. Hire Teachers.

ANYTHING other than giving it to people who got themselves in a bad situation due to their own greed.

Friday was a good picture of the nation of greed we have become, where material needs come above life. Therefore we have people in big houses and with new cars who stretched themselves way too thin and were taken advantage of by greedy banks.

Only when we go back to prioritizing family, health, the environment and love will society move in a better direction.