Sandwich Day Posts: No Leftovers Her

Happy Sandwich Day -- aka the Day After Thanksgiving. As you prepare your leftover turkey sandwiches, our HuffPost bloggers have fresh food for thought: their takes on what we have to be grateful for, and where we can do better. In the meantime, we can't let the moment pass without mentioning the week's biggest turkey: Hank Paulson who, in yet another abrupt about-face, suddenly can't give away taxpayers' money fast enough. Now he wants another $800 billion on top of the original $700 billion. All doled out with an utter lack of clarity, transparency, and the promised oversight. It's a bailout feast for Wall Street; a trip to the food bank for Main Street. Gobble, gobble, Hank.

Read more Thanksgiving posts from HuffPost bloggers

Comments

[Yurasis Dragon]

"Just Say NO" to Hank's money grab.

Hey Hank- tell us how you spent the first $700 billion and WHAT GOOD that did. Then WE'LL tell YOU if you deserve it, and can spend it wisely.

I'm going short on this one, Hank. You blew it big time!

[andyfitts]

Where is this all going? After the money is all doled out, the debt will be unmanageable. What then? Is that when inflation will be the only way out, or is that when the currency collapses, and is replaced by another currency regime?

Isn't a large part of the crisis we are having, a result of our fractional reserve money system reaching its apex of uncontrollable unaccountability? Do we really think we're gonna stuff all this back in the same box we had before?

[themodernleader]

Ms. Huffington: How can the media, the President Elect, and the American people allow the further degradation of our currency by these public officials of no compunction or interest in the future of our bereft country? Your comments are more than appropriate, they are righteous.

[bngood40]

Henry Paulson came directly from Wall Street to the Bush Administration and he brought with him the greed and ego that helped him become the CEO of Goldman Sachs. If you think that Paulson is performing the greatest Heist in history you would be right. The Republicans are trying to destroy the United States economically before they are thrown out of office. If you think that President Obama is going to get any support from the Republicans in congress you are deluding yourself. Everything will reflect on the Democrats and Obama if the economy doesn't recover soon. Whenever congress and the president say in the future that we can't afford new roads, new schools, or health care for everyone, or payments for Social Security we can all say that they are lying and they wont have a job when the next election comes around.All politicians are liars and their only objective for being elected is so they can receive a great salary and not have to do much since there is no oversight unless it becomes so blatant that they are sleeping on the job.

[Bitsko]

"The Republicans are trying to destroy the United States economically before they are thrown out of office." It's just the opposite. They're trying to do the best they can, which for them means feeding the greedy machine they're all a part of and is all they know.

[tonysmith]

Edit: Rubin was Geithner's mentor....

[AbrahamSadegh]

Thank you Arianna for never losing sight of what our concerns should be. But this is mind boggling.

The initial $700,000,000,000.00 dollars Secretary Paulson asked for in an infamous three page letter demanding that it would be provided immediately with no strings attached as to how that incredible amount of money would be spent in retrospect sounded like a blackmail. Either it would be provided or everybody else would be guilty of the impending economic disaster the nation will encounter.

Now he wants another $800,000,000,000.00 dollars? This gives the concept of an ATM machine a totally different dimension. It is as if he would have a magical ATM machine connected directly to the proverbial pockets of the 95% of the nation with only 5% of the its wealth covering not only all of the present generations but those yet unborn who will also have to pay for this monstrosity one way or other.

Someone should also seriously something about this ungodly 95% - 5% ratio.

[jlover]

HAMMERIN' hank paulson....just hit it out the park AGAIN !!!

[eddieknoll]

Oh My God!!!

I Agree with Arianna...

Press Release: The World Ends Tonight at midnight.



And Happy Holidays!!!

[entropy2]

MY THANKS ARE BOUNDLESS!!!!! Not one Sarah Palin story on the main page.

Halleluiah!!

[PhilipTaylor]

Not ONE DIME to PAULSON or the BANKSTERS!

INSTEAD USE TECHNOLOGY TO AUTOMATE 80% of what BANKSTERS DO SO THIS NEVER HAPPENS AGAIN! Fannie/Freddie can provide Internet LOANS Direct at Low Fixed Rates and zero fees to Homeowners/Small Businesses.

BANKSTERS started this Crisis using LOW INTEREST RATES as one tool but there were More Steps:

1. BANKSTERS, through their Subsidiaries, offered consumers "TRICK" adjustable mortgages with second mortgages at VERY HIGH FEES which combined exceeded the Property's Value.

2. BANKSTERS combining together Slices of these "Trick" High Risk Mortgages together added Monstrous FEES (50% and more), and bribed the Ratings Agencies to give them a PERFECT "AAA" rating, like a T-Bill, to ease marketing.

3. The BANKSTERS then sold their "Fake AAA Paper" to little old ladies and people and institutions all over the world at PREMIUM PRICES (including all the FEES+Sales FEES)

When Housing BUBBLE BROKE, BANKSTERS "Fake AAA Paper" products were valued at 10% to 30% of their FEE INFLATED Sales Price. BANKSTERS did not care since they had already PAID THEMSELVES $50 to $250 Million Incomes/year for MANY YEARS.

BANKSTERS were CAUGHT in their own TRAP because they had too much of the "FAKE PAPER" on hand when the Bubble Broke. BANKSTERS ASKED PAULSON TO SAVE THEM from taking LARGE Write-OFFS!

When Caught the BANKSTERS tried to Blame Fannie/Freddie!

BOTTOM LINE RECOMMENDATION:

***PREVENT BANKSTERS TAKING THESE IMMENSE INCOMES/FEES - Regulate New Products***
Restricting INCOMES/FEES removes INCENTIVE for Corruption!

[Peter007]

Very entertaining piece. Very dramatic. But if I'm not mistaken, I think it was those high tech computer programs that drove the investments into the derivative's , CDO's and CDS's..The investments were made by computers and not people. The programs couldn't be wrong... Anyway, If all those little old ladies lost their trillions of dollars we shouldn't weep. They have nice Social Security payments available to help feed themselves. Oh, and about giving the money to Paulson. Thats a done deal. It was voted on and passed a few weeks ago.

[PhilipTaylor]

Only the First $350 Billion!

Congress must approve the second $350 Billion!

[rckayla]

Peter007,
Although I'm not one of those "little old ladies" you speak of who live on Social Security I have a great idea for you -- how about you try living on those "nice Social Security payments available to help feed themselves" and see how far those payments will get you! I know lots of "little old ladies" who get Social Security and cannot afford to pay for the medicines they need to survive so they forego them by buying food to survive instead.

[The 13 Colonies]

ENOUGH is ENOUGH,no more BAILOUTS to the FATCATS...................................................................................................................................................................

[polaris12]

Once they opened the door with the first 700 billion, where do you stop? Every banker and business man now has his hand out to get his share of the taxpayers' money. They have no shame when it comes to ripping off the public; that's why we are in this mess in the first place. When Paulson first said the sky was falling, the politicians all rushed to open the public coffers, even though it is now clear that he had no clue what he was doing and no idea if it would actually work. And, there is every possibility that the whole house of cards will still come tumbling down.

[Peter007]

There is a misconception that the government is giving away money to big companies. Thats not really accurate. I don't believe that any money has been granted to any company as of this date. The money is going out in the form of investments and loans. Understand, one of the purposes of the Federal Reserve is to lend out money. Its always been done. Right now the Fed is forcing banks that don't want any money to take loans made by the Fed., usually at 5%. Besides , the loans, the Fed and the treasury are telling all Americans that we must invest in certain companies that are important to our economy. Americans won't do it on our own because we don't like the risk. Well, now we have the risk. We will be compensated for the risk if our economy survives. If the economy doesn't survive,,,,well we all just doubled down on a long term bet.

[polaris12]

Of course, the question is, where is the Fed getting all this money they are loaning out - they are printing it, which could lead to a serious inflationary spiral. But, also if there is no accounting and accountability and the government is paying more for the assets, than their current degraded market value; it's equivalent to a give away. We may get some of our tax money back, but I wouldn't bet on it.

[Danny]

Thank you, Arianna, for reminding us of what's important.

[PhilipTaylor]

The Republican Government under Bush-Paulson has, according to Bloomberg, "Pledged $7.7 Trillion to Ease Frozen Credit" and wants to add $800 Billion MORE!

Republican CRISIS EFFORTS = $8.5 Trillion all to BANKSTERS!

So that means Obama can use up to $8.5 Trillion without "ONE WORD OF CRITICISM" FROM THE REPUBLICANS!

The Trigger is $8.5 Trillion!

As long as Obama stays under the Trigger Republicans should be VERY QUIET! Shhhh! Shhhh!

[Peter007]

I may be in agreement with you Mr. Taylor on this one. You don't want the Federal Reserve to give or lend the Banks any more money. Can you find any place in the US constitution where it allows a semi-private institution like the Fed to print money of create money. Take a look . Its not in the constitution. Nor any authority for congress to create such an entity. The duty of the Congress is to coin money and regulate it. They out sourced that responsibility to a private entity. ( The FED). Article 1 Section 8. ...Look it up.

[PhilipTaylor]

Yes, Computers were used but it was the BANKSTERS who devised the scheme to steal and the computers were simply tools.

However, the Banksters use computers to drive companies into or near Bankruptcy using a variety of legal and ILLEGAL tools (like Naked Shorts and CSR's) programmed into the trading system. This is why on a steady line of companies are driven into the need for BAILOUTS. I think it is a DEVIOUS PLAN by the BANKSTERS to TAKE EVERY LAST American Dollar and Foreign Funds prior to Bush leaving Office!

[Knappsteroni]

We need to stop the revolving door-Hank Paulson, CEO of Goldman Sachs who worked there for his entire career.

http://postpartisannews.com/

[brandon102]

I so agree with you. You can just see the typical "way better (and wealthier) than you little people" in Paulson. Imagine turning to Goldman Sachs for our savior to this mess? What are they thinking? Anyone with the hubris to take 3 pages to Congress & expect to leave with an entirely unaccountable $700 billion, with no strings attached, had to either come from the Financial, Sports or Entertainment industries, 'cause it's only there you'll find a complete disconnection from reality combined with boundless ego.

He's gotta go.

[sheisme]

300 million folks in the US ... How about giving each of us a cool million dollars Hank? Would hardly put a dent in the Billions being given away to those needy, greedy Wall streeters. Wish someone with more legal savvy than me would file a class action suit for a piece of the pie ... Bet we could get MILLIONS of participants.

[sheisme]

Meant to say a thousand dollars each ... sorry.

[KarateKid]

Unfortunately, what good would a thousand dollars do for most of us?

[Peter007]

There is a difference between money and wealth. Remember that in the next 4 years. A Million dollars may not be the same as being wealthy.