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.
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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!
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?
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.
I Agree with Arianna...
Press Release: The World Ends Tonight at midnight.
And Happy Holidays!!!
Halleluiah!!
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!
Congress must approve the second $350 Billion!
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.
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!
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!
We need Obama and his team in NOW to make the changes that need to be made. Bush has basically walked away from doing his job, which he wasn't very good at, btw, and our economy is in chaos. There's no one in charge and the treasury is being RAIDED as we speak.