On The Bailout aka The Panic of 08, Part 19: Power, Accountability and “a nasty crossover dribble”

From a FoxBusiness Blog:

From the NYTimes today (in passing of course, heaven forbid we highlight and focus on how alarming the changed TARP Bailout has already become): “All told, the potential cost to the government of the latest bailout package comes to $2.25 trillion, triple the size of the original $700 billion rescue package, which centered on buying distressed assets from banks.”

Yup, within two weeks of one single person getting the limitless authority to centrally control all aspects of our financial system and monetary supply via the TARP Bailout bill, that one single person has already more than tripled how much of our hard-earned money he’s going to give his old partners from Wall Street. Oh, and the terms of this $2. 25 TRILLION INITIAL BAILOUT PACKAGE just got completely changed in the banker’s favor. They don’t even have to trade in the toxic stuff that they Paulson and Bernanke and everybody on TV told us that if we’d take off their hands that we’d make huge money. So, what…now we just give them the money at way below market rates (Buffett got twice as much in interest from both GE and Goldman) without even getting the junk that’s supposedly being way undervalued and that we taxpayers were therefore supposed to make a bunch of money on.

Hank Iverson, nay, Paulson sure has a nasty crossover dribble, don’t he?

The USGOV has screwed this up.


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