Dude, where’s my $700 billion?

Salon
by Mike Madden

12/17/08

Oh, for those flush days of October. This won’t be news to anyone with a 401K or without a winning lottery ticket, but even though Treasury Secretary Hank Paulson has burned through almost all of the first $350 billion Congress authorized, it didn’t quite turn things around. The infusion of money may have kept credit from tightening up further, but it certainly didn’t jump-start the economy — banks didn’t resume lending to businesses and consumers. Stock prices never really recovered from their early autumn plunges, and more than half a million jobs vanished just last month. With the benefit of hindsight, lawmakers now express regret about the way the bailout was handled — with few provisions for oversight of the banks or the Bush administration — and the public hates it more than ever. The feeling that money and political capital were squandered even helped endanger the far cheaper and more popular bailout of the auto industry. So what went wrong — and where did all that money go?

//www.salon.com/news/feature/2008/12/17/700_billion/



Paulson’s bailout was a scam

OpenMarket.org
by Hans Bader

12/16/08

National Review editor Rich Lowry, who mistakenly supported the financial system bailout because he trusted the Bush Administration, now realizes that he was deceived by Treasury Secretary Hank Paulson, and that the bailout was sold to the public under false pretenses. Having promised to use bailout money to buy up troubled assets, the Bush Administration instead used the money for completely different purposes, and now wants to use some of it to bail out an entirely different industry — the automakers...

//tinyurl.com/56ozrf



Disgusting political humbug

Independent Institute
by Robert Higgs

12/15/08

Turned away by the Senate, the Big Three auto makers have resorted to begging the Bush administration to rescue them from the plight in which they now find themselves as a result of decades of poor management. Wailing and gnashing of teeth are all the rage in Washington as these wannabe plunderers warn us of dire consequences unless the government acts as the middleman in their attempts to raid the taxpayers’ bank accounts. Well, ho-hum, auto makers are scarcely unique in their lack of scruple and their desire to loot the Treasury. What strikes me in the latest reports on this sordid business is not so much the auto executives’ undignified prostration and supplication before the Almighty Government, but the statements being spewed out by our ever-faithful public servants...

//www.independent.org/newsroom/article.asp?id=2391


Informant: Thomas L. Knapp



//freepage.twoday.net/search?q=$700
//freepage.twoday.net/search?q=Treasury
//freepage.twoday.net/search?q=Paulson
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//freepage.twoday.net/search?q=financial+system
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