Wednesday, November 19, 2008

I shouldn't be shocked...

Barney Frank said today to Henry Paulson,

"banks aren't using all the money they've received from the federal government for lending, there's been no effort to reduce foreclosures"

to which Paulson replied to the panel ,

"The rescue package was not intended to be an economic stimulus or an economic recovery package."

What? Are you kidding me? I thought economic recovery was what it was all about. Here is Paulson's speech in October.... what do you think?

Senator Christopher Dodd's remarks about the "big three" automakers today:

"They are seeking treatment for wounds that I believe to a large extent were self-inflicted. No one can say that they didn't see this coming."

You dumbass. Didn't you see this coming? The Congressional approval of the bailout (one of the worst government decisions in American History--and God knows there have been many!) set this thing in motion. Paulson and Bernanke wanted the money to buy up bad mortgages and also to ensure banks had plenty of money to lend, Congress bought into it. But so far it's only gone to the banks to stay afloat AND to corporate giants like JP Morgan so they could buy other companies.

When you bailout one you have to bail out all of them. The remarks that Dodd aimed towards the big three automakers also apply to every single entity that has received bailout funds to date!

Senator Kay Bailey Hutchison said,

"We passed $25 billion in loans in the resolution that was passed in September...and I think if you put $25 billion more on top of the $25 billion they already have, it's going to set a terrible precedent. Why not the airline industry? Why not the other industries?"

Well no shit. The American people, your CONSTITUENTS-- have been asking that question since the proposal of a bailout became known months ago.

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