What Does Our Government Want to Buy Next, Gambling Debts? (UPDATE: A Glimpse of Our New SecTreas?)
I hope this story that just popped up in my RSS reader is a hallucination brought on by the cold medicine I just took. If it’s real, then I’m afraid that the Secretary of the Treasury has lost his ever-loving mind.
In the dark of night over the weekend when most people were snoozing, the Treasury dramatically expanded its bailout plan to include buying student loans, car loans, credit card debt and any other “troubled” assets held by banks.
The changes, which were included in draft language that also opened the bailout program to foreign banks with extensive loan operations in the United States, potentially added tens of billions of dollars to the cost of the program.
I’ve been on the fence about the bailout, but not any more. Congress is supposed to be up there figuring out how to shore up the market until it can stand cleanly on its own again not giving financial institutions a way to dump every shit debt they own on us taxpayers. Democrats, who would usually be against something like this, seem fine with it because it gives them yet another reason to believe that they can have that utopian fantasy movie that plays constantly in their heads. You know, the one where all their stupid social engineering ideas end in something other than rack and ruin.
I’m guessing that tomorrow, we’ll read that Secretary Paulson has contacted Vegas and offered to buy up the debts of all the bookies who have to pay out because the Pats couldn’t cover against the Dolphins at home. After all, doesn’t the Italian-American Legitimate Business Community deserve some bailing out, too?
UPDATE: Interesting. The economist interviewed in that Fox piece could well become our Secretary of the Treasury in a McCain administration.
Other Posts of Interest:
- Are There Any Good “Bailout” Ideas at this Point?
- The Roots of the Subprime Mortgage Mess Have Clinton All Over Them
- McCain and Obama Are Ignoring the Elephant in the Room
Category: The Economy and Your Money
J: "Democrats, who would usually be against something like this, seem fine with it"
Is this how you define "fine with it"?
http://www.nytimes.com/2008/09/24/business/econom…
@spoots –
Notice the point of he plan to which he's objecting. He's fine with the bailout, he is miffed that the Treasury Secretary gets control of things. He wants the money to go out, but under his conditions, with him in charge.
Yeah, he's fine with bailing out Wall Street.
I have also read a few articles that are saying Dodd opposes this, I don't know what the hell to believe anymore, but I will say this:
THIS IS BULLSHIT!!
I have had it with the fucking government. Damn it to hell, I'm so mad I can't see straight.
Can you say "how about nationalizing the lending institutions?" ?
Check out this site…I don't have the individual article link at the moment and am short time, but it's the article on Dodd.
http://wolfhowling.blogspot.com/
He's changed something and I find his site slow loading, but you can stop the load as soon as you see the main page and still access the entire article. If you stop the load, and want to comment, you have to open the comment window in a new page.