Friday, February 29, 2008

Bailing Out Whom?

Quoted from


Paulson blasts homeowner bailout, overlooks Wall Street bailout - AMERICAblog: A great nation deserves the truth

Of course more bailouts of homeowners will reward speculators and I don't like it, but c'mon, what does he think Wall Street has been doing? Just as there is no reason to bail out John Q. Public who speculated on a $500,000+ house, Wall Street speculated with billions, more likely trillions so to listen to this pompous ass howl about bailouts for individuals is laughable. When the Federal Reserve started auctioning off tens of billions to Wall Street banks and discount rates (that have not been transferred to customers) I somehow did not hear Paulson making a fuss. Fed policy today is all about bailing out Wall Street and as discussed, Wall Street is sending hordes of lobbyists to DC to get even more bailout money.

The trashing of the US economy by GOP policy makes my blood boil and listening to Paulson slam other bailouts is just too much. This situation is so far beyond what a taxpayer bailout can even afford but let's not kid ourselves into thinking we haven't already been bailing out Wall Street because we have and Bernanke will continue to do so. Let's not kid ourselves into thinking there is only one bailout plan or for one particular group.


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