Meet Henry Paulson’s Hilarious New Financial Overhaul Package!
Monday, March 31st, 2008
Today the Bush administration offered its brave response to the current financial crisis, as delivered by Treasury Secretary Henry Paulson. The administration has faced overwhelming pressure to give the government more oversight and regulation within the financial markets, since every major player (investment banks, hedge funds) keeps dying and then asks the government for money. And who better to ramp up regulation on investment banks than Henry Paulson, the former C.E.O. of Goldman Sachs! So what’s in his funny new oversight package, and how will it not do anything save the economy again? MORE »











The Federal Reserve cut the federal funds rate — its “big deal” interest rate — by another 3/4 of a percentage point this afternoon, bringing the number down to 2.25%. This is the second 3/4-point cut in recent months, meaning Ben Bernanke is probably on speed since that is a lot to cut.
This weekend, as our frozen credit markets and subprime space aliens took investment bank Bear Stearns — the fifth largest in the country — down, down, down into the ground, former Federal Reserve chairman Alan Greenspan wrote an
Federal Reserve chairman Ben Bernanke testified about our flourishing American economy to Congress again today, and the economy’s just not good at all!
The Federal Reserve cut the federal funds rate — “the” rate — by half of a percentage point today to 3%, a week after they freaked out and cut it by three-quarters of a point. Ben Bernanke and his minions indicated there may be more rate cuts on the way, too. Hooray! Eventually they can get that bitch down to 1%, then we can all buy mansions with $5 down payments and deal with the damn adjustable interest later. Because we’re all getting mansions! [
Thanks to Martin Luther King Jr.’s stand for economic justice and his resulting assassination which provided U.S. markets with a holiday from the global economic collapse, Wall Street didn’t get hit again until this morning. And by “Wall Street,” we mean your 401k, 403b, IRA, access to basic business or consumer credit, income, value of your house, and value of your young children’s labor (selling apples down on Main Street by the Starbucks soup kitchen). But don’t worry, because Ben Bernanke and his Federal Reserve superheroes just did an emergency interest rate cut. Head over to the PayDay Loan joint and pick up a case of Cristal!
Fred Thompson was asked today what he would do with the economy. Instead of making a real answer, he said something about Law & Order on TNT. When pressed for a real answer, he said economic stimulus plans sound “boring.” Oh shucksy humdinger, that ole Dipshit McGoo sure knows how to tickle the underbelly. He can get away with such things, however, given his reputation as the smartest, least lazy presidential candidate in American history.
Federal Reserve Chairman