Which Losers Should Pay For This Bailout?
Monday, September 22nd, 2008
Congressional Democrats will save the economy this Friday by letting Henry Paulson, the new president, do whatever he wants about anything, policy-wise. Mostly this will involve giving a trillion dollars to his friends on Wall Street in exchange for some junk mortgages which Paulson will re-sell, to no one, because they’re junk mortgages. On the bright side, the dollar will plummet under the weight of all this new debt, meaning inflation will soar, meaning one trillion dollars will be the new 27 cents. Cheap! So who should pay for this, the worst proposal of the Bush Administration since the Iraq war? Let’s see if we can tabulate a trillion dollars worth of sucky people’s money to take for the big Money Bonfire of 2008. MORE »
Congressional Democrats will save the economy this Friday by letting Henry Paulson, the new president, do whatever he wants about anything, policy-wise. Mostly this will involve giving a trillion dollars to his friends on Wall Street in exchange for some junk mortgages which Paulson will re-sell, to no one, because they’re junk mortgages. On the bright side, the dollar will plummet under the weight of all this new debt, meaning inflation will soar, meaning one trillion dollars will be the new 27 cents. Cheap! So who should pay for this, the worst proposal of the Bush Administration since the Iraq war? Let’s see if we can tabulate a trillion dollars worth of sucky people’s money to take for the big Money Bonfire of 2008. MORE »
Oh hey look it’s our president, Henry Paulson, finally telling America what he’s going to do to make sure everyone isn’t so poor anymore. We are a little late to the game here since he started talking a few minutes ago but meh, what the hell, let’s give this a look. 
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 
Hank Paulson was brought in as Treasury Secretary to signal Bush’s willingness, in the tail end of his second term, to work with leaders from both sides of the aisle, and also because Bush does not actually give a shit about the Trearusry Department. Paulson, a shining star in the private sector, has received positive reviews from Washington pols, though he’s also accomplished jack shit. 