Tuesday, November 18, 2008

Paulson acts unilaterally, against Congress' intent

Who made Hank Paulson God?

Paulson repeatedly stated the actions that HE believed appropriate for the $700 billion bailout, even though Barney Frank pointed out numerous and specific instances in the bill's language where Treasury had been INSTRUCTED BY CONGRESS to spend, as in the case of mortgage relief.

Paulson basically said that he thought that was not appropriate use of the money.

CONGRESS decides what the money is to be used for, NOT PAULSON!

Paulson has hijacked the money for his Wall Street friends and he has even limited the amount that he will distribute. (Just giving relief to the likes of Goldman, Citi, JP Morgan, Morgan Stanley and a handful of others, but far below the $700 billion authorized.)

Who made Paulson God?

He should be held in contempt of Congress!!


googleheim said...

The US needs to keep changing plans and making old plans back up plans to new plans - keep everyone guessing and even get new treasury secretaries to evolve this in such a manner that is pro USA such as your suggestion for overleveraging the U$D temporarily at the expense of exports and leave all the arrogant BRIC countries in the dust.

A strong dollar will be good for Israel for their US loans, good for North Sea oil producers who prefer a strong U$D, and even africans who rely upon free US Aid which has been watered down by a weak dollar.

However, how do we do this in such a manner so as to shake off the Russia Chinese guerillas who have large dollar reserves ?

You have to keep the plan changing to keep them guessing.

mike norman said...

Yes, the only benefit out of all this has been a stronger dollar and they will destroy that, too!

cuOnTheOtherSide said...

Recently the dollar is strong. Over the previous years the dollar has been week.

The destruction of the dollar is already in affect.

mike norman said...

The dollar is at levels not seen in 30 years or more against some currencies. What took six years to achieve against the dollar for some currencies, was erased in a few months. And if the Fed did not conduct these Forex swaps the dollar would have experienced a superspike.

cuOnTheOtherSide said...

I see your point. The $ index is not far from a high set in 2005. Looking at what it has already done it's not far from a 10 year flat line.

11/01/98 96.20
01/01/02 120.22
08/01/03 97.99
11/01/05 91.57
03/01/08 71.76
11/01/08 87.18