timely quote

Patriotism means to stand by the country. It does not mean to stand by the president.

Theodore Roosevelt

Tuesday, November 18, 2008

Bailout gone bad

From AP/Yahoo:

After all of the furor about getting the bailout together to buy mortgages and help the poor lenders who can't make good money decisions, Paulson changed his mind.
Faced with exasperated lawmakers upset by shifts in bailout strategy, Treasury Secretary Henry Paulson launched a spirited defense Tuesday of his handling of the $700 billion program and expressed fresh reservations about tapping the pool for mortgage guarantees to relieve skyrocketing home foreclosures.

Members of the House Financial Services Committee grilled Paulson for not doing enough to help distressed homeowners and for failing to force banks that get some of the bailout money to specifically use it to bolster lending to customers, one of the prime reasons behind the rescue package.

"It is essential" that some of the bailout money be used to ease foreclosures, said the panel's chairman, Rep. Barney Frank, D-Mass., a key player in shaping the package that Congress passed and President George W. Bush signed into law Oct. 3.

The Democrats in congress are going crazy over this. Here's the best quote:
"It appears that you seem to be flying a $700 billion plane by the seat of your pants," said Rep. Gary Ackerman, D-N.Y.
We gave Paulson $700 BILLION, because he said we had to fix the mortgage problem. Now it's not enough to fix the mortgage issue, so he wants to give it to credit card companies and other lenders.

Oh, also, he doesn't think he can spend it all before January 20th, so after that, Obama will get to determine how the money is spent. That's quite an inauguration gift.

I think maybe he just wanted to take all the money and dive in it like Scrooge McDuck.

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