Fabulous Job Mr. Paulson….
“And so I decided to act and act boldly. It turns out that there’s a lot of interlinks throughout the financial system. The system had grown to a point where a lot of people were dependent upon each other, and that the collapse of one part of the system wouldn’t just affect a part of the financial markets; it would affect the average citizen — and how. Well, it affect their capacity to borrow money to buy a house or to finance a college loan. It affect the ability of a small business to get credit. . . .
Um ok did anyone catch a key phrase above? How about the “It turns out….” UHHH, ya think? It turns out that you are an idiot. It turns out that you don’t think the American people are as smart as you. It turns out that (fill in the blank)
“I asked Hank Paulson — who, by the way, in my judgment, is doing a fabulous job; he’s got a lot of credibility and he’s working, and his team are working hard, as are the people at the Fed and the SEC — I said, what’s it going to take to make sure Main Street doesn’t get affected by the policies of Wall Street? And this is what they came up with, and this is big ticket, because it’s a big problem. .
Does anyone notice how during a major crisis the President is never the face put out by the administration? The guy has taken 2 questions people! 2 FUCKING QUESTIONS SINCE THIS PROBLEM HAS HAPPENED!!!!! HEELLLOOOOOOOOOOOOO 2 QUESTIONS!? We are about to give this guy 700,000,000,000 and he hasn’t had a press conference to answer questions….
What specific questions have not been answered? The need for the actions? The costs? The impact if we don’t act?
Let’s be honest, no matter what the President says you won’t like it.
Man, how did you ever lose to Bill Lee….
Mike – this guy is our MBA president! He promised to run this joint like a business! Fuck regulation! By the grace of God all mighty and and the pressures of the market place (to paraphrase Roger Waters) it was all doing to figure itself out! He never mentioned it was going to end Enron style though. Oops…
Do you now what questions I have? How he and his administration have been on the sidelines while this developed. How none of the post-Enron reforms eliminated the use of off balance sheet special purpose entities. How credit default swaps could remain unregulated when it was clear that (unlike the regulated insurance products they replaced) were not properly backed with assets. How these businesses remained completely unregulated under the guise that they would have no federal backing and could not be a harm to the economy. How is it costing $700bln plus to bail out these firms?
These are not hindsight is 20-20 kind of questions, there were a lot of people raising issue with this even before 9-11, even before Enron, even before the first ARM resets hit… do you know why?
Because house prices could not continue to outgrow incomes indefinitely. Because people did not have a permanent ATM in their home equity. Because it is not structurally possible for an economy to continue to import everything and run up debt forever and not produce things… and this was the Bush economic plan. You don’t think we should get a couple words out of the administration about this?
i just like that people act like the banks are the victims….
Another failure to protect and defend America.
Let’s be honest, no matter what the President says you won’t like it.
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Fuck off Mike. Really.
well said Nancy