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Thursday, November 13, 2008

Bait and Switch Bailout?

Treasury Secretary Henry Paulson's announced changes to the $700 billion financial bailout plan -- to focus on shoring up financial institutions that offer consumer credit- credit cards, car loans, student loans, etc. rather than purchasing troubled mortgage assets.

REALLY?

http://www.usnews.com/usnews/politics/bulletin/bulletin_081113.htm



“The actions taken by the Treasury, Federal Reserve and the FDIC in October have clearly helped stabilized our financial system.” – Treasury Secretary Henry Paulson.

REALLY?

“Before we acted we were at a tipping point. Credit markets were largely frozen, denying financial institutions, businesses and consumers access to vital funding and to credit. ” – Treasury Secretary Henry Paulson.

REALLY?

“We got broad authority. ” – Treasury Secretary Henry Paulson.

REALLY?

“It was necessary for broad authority. ” – Treasury Secretary Henry Paulson.

REALLY?

“We welcome oversight. We’ve have an oversight board. ” – Treasury Secretary Henry Paulson.

REALLY?

“It’s important for me to live within the intent of the bill, rather than trying to find loopholes or what have you. ” – Treasury Secretary Henry Paulson.

REALLY?

“I’m doing what I can to live within the intent of the bill. ” – Treasury Secretary Henry Paulson.

REALLY?

Gee, when I speed on the highway, but not too much, I just try to keep up with traffic, am I trying to live within the intent of speed limit laws?

I’m not understanding how shoring up financial institutions that offer consumer credit- credit cards, car loans, student loans, etc. rather than purchasing troubled mortgage assets is going to help the homeowners in over their heads because of shady mortgage practices.

Why do financial institutions offering consumer credit cards need a bailout? Haven’t they already run amuck? Does our economy really need people gaining access to even more credit card debt?

Where is the homeowner bailout?

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