A long time ago, in a galaxy far, far away, Henry Paulson came forward to Congress, demanding $700 Billion Dollars to purchase "toxic mortgage debt".
His first try in the House failed, so Paulson started trying to scare the American Public half to death, with visions of everybody being out of work at once and a large percentage of our homes being foreclosed on, due to the lack of money to lend. So it passed. [I'll let you people go for those stories, thank you].
But now, this week, Henry Paulson comes back, telling us, in effect, "about those toxic mortgages we were going to purchase. Funny story there. You see, we changed the rules on you and put money directly into the banks, so they could give dividends to their shareholders, bonuses to their top executives, and buy up other banks. And, by the way, if they have nothing else to do with their money, maybe there might be a mortgage loan somewhere". I'm paraphrasing, of course. But I believe everything I've said checks out.
Remember that this was originally a 3 page plan which literally forbid any oversight! (Fortunately, that was nipped in the bud).
So I go all the way back to the scare words from the second paragraph. If we aren't buying a single "toxic mortgage", can't we at least prevent "millions of layoffs", if our automotive manufacturers go bankrupt? Paulson says no!
What in the world are they up to? Looting the last dollar in our Treasury before Obama gets inaugurated?
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