Warren Buffet has called the credit derivatives the “financial weapons of mass desctruction”. To combat this financial weapon of mass destruction, Bush administration is getting another Patriot Act with a price tag of $700B. Pentagon runs about $500B. Paulson is essentially asking to run the biggest show now. The best part of this proposal is that Paulson left out the oversight part. Even McCain is screaming about oversight now.
$700B of spending without oversight. Hm… does it sound like the No-fly list created by PATRIOT Act?
Patriot Act was the last option before the Al Qaeda Armageddon. Paulson now delivers the rescue of last resort (the latest?) before the financial weapon of mass destruction. A nice parallel.
Forbes gives a good article about all the major points of the Paulson proposal here.
http://www.forbes.com/home/2008/09/20/banking-bailout-paulson-biz-wall-cx_lm_0920questions2.html
The foreign participant part is just special interest (executive compensation too), no different from any other legislator who wants a dip. The interesting part is, so far, this plan seems to only focus on bailing the banks and leaves out the individual homeowners.
Working off these assets is a huge task. If this bail out effort has the budget constraint of 700B, then prioritizing the assets itself is highly political, especially during an election year.
The unfortunate part of this story is that he only gets to stage the show, not really running it since he will be leaving office by the time everything is running. Is this thing going to be cost effective? Is it going to be worth the money? Or is it another gig of pork barrel and plum jobs? Remember how the contractors got nice deals out of the war against terrorism? And somehow quite a good amount of them are friends of Cheney? Is this the Paulson version now?
Fear is the best friend of politicians.
September 22, 2008 - Posted by royho | banking, Barack Obama, business, Current Events, Democrats, economics, election, Election 2008, Investment, John McCain, mccain, obama, Palin, politics, Regulation, Republican, Sarah Palin, wordpress-political-blogs
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I am now, very, very afraid…and hoping Obama CAN rescue the people..
John McCain has a lot of experience in this are. Go and Google Charles Keating and the Keating Five. John, hwo was a good friend of Keating tried to cover up this scandel that cost thousand of people their retirement income and he was censured because of it. I hope more people know about this. McCain is a very dishonest person and god help us if he should steal the presidency.
Well, during the past eight years with the Bush administration we got a war we didn’t want that is costing us billions of unregulated dollars not to mention lives, and now, just before he leaves office he wants us to give billions of unregulated dollars to big business. We are in a trillion dollar deficit and America is being sold down the drain to foreign countries that we more than often oppose. Can we afford to trust someone that was a part of this whole fiasco of an administration, that voted 90% of the time to deregulate big business under the pretense of being “good” for the country and increased jobs? If deregulation was so good for the country why are we now on the brink of a depression? Conservatives speak about wanting less government, but now they want the government to bail out big business. Why should we bear the burden of this failure and bail out failures? Isn’t that the conservative montra, don’t expect the government to help you out. When we fail at paying our bills/mortgages, we lose our homes; when big business fail, they get a billion dollar bailout to pay their debts(corporate welfare) with our tax dollars and increased national debt. Tell me what’s wrong with this picture.
DEMOCRATS should read all the stories circulating today about how former Fed Chairman Alan Greenspan warned congress back in April that legislation was needed to prevent the melt down we’re now experiencing … but, the democrats blocked it. These are the same democrats who want us to elect them in November.
Make haste slowly.
Cf. L. festina lente, make haste slowly; after [Suetonius Augustus xxv. 4.] nihil autem minus perfecto duci quam festinationem temeritatemque convenire arbitratur. crebro itaque illa iactabat: σρɛῦδɛ βραδέως, he [Augustus] thought that haste and rashness were alike unsuited to a well-trained leader. So he often came out with sayings like ‘make haste slowly’ [etc.]; [c 1385 Chaucer Troilus & Criseyde i. 956] He hasteth wel that wisly kan [knows how to] abyde
Representatives of the USA,
That something needs to be done is clear. Why it is all of the sudden a crisis is not. The timing could not be better to force all of you into a hasty decision. This allows a great deal of “influence” to sway you as you do not have a lot of time to see all the information you have to trust sources.
What do I hear most….HURRY UP AND DO SOMETHING OR DEATH WILL RAIN DOWN ON US ALL. Impending DOOM.
I’m sure.
Isn’t this how we went to war with Iraq?
This is world economics forces at play of which you are a pawn and I am not even in the game.
In a country well governed, poverty is something to be ashamed of. In a country badly governed, wealth is something to be ashamed of.
Confucius
Chinese, Philosopher Quotes