Friday, September 19, 2008


"The federal government, in what will be its most far-reaching attempt yet to contain the financial crisis, is poised to establish a program to let banks get rid of mortgage-related assets that have been hard to value and harder to trade.

Treasury Secretary Henry Paulson announced the framework of the plan on Friday morning. "The federal government must implement a program to remove these illiquid assets that are weighing down our financial institutions and threatening our economy," said Paulson."

Wall Street: "Man, I have this horrible problem with cocaine ."

Uncle Sam: "Well, just have more cocaine! Problem solved!"


Pete said...

Wednesday's guest on Fresh Air was particularly informative about what he calls the shadow financial system.

He explains that the government's actions in the past months, and especially the past week, have socialized the financial system in a very perverse way. The taxpayer is expected to pay for the losses that these corporations incur. But when these crooks were making money, you didn't see them paying for public works, schools or health care.

So, yes, our system is more broken than the late Soviet Union. But I'm afraid we have a higher population of grafters, toadies and crypto-fascists.

Don Jason said...

ATRIOS makes it simple:

Great Moments In Legislative Proposals

This is my favorite bit. Well, aside from the whole SEVEN HUNDRED BILLION DOLLARS part.

Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

I Suppose I Appreciate The Honesty

They could've released a complicated plan which appeared to have controls and oversight but which would be hard to decipher from the language. Instead they made it plain for all to see that what they want is to be able to take money from you and give it to Wall Street firms.

Deep Thought

Any member of Congress who looks at the plan to give Hank unchecked power to transfer $700 billion from the Treasury to his friends' companies and has any reaction other than "You've got to be fucking kidding me" does not deserve to hold office.

Deep Thought

I usually like my kleptocracy with a little bit more subtlety.

Bob said...

you guys, it is at time like this that the rich get richer. that is why this has happened before and why it will happen again.