What Is King Henry Paulson Going To Do?
November 23, 2008 2:36pm CST
By my count, Paulson is now on his third plan for how to spend the pile of cash Congress gave him. With such great choices no wonder Secretary Henry Paulson, aka King Henry do not know what to do with you money. First he was going to buy "toxic" mortgage-based assets from banks. A few days later, after talking to a bunch of Socialist Europeans, Paulson decided that some of the money should be used to buy stock in banks, both healthy and ailing. Let's put this plainly: The Treasury, on its own initiative, decided to partially nationalize the nine largest banks and many smaller ones. They would be given no choice in the matter on the logic that voluntary participation would stigmatize the participants. Direct big-business socialism had come to America. Now Paulson says he doesn't want to buy the toxic assets from the banks. Wait what about the dire warnings that unless TARP (the Troubled Asset Relief Program) was passed our very civilization was at risk? What about all those congressmen who were lambasted as know-nothings for voting against the first bailout bill? I do wonder why every time King Henry Paulson step it front of those camera the stock market goes down?
• United States
24 Nov 08
Paulson has been feeding us a line of crap ever since this mess started. He is trying these things that he knows will not work in order to make it possible to sell the idea that the only answer is a world bank that only answers to the UN. This is the New World Order in the making... except that they are calling it the New Global Order. Even Bush is in on this deal, and Bush Sr. once used the term New World Order several years ag and never again after that one time. I think this whole problem was engineered by a certain hedge fund manager, or a group of them. This individual has been credited with causing financial problems elsewhere, and has been convicted of insider trading in France. He is also a big democrat and 0bama supporter and hates America.
• United States
24 Nov 08
I find it interesting that there was such a big push to pass this big bailout program - citing an imminent collapse of the economy worldwide - but they have yet to decide just how this money is going to be used.
23 Nov 08
I have no idea. We have enough trouble up here in Canada and our banks are nationalized. If I were Paulson, I would keep onto the cash and use it for those who through no fault of their own got bad mortgages (that is those who were responsible citizens and always paid on time.) So what good would buying stocks do if the bank was going under?