I kept waiting and waiting to hear details about the bailout. Who got what? What regulation was there? Which companies will get help, and which won't.
Partly this was curiosity, I didn't like that the bailout was a giant number with no specifics.
Partly, however, this was greed, because when WaMu is trading at $0.90/share, if they were going to get, say, $55 Billion, you better believe I'd be writing checks to Schwab for every share I could afford.
My understanding is that they didn't release those detailed figures because 1. that'd amount to insider trading 2. they actually have no idea what to do with the money.
I've said it before, and every time someone here at work argues that we are in a crisis the likes of which the world has never seen, I mention it again. This is not new economics.
However, what is new is the level of government corruption and arrogance the likes of which the world has never seen. Perhaps Bush is naive and clueless to this, but Bernanke, Paulson, and Cox, the Triumvirate of Terror that essentially caused (or caused by inaction) this whole mess are trying desperately, desperately to remain in power. Rather than resign, like I suggested, they have written themselves into the future as aggressively as possible.
Any government legislation is shown online, so when the bill went up for vote, we all got a crack at it. Here's an interesting tidbit: the oversight committee for the $700 billion, rather than be a bipartisan committee of economic gurus, or even better, a private consultant with no party affiliation...it is: the chairmen of the Fed, the Secretary of the Treasury, the SEC, and the chairman of HUD.
The same bunglers who caused this mess now think they should oversee it!
"But you didn't mention HUD, at least they'll be clean." Not so, my friends, as I've shown. The Bush speech at a HUD meeting in 2002 is where this whole mess started.
So fiscal conservatives on both sides of the aisle told Paulson he's out of control with his own self-righteousness and voted this moronic article down.
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