Henry Paulson lied to Congress about TARP? What? King Henry is a fraud? Shocking. But nobody seems too pissed. And the SIZE of the whole thing. Does anyone even care anymore?
For all the fury over Treasury Secretary Henry Paulson’s $700 billion emergency economic relief fund, it seems downright puny when compared to the running total of the government’s response to the credit crisis.
According to CreditSights, a research firm in New York and London, the U.S. government has put itself on the hook for some $5 trillion, so far, in an attempt to arrest a collapse of the financial system.
The estimate includes many of the various solutions cooked up by Paulson and his counterparts Ben Bernanke at the Federal Reserve and Sheila Bair at the Federal Deposit Insurance Corp., as the credit crisis continues to plague banks and the broader markets.
$5 Trillion?!
I mean, first it’s the insurance companies, then it’s the mortgages, then no, we aren’t going to do that, we’re going to buy some banks. And then we’re going to beg them to make loans, because after all, holding on to the bucks and paying big bonuses isn’t faaaiiirrr. Then we’re going to suddenly realize that American Express is really a bank after all. Wow! Let’s give them some money too!
And the car companies. Let’s save them too. After all, they’re burning through cash like a 1999 tech start-up. But they’re so important. And, let’s bail out some newspapers too. You know, it’d be a shame, after the wonderful job they’ve done over the last year, if they were to fail… well, Dear Leader will see that they don’t. Nobody is mean to their pet.
What about Micron and the Boise Mall? I hear that they’re sucking air pretty bad; Micron wants to furlough all their employess over the holidays, and the Mall is threatening to declare bankruptcy. Oh the humanity. Let’s throw them a lifeline too…
And now I’m watching some bozo on CNBC proclaiming that the economy is in bad shape and the consumers aren’t spending. “We need to get the consumer spending again”. You mean, like a “stimulus package”? Been there, did that. And maybe, just maybe, you awesome media bozos oughta quit with the constant drumbeat about how every segment of the economy is going into massive shock and failure, and the world is going to end before Christmas, which is forecast to be the worst in all of recorded history. Why, there won’t even be coal for stockings (Dear Leader said so)…
Are any of you as sick of this clown party as I am?
It’s been hard for me to sit at the keyboard and write this week. For one thing, I’m having a very busy work week, and some of my outside of work commitments have been heavy lately as well. But reading the news and the blogs over the last week has been very demoralizing. Paulson and Congress are simply out of control. The ongoing election shenanigans in Minnesota would be third world laughable, but they’re happening HERE.
Through it all, not a single mention of responsibility and honesty. Restraint. Doing what’s right.
And that is what’s wrong with this country right now. Not the GOP. Not the Democrats. Not the whites, or the blacks, or the holies, or the pagans. It’s simply lack of morals and a consequence-less culture. We’d better get a grip soon. It’ll only get worse.
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