Why is Henry Paulson the smartest man in the world??

[kentuck]

Our entire livelihoods have been placed on his judgments and decisions. He's going to take a trillion dollars that could be used elsewhere and divvy it up to his bank friends so they can continue with "normal" lending. Wow! Why couldn't we have thought of that brilliant idea??

Is it better to put that money at the top (with the banks) or at the bottom by helping those that are foreclosing on their homes? Why not loan $5,000-$10,000 dollars to each person that is foreclosing, adding it to their principal, and then work out some arrangement whereby they pay no more than 38% of their income in mortgage payments? Would not the banks end up with the money anyway??

But the added advantage would be that some folks might be able to keep their homes and properties would not be devalued by foreclosed homes in the neighborhood. However, if you can get the money without the effort, I suppose it is like water running downhill. It will take the path of least resistance.

[acmavm]

1. Well, apparently he is because he got himself named to hand out

all the loot to his cronies and cohorts.

[stray cat]

2. He managed to get 400 billion so far without oversight - that was clever

[underpants]

6. And he is pushing it before Congress changes over

[whosinpower]

3. Banks are not doing their job

When they use the bailout funds and funnel them right back into treasuries instead of loaning the money to mainstreet as per request. No oversight - result - credit crisis continues.

Government is in a pickle. If they loan money directly to the mainstreet, the result may be a crash of the dollar - which is only propped up by values in treasuries - cash is flooding into treasuries which is seen as a safe haven for now.

The spiral continues with lack of confidence in the American economy - no one lends money to the other, which leads to more job losses, which leads to more foreclosures which leads to a further erosion in confidence or trust.

[kentuck]

4. It's Robin Hood in reverse...

basically.

[liberal N proud]

5. If you could convince Congress to give you $700 Billion in a week

and have total control over who gets it, you too could be considered among the smartest.

He fooled the whole damn bunch of them and most of America too.

[kentuck]

9. Is he that smart or are we that dumb?

??

[liberal N proud]

10. He pulled the ultimate heist

Smarter than us or just an opportunist who was in the position to take the cookies, jar and all.

[Winterblues]

12. Remember "We" didn't give him that Control, Congress did with Obama leading the way.

I trust Obama at least until he proves that trust unwarranted. I have no other choice....

[Greyhound]

13. I'm not sure blackmail constitutes "convincing". n/t

[kentuck]

14. Similar to "the mushroom cloud" ....

we will see after it is too late. So we must invade Iraq??

[Lumpsum]

7. Here's the real kicker.

The banks needed bailout money so they could continue to loan money. So the fed gives them billions of our tax dollars. Then the banks turn around and lend us back our tax dollars, which we then pay back to the bank - but with interest. Then the fed collects the interest.

It's scam of monumental proportions.

[whosinpower]

11. The scam is worse than you think

Because the banks are not loaning that bailout money back to mainstreet. It is going into treasuries. Who pays the interest on those treasuries - you do. Who do you pay that to? The banks! Your tax dollars are being taxed and paid to the banks. How do you like them apples?

[Lumpsum]

15. I was speaking in general terms, but you're absolutely right.

What's even more ludicrous is that to pay off all defaulted mortgages in America would have cost somewhere in the range of 100-150 billion. So what's the 600+ billion for? And how about that 2 trillion the Fed lent off that they won't talk about?

As Keith Olbermann has said a few times now, "What is being called the bailout today, will be called 'why my daddy went to jail' tomorrow."

That is, if these fuckers get caught.

[underpants]

8. We have a corporate culture, a groupthink, of idolizing the man on top

It is taught to them in their formal training.

See Enron and the godlike status that Lay and Skilling
See the godlike status that Greenspan enjoyed

[Taverner]

16. Trickle Down=We're Pissing on you

[eleny]

17. It's a message from The Ministry of Plenty