OK back on the box
So read back on this blog....when the weasels wanted 700 billion. I wrote of my concern of the loose terminology in the bill. I was suspect of giving so much power to one man....Paulson. I hate to say I told you so.....but I told you so.
They sold us on the plan that the 700B would be buying up securities....allowing for the capital markets to relieve their balance sheets of this "bad" debt. Giving them the cash they needed. We were alos told that most of the bad debt was not bad. That in fact we could possibly make money on this deal...Buy low, sell high. This all made sense....but I knew they were lying.
They have yet to buy the secutrities and in fact do not plabn to. They have bought bank stock instead...they are now talikng about bailing out the car industry, they have talked about bailing out the personal mortgage business....it's a cluster to the ninth degree.
Lastly I hear President Elect Obama thinks they will need an additional 700B...
interesting times.
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