Bush and Paulson have misled the American public about the bailout and continue to do so. The market declined from 13,058 on May 2nd to 10,825 on September 24th, the day McCain suspended his campaign to rush back due to the emergency in Washington. Why was there all of a sudden THAT WEEK an emergency? The market was the same as it had been since July.
Mr. Bush and Mr. Paulson, I have a few things to say to you:
AFTER you said we had to bail out the financial institutions because the whole system was going to crash, that is when it really DID start crashing. In fact it fell from 11,022 on September 25th to 8,451on October 10th, one week AFTER the bailout passed!
And is all that $700 billion (and let’s not forget the additional tacked on $150 billion of pork) really doing the job of saving our economy? The Washington Post reported on 10/30/08 that over half of the $163 billion already given to U.S. banks for the purpose of providing loans will be paid out over the next three years, with the government’s permission, to SHAREHOLDERS as dividends. And the Treasury’s answer to that? The Post reports that “…Treasury officials say that suspending quarterly dividend payments would have deterred banks from participating in the voluntary program.” WHAT?????? We had to bribe the banks to force them to take our taxpayer money? This is just unbelievable.
The LA Times reported yesterday that you, Mr. Paulson, were interviewed by NPR News’ “All Things Considered” show and said that “I got to tell you, I think our major institutions have been stabilized. I believe that very strongly.” Is that like McCain saying “The fundamentals of our economy are strong” hours before it tanked? Should we trust anything at all that you say, Secretary Paulson?
Mr. President, you finally got around today to picking a federal prosecutor to oversee the bailout. This was a requirement in the bailout package and yet it has taken you SIX WEEKS to appoint someone, who still has to be confirmed by the Senate.
And in even more credibility-defying news, Newser had this synopsis of a 11/3/08 Wall Street Journal article:
Investor and public pressure could prompt up to 1800 more financial institutions, both publicly and privately held, to apply for a share of the $700 billion bailout fund, the Wall Street Journal reports. The cash-grab likely stems from fear that failing to do so would make an institution look like it wasn’t savvy enough to take advantage of the potential windfall or healthy enough to qualify.
Hundreds of institutions applied for funds, many looking to use the cash for acquisitions or investments. Some, originally averse to participating, have had their minds changed by lobbyists and the Treasury Department’s own efforts. “There’s a perception in the market that the government is actively picking winners and losers,” one CEO said.
That deadline for applying was today and I’m sure there was a run on the taxpayer-funded bailout bank by the banks. Can it get any more surreal? Is anyone noticing what the government is allowing these supposedly destroyed institutions to do with our hard-earned and heavily-taxed money?
President Bush and Treasury Secretary Paulson, I realize that your terms in office are almost over (thank God), but you are still wreaking havoc on our economy with your wrecklessness and absolute disregard for the people who pay your salaries – the American people.
My own small IRA has already lost 40% of its value from when the The Dow Jones Industrial Average was 14,164 on October 9, 2007. FORTY PERCENT.
I guess the banks weren’t as bad off as you made us all believe since they are paying their stockholders with our money and you’ve decided that you won’t keep your word on why we even needed the bailout and may use the money for other things. Is there no end to the destruction, lying, and deceiving of the American public by you two and your compadres?
The American public is like the battered wife who keeps going back to her husband when he is momentarily sweet, promises over and over to do right by her, and she believes him. How many times do you expect us to keep trusting you and you keep F*CKING THINGS UP?????
Barack Obama and his no-drama and brain-trust team can’t get in office fast enough for me. He’s going to have a lot of work to do to undo all the messes you two and others have created for our country and the international economy.
I’m angry, President Bush and Secretary Paulson. I’m a real person who is being affected by what you are doing. There are millions more like me.