Senators to Paulson: Bailout Funds Are For Lending

Can he be impeached?

I agree with some of the objectives of the republicans, I strongly disagree with the implementation. I think Paulson has totally mismanaged this crisis. He shows complete disregard for the market's perception of him, or his actions, and by allowing large companies to crash, has ensured that the future of America will be managed by corporations in Asia and Europe. The market is not just Wall street fat-cats, it's your street. Your pensions, your money. If you don't have investments, then your neighbours do, your customers do. What Paulson should have done was to provide a means for the American taxpayer to invest in US companies in crisis, with a phased withdrawal over 20 years, so that the taxpayer would actually earn money back, once the companies recovered.

What Paulson tends to do, however, it play hard-ball on companies whose balls are already broken. When they're on their knees, he publically gives a "Hm... don't know whether I'll save you or not". So, the market panics, the companies crash, and he buys into the assets for a bargain price. That crushes the ordinary Joe like me. All our life savings are worth the equivalent of a trip to McDonalds.

Yes, if you rescue companies, you might save some rich people along the way, but wealthy people employ a hell of a lot of normal people. So you're saving their jobs too, and their customers, and so on. And there are millions of ordinary non-rich people who either day-trade or pay into pensions, or have their 401k affected by this madness. It's affecting everything now, jobs, investment, services, everything.

This garbage about FannieMae not being supported by the government was criminal. The goverment should be sued for sitting and watching it burn. In fact, they set it alight. All he had to do was to say the right words at the right time. There should be criminal charges brought against the Treasury secretary, and an investigation into corruption. The SEC should investigate all members who voted and determine how much they profit they made by voting 'no' to the bailout, while short-selling fanniemae. And then buying it a few days later, before the 'yes' vote.

We should know why Paulson did what he did. Why it was allowed to continue. I mean, how do a few risky mortgages caused a global economic collapse, when the US has only 4% of the world's population? An average house in the UK costs about double an American home anyway. So, how does that happen?

Why are we poor? Why did I lose all my money investing in the USA? Ask your government.

Emmet of CO @ Nov 13, 2008 12:19:08 PM