Monday, November 24, 2008

Paulson and $700 Billion

On Friday, November 21, 2008 in an article by Aaron Task he reported that William Black, Associate Professor of Economics and Law at the University of Missouri and Author of " The Best Way to Rob a Bank is to Own One", said that Secretary Paulson committed fatal errors in dealing with the current fiscal crisis. In fact Professor Black said that if grading Paulson he would receive a F-.

All of this hindsight and blame is academic. Right now we have a populace that is going to suffer the worst financial times in American History and because of the Republican Policies there are no easy fixes. No matter what the new Administration is able to accomplish when they finally get into office, there will be thousands of small businesses that will not be able to keep their doors open while waiting. What will the repercussions of thousands of small business people closing their doors and walking away in debt that they will never be able to repay. Who will bail them out Mr. Paulson, while your ilk will remain in the life of luxury and have academic discussions of how the derivatives could have been traded better?

Hundreds of thousands of lives will be ruined by the games and policies that have led America to the brink of financial and social collapse, and what will be the repercussions on the next couple of generations? One thing is clear, Republicans and anything that resembles Republican Policies should never be in a leadership position in this Nation again.

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Post Script: The Federal Government has no problem coming up with a total to date of THREE TRILLION DOLLARS to rescue Financial Corporations whose Executives take multi-million dollar salaries from the Corporations that they have wasted with their reckless abuse, and award themselves multi-million dollar bonuses, with expense accounts that pay for dinners in the hundreds of dollars and wine that cost hundreds of dollars a bottle and fly in private jets that cost thousands of dollars a minute to own and operate, but the Federal Government has a problem finding money to save small business owners who have worked endless hours to make ends meet and now are in dire straits because of a game that was played by Investment Banks with the aid of Republican Policies.

Today, New York City Social Services warned that soup kitchens and food pantries will not be able to meet the expected Thanksgiving crush of those that are seeking food that they can not afford. If you watched the coverage of the Citibank Bailout Watch, you would have noticed catered food from one of New York Cities finest Restaurants being delivered, paid for no doubt with Citibank funds while they were crying poverty to the Federal Reserve.

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