Greg Bacon's blog
Is Treasury Secretary Paulson an incompetent buffoon or a bald-faced liar?
Let's look at some of the things King Henry has said this past year regarding the taxpayers being soaked to the bone for Wall Street excesses. Back on March 16, when Bear Stearns was being bailed out, to the tune of billions, Paulson was upbeat about Wall Street , saying that ‘’Well, our financial institutions, our banks and investments banks are very strong."
During the rest of the Spring and early Summer, anytime Paulson got within 200' of a microphone, he was bragging about the solidness of the American economy, until the implosion of Fannie Mae and Freddie Mac, both of which needed a massive injection of taxpayer money to prevent a complete collapse.
And that they WON'T need a government bailout
Yet a mere three days later, we were informed that the government WAS going to bail out Fannie and Freddie.
While that turd kept swirling around the toilet bowl, news started leaking out about a whole slew of Wall Street financial institutions in trouble, like AIG.
Yet, here's what Hank was saying, on September 15:
On September 16, the government stepped in and infused a Whopping 85 BILLION of YOUR money into AIG.
Now, King Henry is telling us to hand over the keys to the US Treasury Department to the same man who's been running interference for his Wall Street buddies since the feces began hitting the rotary oscillator.
Goldman Sachs Group Inc. and Morgan Stanley may be among the biggest beneficiaries of the $700 billion U.S. plan to buy assets from financial companies while many banks see limited aid, according to Bank of America Corporation.
These aren't the actions of a buffoon, but a series of shrewd, calculated moves to shear the American public of untold TRILLIONS.
Guess that makes Hank a world-class CON MAN.
And what do con men do to gain your confidence?
I'll leave you with this bit of trivia:
Wall Street Plans $38 Billion of Bonuses as Shareholders Lose
Nov. 19, 2007 (Bloomberg) -- Shareholders in the securities industry are having their worst year since 2002, losing $74 billion of their equity.
That money, split among about 186,000 workers at Goldman Sachs Group Inc., Morgan Stanley, Merrill Lynch & Co., Lehman Brothers Holdings Inc. and Bear Stearns Cos., equates to an average of $201,500 per person, according to data compiled by Bloomberg. The five biggest U.S. securities firms paid $36 billion to employees last year.
~~~~~~~~~~~~~~~~~~~~~~~It's a Wall Street bonus bonanza 24 BILLION in 2006 bonuses