Liberty Just in Case

A Dialogue for the September 12th World

Idiot Wind

Posted by redsatellite on November 13, 2008

Idiot wind
blowing every time your move your mouth

Blowing down the backroads heading south
Idiot wind
blowing every time you move your teeth
You’re an idiot babe
It’s a wonder that you still know how to breathe

Treasury Secretary Henry Paulson has decided to use the $700 billion in bailout money to buy stocks in banks. Yah…he changed his mind. Campbell Brown and others think he’s pulled a ‘bait and switch’.

On Wednesday, there was a big change to the government bailout plan and already a lot of people are screaming foul. Treasury Secretary Henry Paulson told us he now has a different plan for how to spend that $700 billion of your money.

When Congress OK’d the bailout package, they all told us it would be spent buying troubled mortgage assets. That’s what Congress voted on. That’s what Congress approved.

Now, Paulson says it would be better for the economy if he uses the money to buy bank stocks as a way to help their balance sheets so they are more likely to lend you money for a car or student loan or credit card.

Me?

I personally don’t think he’s that smart. I think he’s a complete idiot. He’s only reacting to how incensed the American people were over the buying up of someone else’s BAD loans… uh…excuse me….I mean ‘troubled assets’. The reaction from Americans over this cockamamie idea- was swift and vituperative– oh heck…let’s make a broader observation- any American with half-a-brain reacted BITTERLY.

So now, he’s changed his mind. Let’s forget buying up those ridiculous WORTHLESS loans and buy stock….encouraging others to do so as well…so that the American taxpayer might….just MIGHT get a return on their investment. If the stocks go up….hmmm….the government and we the taxpayers may get our money back with a bit of profit.

Genius!

The question is: how come he and the Treasury didn’t think of that from the beginning? I make ALOT less than he does, and I thought of that…weeks ago.

2 Responses to “Idiot Wind”

  1. patriciaaanderson said

    Hey Red:
    I’m having some trouble following this new turnaround in “The Plan”

    I would really appreciate it if you could give a bit more information on how they plan to manipulate this money at this point??

    If what I caught herein would be right.. the money is now going to go into either stocks or bank shares??

  2. redsatellite said

    “If what I caught herein would be right.. the money is now going to go into either stocks or bank shares??”

    Yes. By buying huge blocks of shares, several things will occur.
    1. You will stabilize the free-fall of the chosen banks’ shares.
    2. You will, in turn, stabilize the Financial sector on Wall St.
    3. You will calm investors and depositers of those respective banks, and prevent ‘a run’ on them.(aka..bankrupt the bank)
    4. It buys you a significant amount of time, to in turn, stabilize the housing market. Banks can hold on to their loans that are ‘upside down'(a loan that acceeds the value) much longer, until values tick upward and foreclosures slow. In a bad housing market, with foreclosures, both banks and homeowners lose.
    5. Taxpayers may actually see some of that $700 billion back as the overall stock market begins to rebound. (Also should these shares be preferred or provide dividends- that’s more return to WE the taxpayer) and the likelihood of a deep recession is avoided.

    I hope I helped. 🙂

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