The leader of Iran is sitting and mocking our president as he speaks to the UN. Pointing his thumb to the ground as Dubya speaks and then later saying that our country is near collapse. This man is a terrible liar and yet he is a danger to us.
Our Treasury Secretary is presenting his plan to bail out our country's financial system to the Senate. The plan is really not as complicated as some want you to believe; Banks have many loans that are performing very well. They have a small percentage that are not. Because of the financial instruments that follow those bad loans , and because of the leveraging used to buy those instruments there is a system wide breakdown . The Secretary wants to take those bad loans, bundle them up and sell them back. He needs the capital to finance the project. And the result will be that the banks will still have in their portfolios all the good loans. Confidence will be restored and we'll get back to normal. Both the Secretary of the Treasury and the Chairman of the Federal Reserve are clearly geniuses....they have a great idea....they just can't sell it !
Ten days ago in Yemen there was an attack on our embassy by Al Qaeda. Last weekend there was an attack on a hotel in Pakistan. Al Qaeda is very active . Should they attack us now we would be in as terrible fix. Our stock market would really tumble, our forces are pushed to the limit and we are in the middle of the election. We just might collapse.
When the Secretary comes to Congress and says he has the answer , trust me I'll solve this problem, he has a problem. This administration has a serious credibility problem and the good Treasury Secretary is paying the price. He is paying the price for the way Dubya, Rumsfield and Cheney ran their administration. He is paying the price for Katrina, No WMD, Privatization of Social Security and just a serious lack of goodwill between the branches of government. We have to acknowledge that we have been free from attack for seven years but.....members of congress have trust issues with the Bushies. Trust me I'll solve this problem isn't working and we are right at this very minute in a very vulnerable position.
I think they should do the deal, trust the geniuses and move forward. Then come back in the next session and set up a good system to stop the abuse .
Subscribe to:
Post Comments (Atom)
1 comment:
No Wes, the deal cannot go through as it is without serious and significant modifications. The biggest modification HAS to be more like the S & L bailout in which the government took over the S & Ls that were in trouble, not just their bad loans. That way, the final bill to the taxpayer was smaller than it will be under King Henry's plan. So an equity position needs to be in the plan so that any recouping of losses doesn't just go to those that created the problem, but to the American people.
Second, King Henry is asking for (demanding, really) kingship powers (hence the nickname) to pick the portfolio managers, etc. He is also asking for judicial immunity too. An oversight board needs to be created to monitor the selection of the portfolio managers because the last thing we need is to hire the same foxes who have been raiding the hen house. It is those foxes King Henry has been hanging with for the last 20 - 30 years.
Post a Comment