Wednesday, November 12, 2008

It's the Great Bait and Switch Charlie Brown

Except I wish this one were just a kid's story with some lovable characters called the peanuts. However the characters involved in this story are not lovable characters, they are criminals, and they have bamboozled the American public and this is the Great Bait and Switch.

It all started when some financial institutions went began to tank. They wondered out loud how they would keep their company afloat while secretly wondering how the executives would fly first class, if the office party would go on this year, and what about those pesky pension plans?

Never fear, here comes "W" whipping up hysteria about the Urgent need to pass a bailout bill, and here comes Paulson to the rescue with a few things drawn up, and if that was not enough we even have Nancy Pelosi suspending normal rules of order so that this bailout in order to buy troubled assets could be passed without debate and without our Representatives reading it.

So a $750 billion bill was passed quickly and the American Public was told it would be used to help these failing companies, allowing the Treasury Department to buy bad assets and jump start the economy.

Fast Forward to the morning of November 12th.

Secretary Paulson makes a speech telling the American People that the Treasury will no longer be buying Troubled Assets. Instead of being TARP (Troubled Asset Recovery Program) it is now the CPP (Capital Purchase Plan), meaning that the Treasury Department is now buying stock in financial institutions, specifically banks.

Please, think of that one more time. The American people were told that this bill must be passed because financial institutions are failing and we must bail them out. Against the opinion of the American public the bill was passed, and now this huge blank check is actually not going to help troubled businesses it will now be used for the Treasury Department to buy stocks in banks. That my friends is the bait and switch and is called fraud.

Okay so benefit of the doubt, perhaps Paulson did not know that the money would be used for this. Maybe he thought it would absolutely be used for a bailout.

Or maybe not, take a look at what else he said at the press conference:
"By October 26th we had $115 billion out the door to eight large institutions. In Washington that is a land-speed record from announcing a program to getting funds out the door. We now have approved dozens of additional applications, and investments are being made in approved institutions."

Ah yes a land speed record that included suspending normal rules of order for a bill that many of our politicians admit they did not read, but they certainly tacked on their own special interests.

And is there more Secretary Paulson?
Paulson said today, he knew when the bill was signed the purchase of trouble assets wasn’t the right solution to the problem.

Well, well that certainly sounds a bit fraudulent, don't you think?

Yes my friends, the American Public has been bamboozled. While the American public saw through the charade of this bailout bill, our politicians allowed themselves to be fooled into voting for this bill that would buy troubled assets. And now those troubled assets are not troubled at all and the American people are stuck footing a large bill.

That my friends is the Great Bait and Switch.

Outraged? So are the folks over here at Break The Bailout...go on over, perhaps you can make a difference.


No comments:

Post a Comment

Thanks for reading and commenting. Keep it civil. I reserve the right to delete comments if necessary, but I do not like to do that so do not harass other readers and all will be well.

Spam is not tolerated, nor are assholes.