Does anyone know what is going on in Washington? This bailout seems to be the biggest mess that our country has gotten us into. Just this pasted week, I heard that US Treasury Secretary, Henry Paulson, has changed his policy with the money that Congress has given him. With Henry Paulson being ex-head of Goldman Sachs, I thought he would have been able to properly disperse $700 billion handed to him by Congress.
Mr. Paulson has already given $125 billion to the nation’s nine biggest banks, $125 billion to some regional banks, and another $40 billion to AIG. So it seems that this didn’t work. Wasn’t the first $700 billion supposed to unfreeze the credit market? Shouldn’t this have helped people who are looking at foreclosure be able to come out of it? Why didn’t the first $700 billion translate into more lending? It seems that Henry Paulson likes to dance around these questions, because he doesn’t know what the hell is going on either.
And as of November 25, Paulson has unveiled a new $800 billion to boost lending and the housing market. I believe that the amount of money issued for this bailout is way too much to have just one man dispersing it as he sees fit. These are the hard earned dollars of the taxpayers in this country, and it is going back to the irresponsible, greedy people who got us in this mess.
How can we trust our government? Is this even constitutional to bailout such a minority when it might not even affect the majority of Americans? We definitely need public input into these sorts of matters. And we want our government to control our healthcare system? I don’t think so! This bailout is a prime example of when the government needs to back off and allow everything to ride itself out.
A line needs to be drawn soon so this can all stop. The next time I need financial help, I hope someone is as quick to respond as our leaders were to these irresponsible companies.
Fed's $800 billion package aims to unlock lending
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