Sep 23, 2008

Bye-bye Wall Street and R.I.P., Hank Paulson Seeks to Crown Himself King via Blackmail

So how about this financial crisis? I'm having a hard time thinking of what to say about it other than good-freakin'-grief, and a grammar school graduate could have seen this one coming. When our neighbors down the street were able to get a loan one year ago, even after it was discovered one of them had falsified--yes, falsified--her social security number (I think the family patriarch finally co-signed the loan). And the feds are snatching the underwear from fellow taxpayers to save those guys who get white-glove chauffeured to work on Wall Street, who packaged and sold mortgage-backed securities based on those toxic loans. SHEESH!

28 years of deregulation, with the financial movers and the Republicans in bed with each other the whole time--and we folks on the bottom rung are left wearing fig leaves, soon to be bereft of $700 billion and a law that allows the US Treasury Secretary to do whatever he so chooses at any time. If Henry Paulson, formerly a good guy at Goldman Sachs, gets his way, he will be crowned king, with complete control of the taxpayer's $700 billion and exactly how to spend it, answerable to no one. His ploy: "If you don't hurry up and make me king of this financial pile, the markets will freeze and we will get recession, recession, recession." As though there is no other plan to negotiate, no other way to tackle this "the fundamentals of our economy are still strong" fiscal meltdown.

Obama and Chris Dodd and others have shouted loudly, take care of homeowners first and then we'll talk about saving the tycoons. Meanwhile, Paulson gets more and more scary. Even Newsweek plants his egghead on the cover, dubbing him King Henry. How did this man--a nature-lover, who helped to save peregrine falcons, who, unlike virtually everyone else on Bush's staff, actually understands the human footprint on global warming, who,

"As an environmental leader and philanthropist, Paulson while at Goldman Sachs, oversaw the corporate donation of 680,000 forested acres on the Chilean side of Tierra del Fuego, which led to criticisms from Goldman shareholder groups. He further donated US$100 million of assets from his wealth to conservancy causes. He pledged his entire fortune for the same purpose at death. He has also been considered someone who can influence world and business leaders to think beyond the bottom line."

How did he get from there to in-denial, rape-and-pillage the taxpayers, Anti-Robin Hood? Will someone please explain this to me?

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