The Scent of Rat Floats Gently Down The Street
bein’ had?
Not that I comprehend this situation to any sufficient degree—but I got Red Flags shooting up like fireworks from styrofoam Greek-esque columns.
Peruse these articles and see what you think.
But far from saving the economy, there is ample evidence that the March bailout of Bear Stearns’ creditors simply prolonged, postponed and added to the pain.
This is because “moral hazard,”—the ability to take risks knowing that someone will bail you out—was increased, and firms didn’t make the hard choices about restructuring.
...And in a recent paper presented at the prestigious Jackson Hole Symposium held by the Federal Reserve Bank of Kansas City, professors from the University of Pennsylvania’s Wharton School and the University of Frankfurt conclude that, “Given the characteristics of the markets where Bear Stearns operated, it is quite possible that...no contagion would have occurred."
Here’s a leedle more background on He Who Would Become The King
By Robert Novak: [10.1.2007]
...Although Paulson was a generous Republican contributor and prodigious Bush fundraiser (over $100,000) in the 2004 cycle, his earlier political giving was more varied. He contributed to Bill Clinton in 1992, Democrat Bill Bradley’s 2000 presidential campaign, the feminist Emily’s List and Wall Street’s favorite Democrat, Chuck Schumer. Most of the Paulson family’s Democratic contributions come from the secretary’s wife, Wendy, who has supported Hillary Clinton.
All this was known to Bush in May 2006 when he tapped Paulson as a Treasury chief who would command respect on Wall Street. It should be no surprise then that he is regarded in his own administration as less a true Republican secretary than a transition to the next Democratic Treasury...
The above is recommended reading - waay more info.
Dubya is in danger of having a very long lasting legacy. And my kids - and yours - who are gonna have to pay for it are getting pissed.
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