October 27, 2008
I hate to give TheStreet.com any exposure or credence.
It’s the home of Jim Cramer, the pyromaniac TV stock picker who led thousands of people to financial catastrophe with his BS shoot-from-the-hip “investment” advice.
That being said this clip of theirs is unusually informative (in spite of the moronically chipper interviewer.)
US Treasury Secretary Paulson is, in fact, one of the small handful of people who is personally responsible for the mess we’re currently in. He pushed hard for the conditions that created the sub-prime disaster while CEO of Goldman Sachs.
It’s bizarre, to say the least, that he’s the person who’s been given the job of cleaning up the mess.
That his “solution” to the problem was to give his former employer access to billions of dollars in taxpayer money with no strings attached is troubling.
Also, troubling is where the money went and where it’s going.
As predicted by many, the bank bailout did nothing to change the tone of the financial markets. They’re still in free fall and there literally is not enough money in the world to bail them out.
The final insult:
Minutes of the meetings in which the bail out billions (trillions?) are being distributed are issued to the news media with key figures blacked out.
- A d v e r t i s e m e n t
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