Paulson Cheats US Taxpayers

The News:

Stocks lower as Paulson unveils change in bailout
Wall Street losses steepen as Paulson unveils plan to not buy distressed bank assets
NEW YORK (AP) -- An already disheartened Wall Street turned sharply lower Wednesday after Treasury Secretary Henry Paulson said the government won't buy banks' soured mortgage assets after all, disappointing investors who hoped to see the bad debt wiped off companies' books. The Dow Jones industrials fell more than 270 points, and all the major indexes dropped more than 3 percent as the market retreated for a third straight session.

Paulson said the government's $700 billion financial rescue package won't purchase troubled assets from banks as originally planned. He said that plan would have taken too much time, and that the Treasury instead will rely on buying stakes in banks and encouraging them to resume more normal lending.

While the market had been pleased by the government's decision weeks ago to buy banks' stock, investors still hoped to see the financial industry relieved of the burden of the mortgage assets whose decline in value helped set off the nation's financial crisis.

My View:

So what were you thinking? how can you trust politicians? This is the kind of breed (politicians) who can ruin you and you still say thanks!!! Perhaps "you" are responsible for not falling in my category - people who never believe politicians.

Now Paulson has "different" reasons to "use" those USD 700 Billion that he and his boss Bush 43 cheated along with others of their category.

However, in my view, even if they went on to purchase "distressed" assets, it would have been still a fool's job. But at least they should have kept their word.