US in dire peril if Congress dithers on debt rescue, Paulson warns | WHAT REALLY HAPPENED


US in dire peril if Congress dithers on debt rescue, Paulson warns

Paulson, the architect of the enormous scheme to offload bad debt from financial institutions to the government, said the economy was being hit by a subprime "chain reaction" and that if Congress did not move fast, the consequences "would threaten all parts of our economy."

He urged: "We must now take further, decisive action to fundamentally and comprehensively address the root cause of this turmoil.

Webmaster's Commentary: 

Memo to Henry Paulson: what you are proposing here is an attempt to save financial institutions unworthy of your financial "salvation", and collectively throw US taxpayers under the bus in the process.

Greed, coupled with bad business practices, brought these institutions to where they are. Small business owners, who have to keep things as straight and honest as they can as they sweat about meeting payroll and keeping the lights on, could never get away with this kind of behavior for a millisecond.

We the People did not create this mess, and should not be expected to pay one pennyto get these institutions out of it.

Comments

SHARE THIS ARTICLE WITH YOUR SOCIAL MEDIA