Friday, October 10, 2008

one could become acerbic

This is actually an update on my entry about Henry Paulson and the 700Billion Rescue Package. My doubts have increased as I saw 1) his press conference in which his hurry and/or speech problem made me feel like he was not being transparent, and 2) when I learned that the young man slated to run the program was his protege at his investment bank and came with him to Treasure in 2006. It appears that most of those capable of running the Rescue have been involved in creatingthe need for it, but certainly not all. Why not a non-banker, a Warren Buffet type?

ISN'T THE PAULSON+TEAM LIKE PUTTING FOXES IN CHARGE OF THE CHICKEN COOP?

Much has been made by members of Congress etc., about limiting executive golden parachutes. But the current stockmarket slide makes almost certain that these execuives (one dubbed "malefactors of great wealth" by Th. Roosevelt) will reap a golden harvest even if they do not receive such a (or any) parachute. They have millions already and can buy stock etc. near the bottom, sit back and see their wealth grow once the taxpayer's 700B. takes effect. No such benefit accrues to the 401K (and other) savings of the working people, i.e. the taxpayer.

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