The audacity of the Bush administration knows no bounds. Murder, torture, and theft on a grand scale are their legacy. But it's become abundantly clear that they cannot leave office without raiding the Treasury one last time.
Secretary Paulson announced on Wednesday that the $700 billion that Congress authorized under the Troubled Asset Reclamation Program for the purchase of asset-based securities will not be used to purchase any asset-based securities. Instead, the Treasury will continue to pump money into banks. This follows on the announcement of a renegotiation of the loan to AIG on terms much more favorable to the company - and much less favorable to the taxpayer - than had been negotiated earlier. That announcement follows on the gift of $125 billion to nine large, unnamed banks. At this point it seems salient to ask, what the hell is going on? |What the Hell is Paulson Thinking? - Huffington Post|
Barney Frank is out front openly denouncing Paulson's actions:
The funny thing about the bailout is that everyone knew it was stupid, and now Paulson is just admitting that he knew it was stupid as well.
Barney Frank, the Democratic head of the House of Representatives financial services committee, said he was "disappointed in Paulson" and called the shift in policy "an abandonment of the bill" negotiated between congress and the White House last month. |Paulson calls for US bailout change - Al Jazeera|
So now he's just handing out money to banks and refusing to disclose to whom even.
Then there is the nearly $2 trillion that America's central bank, the Federal Reserve, has handed out in emergency loans. Incredibly, the Fed will not reveal which corporations have received these loans or what it has accepted as collateral. Bloomberg news service believes this secrecy violates the law and has filed a federal suit demanding full disclosure.|Ditch the smooth transition. The people voted for change - Guardian|
I doubt the Dem's will have the balls to do it, but I personally vote to see this administration tried for their crimes either here or at the Hague.