If the Paulsen plan goes forward, the ability of the federal government to borrow money, or support programs other than the Bush agenda is zero.
I have taken the time to speak to insiders in the financial services industry. The consensus of pros who are not in the Greed Gang is that the Paulsen Plan is a panic reaction which will further lead to the rich getting richer, and everyone else moving towards surfdom.
Barack, and the rest of us, need to support Barney Frank in saying “NO”.
While I could give you links, and so forth, my position on this is based on doing “due diligence” with real people I know personally and trust. My opinion does NOT come from reading newspapers and academic journals.
The problem with Adam Smith’s analysis and theory of capitalism, is that he premised his theory on the assumption of honesty, frugality, and that the elite would have the “public weal” as their goal. He did not predict the Czars of Greed. So Smith was correct that goods would be produced where it was cheapest to produce them; he did not predict the dishonest and greed driven manipulation of the market.
Stick to the word “NO” Barney! Don’t give in to the Bankster Conspiracy. While action needs to be taken, what is needed is competent regulation and reinstitution of oversight by the Federal Government of the banking industry and financial markets.
Deregulation of the thrifts gave us “thriftgate”.
Deregulation of Fannie, Freddie and mortgages gave us “mortgage gate” and historic foreclosure rates and failures of prettily packaged undercapitalized securities.
Deregulation of banks and the markets is giving us the current “Bonfire of the Vanities”.
Bring back structure, oversight, and competent government regulation – NOW.
