Saturday, October 4, 2008

The BAILOUT has passed but what comes next is not clear


Click here to read this LA Times article about what to look for in the future. Treasury Secretary Henry Paulson hasn't bothered to share how he plans to administer his new found power. He's been given the green light to pump tax payer's cash into his old stomping grounds, Wall Street. Who can forget Paulson was once the Chairman of Goldman Sachs Group Inc.?

He's going to have the power to play up to his cronies and some firms are going to get more money than others. My bet is they're firms favorable to Wall Street's new savior Paulson. Some lawmakers managed to tack on some pork projects (how about $1 million for wooden arrows!) which will also require more tax payer cash. Why do I feel like the only thing that happened was that the little man/average American got screwed again?

No comments: