The Best Explanation so Far for Paulson’s Bailout Behavior
Ever wonder why Treasury Secretary Henry Paulson seems to be giving away the store to Wall Street these days, granting insurance giant AIG a second bailout and
Author:Raven NoirReviewer:Morgan MaverickJul 31, 20209.7K Shares132.3K Views
Ever wonder why Treasury Secretary Henry Paulson seems to be giving away the store to Wall Streetthese days, granting insurancegiant AIG a second bailout and allowing AmericanExpress to pretend it’s a bank so it can get governmentmoney, too?
The question crossed my mind after New America Foundation’s Ellen Seidman describedas “really inept” a newsconferenceon Tuesday by Treasury, Fannie Mae and Freddie Mac, to announce a new program to streamlineloan modifications. Seidman said Treasury completely oversold the plan, to make it seem like it would cover more mortgages than the plan actually called for. Then, to make it worse, the Treasury spokesman ran out of the briefing room to avoid answering questions.
Felix Salmon at Portfolioseems to have an explanationfor all this, and it’s one that totally makes sense to me. Paulson is a lame duck, and the folks at Treasury are going to do whatever they feel like before he leaves office. From Salmon
“„There does indeed seem to have been a visible change in Treasury policy since the election. Until that point, it cared a little about optics. Now, it’s givingmonster bailouts to the likes of AIG and American Express; it’s dragging its feet on homeowner relief; and in general Hank Paulson’s Wall Street buddies seem to be getting much better access than anybody in Detroit. And no one’s even trying very hard to defend these actions in public: they know they’ll be out of a job in January anyway, so they’re just doing what they want to do and what they feel is right, without caring much whether anybody else agrees with them
So much for those warm and fuzzy storiesabout how the Bush Administration is working hard on a smooth transition.
Raven Noir
Author
Raven Noir is a captivating and enigmatic news reporter who unravels mysteries with a relentless pursuit of truth. Possessing an insatiable curiosity and an astute mind, Raven delves into the depths of complex stories, unearthing secrets that lie beneath the surface. With a masterful grasp of deduction and observation, Raven stands as a beacon of fearless investigation.
In the realm of journalism, Raven is known for his enigmatic presence, drawing people in with an aura of intrigue. Driven by an unwavering passion for unveiling the truth, Raven Noir continues to shed light on the darkest corners of society. Through captivating storytelling and unwavering determination, he challenges conventions and uncovers enigmatic secrets that lie just beyond the surface.
Morgan Maverick
Reviewer
Morgan Maverick is an unorthodox news reporter driven by an insatiable hunger for the truth. Fearless and unconventional, he uncovers hidden narratives that lie beneath the surface, transforming each news piece into a masterpiece of gritty authenticity. With a dedication that goes beyond the boundaries of conventional journalism, Morgan fearlessly explores the fringes of society, giving voice to the marginalized and shedding light on the darkest corners.
His raw and unfiltered reporting style challenges established norms, capturing the essence of humanity in its rawest form. Morgan Maverick stands as a beacon of truth, fearlessly pushing boundaries and inspiring others to question, dig deeper, and recognize the transformative power of journalism.
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