Bailout = Not Going To Work

In a bit of information that would have been a lot more useful a week ago, U.S. Treasury Secretary Henry Paulson said yesterday that the massive $700 billion “boondoggle bailout” passed by the U.S. Congress last Friday is not going to stop the widespread failure of financial institutions, and that the current economic crisis “will not end soon.”

Nice, Hank. Now you tell us …

Our question is this … why the hell did we just give you unprecedented, unregulated and unconstitutional authority to blow $700 billion of our money on a bunch of worthless assets if it wasn’t going to fix the problem?

Sheesh.

Washington politicians rammed this “mother of all big government interventions” down the taxpayers’ throats because they “had to do something,” which is always government’s reason for wanting to expand itself to deal with a problem of its own making.

In case you’re keeping score at home, after yesterday’s 190-point drop the Dow Jones is down 1,223 points since President Shrub signed the bailout boondoggle on Friday.

And in case you’re keeping score on how well the first “mini-bailout” of corporate giant AIG is working out, well, they’ve already blown through the first $85 billion taxpayers loaned them … so the Federal Reserve decided yesterday to loan them another $37.8 billion.

Oh, but not until after AIG executives had taken a $400,000 corporate-sponsored retreat to California over the weekend that included golf outings and spa treatments.

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