Saturday, January 17, 2009

Paulson "defends" his record

Secretary Paulson has been talking up TARP II, and a "bad bank" for the bad assets of our insolvent banks, that he calls our "sound" institutions.

Look at this beauty also:

"The TARP program is an investment,' he said. 'It's hard to imagine not getting that investment back. But I believe that when it comes back, this money should go toward reducing debt as opposed to more spending."

This is the same Paulson, who said this:

I believe the banking system has been stabilized. No one is asking themselves anymore, is there some major institution that might fail and that we would not be able to do anything about it.” —Henry Paulson on National Public Radio, Nov. 13, 2008

TARP II is not an investment, it is a cover for the trillion dollars of bad assets still left on the banks balance sheets.

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