Welcome to the Con of the Century!

Yup, we are being conned by Hank Paulson, OUR OWN Treasury Secretary, and the one who helped manufactured this financial crisis while he was working at Goldman Sachs!

Welcome to the Con of the Century!

Please watch this video! (it's a little long but WELL worth the watch!)

King Paulson - Hope You Like It


Putting him in charge of this $700 billion "bailout" is like putting the fox (Paulson) in charge of the hen house! (AGAIN!)

There is also a question as to why Paulson is so adamant when it comes to compensation (millions of dollars) to the CEO's who WE are going to bail out!

Treasury Secretary signals compromise on bailout plan

Executive compensation emerged this week as one of many sticking points between lawmakers and the White House as they try to craft a plan to spend hundreds of billions of dollar on illiquid mortgage-linked assets.

So, we have to give CEO's compensations (bonuses) for selling us their debt!

Now, why on earth would he think the US taxpayers should do that!

Henry Paulson - Wikipedia

Conflict of Interest

There has been some criticism of Paulson, with suggestions that Paulson's plan may potentially have some conflicts of interest. This since Paulson is the former CEO of Goldman Sachs, a firm that may benefit from the plan. [30][31] Unlike the previous bailouts and managed liquidations of Goldman competitors Bear Stearns, Merrill Lynch and Lehman Bros. and those of AIG, Freddie Mac and Fannie Mae, in which shareholder value was largely wiped out, Goldman's stock would likely rise under the Paulson plan, benefiting his former partners, because it would take distressed assets off of their balance sheet. [32]

The proposed bill would give him unprecedented powers over the economic and financial life of the U.S.. Section 8 of Paulson’s plan states: “Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.”

The fox IS in charge of the hen house!

He helps orchestra this crisis, then makes sure his former company benefits from his proposed "bailout" and pushes for all his CEO buddies get their compensations (bonuses)!

The guy in the video above, Karl Denninger, claims he has a way of actually "fixing the problem" instead of putting a $700 billion band aide on it that won't work!

FIX IT NOW - Plan to Actually SOLVE THE PROBLEM


He has offered to go to Washington and lay this plan out, but I have a feeling that since the "fox" is already in the hen house, his offer won't be accepted.

Paulson isn't even trying to address the problem in the financial sector that caused this crisis to begin with!

Welcome to the Con of the Century!

[edit on 9/25/2008 by Keyhole]

Here's some quotes from Paulson!

Paulson Quotes & Lies!

April 20th, 2007 "I don't see (subprime mortgage market troubles) imposing a serious problem. I think it's going to be largely contained."
Subprime woes likely contained: Treasury's Paulson
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August 1st, 2007 "The market has focused on this. There's a wake-up call, and there's an adjustment to this repricing of risk, but I see the underlying economy as being very healthy," he told reporters before leaving Beijing.
Strong world econ containing subprime risk: Paulson
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March 16th, 2008 "We've got strong financial institutions . . . Our markets are the envy of the world. They're resilient, they're...innovative, they're flexible. I think we move very quickly to address situations in this country, and, as I said, our financial institutions are strong."
Secretary Paulson on "Fox News Sunday"
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May 7, 2008 'The worst is likely to be behind us,' Paulson told the paper, in one of the most optimistic comments by a top U.S. finance official since sub-prime mortgage losses set a domino effect in motion in mid 2007.
Paulson says worst of financial crisis is over
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May 16th, 2008 "In my judgment, we are closer to the end of the market turmoil than the beginning," he said. "Looking forward, I expect that financial markets will be driven less by the recent turmoil and more by broader economic conditions and, specifically, by the recovery of the housing sector."
Markets Calmer, Says Treasury Secretary
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July 20th, 2008 "I think it's going to be months that we're working our way through this period, clearly months. Of course the list [of difficulties] is going to grow longer given the stresses we have in the marketplace, given the housing correction - but again, it's a safe banking system, a sound banking system. Our regulators are on top of it. This is a very manageable situation."
List Of Troubled Banks Will Grow, Paulson Says
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August 10th, 2008 ``We have no plans to insert money into either of those two institutions,'' Paulson said in an interview with NBC's ``Meet the Press'' broadcast today from Beijing. He added that their earnings results were ``not a surprise.''
Paulson Says No Plans to Add Cash to Fannie, Freddie
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September 7th, 2008 "Nothing about our actions today in any way reflects a changed view of the housing correction or of the strength of other U.S. financial institutions."
Statement by Secretary Henry M. Paulson, Jr. on Treasury and Federal Housing Finance Agency Action to Protect Financial Markets and Taxpayers

This is the lie I liked the best!

August 10th, 2008 ``We have no plans to insert money into either of those two institutions,'' Paulson said in an interview with NBC's ``Meet the Press'' broadcast today from Beijing. He added that their earnings results were ``not a surprise.''

When, by this time they already were planning THEIR bailout!

White House Dispatches Team to Push Economic Bill

September 23, 2008, 10:42 a.m.

The White House today is drumming up extraordinary pressure on Congress to approve its plan to enact a $700 billion mortgage bailout fund, suggesting the markets cannot wait much longer and dispatching Vice President Cheney and other top officials up Pennsylvania Avenue to jawbone lawmakers.
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Fratto insisted that the plan was not slapped together and had been drawn up as a contingency over previous months and weeks by administration officials. He acknowledged lawmakers were getting only days to peruse it, but he said this should be enough.

[edit on 9/25/2008 by Keyhole]