"US economic Leadership: Incompetence at exstraordinary levels- Paulson Plays While the World Pays" - by Nicholas von Hoffman
In the past couple of months Bernanke has loaned out $2 trillion to unnamed companies under eleven different programs, all but three of which have been slapped together in the past fifteen months of financial crisis. To repeat, we do not know who got this money or what collateral was put up in return for the loans or what conditions were attached to them. In the past couple of months Bernanke has loaned out $2 trillion to unnamed companies under eleven different programs, all but three of which have been slapped together in the past fifteen months of financial crisis. To repeat, we do not know who got this money or what collateral was put up in return for the loans or what conditions were attached to them.
Paulson appears to have given away, invested, loaned or lost about $300 billion of the first $700 billion Congress gave him, but he has lost more than money: nobody believes him or Bernanke anymore. Every day another company steps forward with its handout--American Express, Chrysler, GE Financial--and every day it appears Paulson and Bernanke are prepared to accommodate these corporate mendicants.
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