12.08.2008 2:17 pm
Bailout cash should be used to help U.S. economy
St. Louis Post-Dispatch
Citigroup received $45 billion in bailout funds and spent $10 billion to buy out a highway operation sysyem, Itinere, in Spain. Treasury Secretary Paulson is free and easy with companies spending bailout money on lavish recreational pursuits like the big AIG party, executive bonuses, banks which refuse to lend it and now purchases of debt troubled entities abroad. Citigroup is also pursuing investments in China.and perhaps can buy up something there with the remainder of the $45 billion bail out. Paulson is still sitting on most of the $700 billion+ bailout money because he must be careful not to require that it directly benefit the U. S. economy. Where is the outrage?
Ken Curtis
Valley Park
The outrage is silent from the Bush/Paulson supporters. The Washington Post reports major U.S. banks are on pace to spend more than half their bailout money on rewarding shareholders, i.e. executive bonuses. The banks have received more than $700 billion from the failed Bush policies and mismanaged corporate greed and they can spend it any way they see fit, with no strings attached…..The Bank of New York Mellon got $3 billion from the Paulson Treasury and will pay out $275 million in executive bonuses this quarter……
Bush and Company: Their last “coup de grace”…Up yours taxpayers and working families…we’re out of here.
Headline: London Press, November 9, 2004…
“How can 59 million Americans Be So Stupid”?
What I do not understand is there is talk of setting up an Auto Czar to ensure that the bailout money is used to fix the auto companies. This includes to ensure they do not send work overseas.
Yet the auto money is a small fraction of the amount being spent on the banks. Yet no oversight Czar has been established or even talked about. The theory was that Paulson would ensure the money was spent properly, but he seems ready to let them run wild. Ii does not appear they want to loan the money that they said that they would once they got it from the government.
I was outraged long ago, watching [Federal] debt climbing alarmingly fast. Then I was stunned early this year when mommy started handing out $600 cookies. Then numbed by the further looting of the treasury (laser printer). Now, I’m to a point where I think it’s more or less over - I’m just about to a point where I don’t care anymore. I can go back to the days of Stagastan, I don’t know about the rest of you.