Financial Emperor Henry Paulson
Congress has been asked by King George Bush II and Financial Emperor Henry Paulson, to grant Henry the power to clean up the mess, that he and others worked to create.
This strategy works great in Washington. Engineer failure, then ask for and be granted supreme powers to clean up the mess you created. If this worked for the rest of us, the first baby to poop his or her diapers would become CEO of Johnson and Johnson.
So what are they asking for? In a nutshell, Henry (another good name for a King) wants unlimited power to borrow and spend money the taxpayers money. He wants sole discretion in how the money is spent. He wants complete immunity from prosecution and lawsuits, should someone decide to sue or arrest him for how he uses these powers.
This is exactly like getting burglarized, then later giving the burglar complete access to your financial accounts, on the promise that the burglar will wisely use your money to replace the stuff he stole.
In my opinion, Henry Paulson should be in prison for what he is done. but of course, the past few Congresses have legalized much of his activity, thanks to his lobbying and the lobbying of his friends that are enjoying sunny days on their yachts.
He screwed us big time. He robbed us. He destroyed our financial system. Now he wants, and will probably be granted the power to spend as he pleases, quantities of money that dwarf our nation's current largesses.
This one man will be able to give away, to domestic and foreign financial institutions, on a whim, more taxpayer money than is currently spent on education, the military, the War in Afghanistan and even the War in Iraq. He will be able to spend as many $trillions as it takes, to chase the dragon of inflation, by hyperinflating our currency. As he borrows and gives away, ever larger quantities of money to save his beloved banks, the dollar will devalue and he'll have to borrow and give away ever larger quantities of money.
Remember, in our fiat system with loans requiring interest, our money supply must keep growing to insure that debts must be repaid. Each bailout will produce a bubble, that will require a bigger bailout to save. Paulson already told us in a speech a few weeks ago, that he plans to blow another bubble.
The logical outcome of allowing Paulson to blow an endless series of bubbles is that he'll soon be spending more money blowing bubbles, than the US Government spends on everything. It won't take but a few iterations for him to get into the tens or hundreds of trillions of dollars a year in giveaways.
And what do the Dems have to say about this? They support Paulson, but want some consumer protections in the process. But to get what they want, they have to make concessions. As they didn't ask for extra fluff so they could give it up, they'll cave on consumer protections, and Paulson will become our Financial Emperor.
Then Nancy Pelosi will give speeches about what a great victory they've accomplished. When it all comes crumbling down, she'll tell us that her plan was to 'hope', that Paulson would give away infinite quantities of taxpayer funds in responsible manner, and how he disappointed her.