Treasury Runs Out Of Money To Give Away. Fed Rides In
paulson + bernanke
This is getting silly. Two days ago, Toxic assets were out. Then Treasury bailed out Citigroup’s…toxic assets. And now the Fed (they’re the ones who actually print all those T-bills) have taken over and pledged $800 billion to bail out all toxic securities built on consumer credit card debt. In one fell swoop that’s a bigger bailout than the one we haggled over during the campaign.
Crass incompetence is kind of quaint when we can chuckle about it in other parts of the world, but when it’s taking place here at home and hitting you hard in your pocketbook it’s not quite so funny. It only goes to show, you can only really judge the quality of government during a time of crisis.
By the time Obama rides in, we’ll be lucky to have an economy left at all.
