The prospect of 70 additional days of the Bush administration’s bungling of the economy means we’ll see more flipflops like Secretary Paulsen’s announcement that the expressed reason for the $700 billion bailout — the purchase of “toxic assets”–actually isn’t what he wants to do with the money in the first place.
Rising numbers of unemployed, displaced homeowners and stressed small businesses likely threw things at their sets watching this statement.
It supports the notion that Congress should have continued to tell Paulsen no. This is a domestic version of the shifting rationale for the Iraq war.
Sen. Chris Dodd, D-CN, adds the fact that the actual assistance to the financial sector this year has been close to $5 trillion.
In the hearings today, the Leadership Conference on Civil Rights and the Center for Responsible Lending pointed out eloquently that the actual black and Latino homeowners who were scammed by these institutions have yet to get any assistance at all; nor is there any attention to the 40-year-old Fair Housing Act.