Secretary of the Treasurry Henry Paulson and his 0billion bailout of Wall Street Financial firms and reckless bankers is no less than a fraud perpetrated against the average Amrerican family.
Predatory lenders and their predatory lending practices are continued to be fed by US use of credit cards, lines of credit and home loans based on "equity" in every day life. A percentage of every purchase with that plastic goes to the fat-cat bankers and lending institutions which are still not regulated enough and if we bailout the fat-cat bankers now, we can only look forward to doing it again – yet a bigger package – bigger tax. We already made people rich in the Savings and Loan bailout. Now Henry Paulson wants to insure offshore (non-American) bank accounts with US taxpayer mmoney.
The whole scheme is just a fraud perpetrated upon the US average family.
Are Americans wanting to be fooled into submission or will they start saying no to taxing the poor just to reinforce the wealth of the recklessness and greed of predatory lenders.
If Americans started using cash for their purchases and not credit cards, America would be in much better shape – as they would be telling fat-cat bankers and Paulson where to go.)
Henry Paulson is acting in concert with Fed Chairman Bernanke to devalue the US dollar which only spikes inflation. If this 0billion bailout bill passes in Congress without putting an end to predatory lending practices (anything above 5%-10% above the prime rate), All of America will suffer along with the devalued dollar and rise in inflation.
Will America say no to being taxed into submission by stop using credit? Will Congress act on behalf of the American taxpayer by ending predatory lending, the root cause of the current financial mess?
(Yes, ARM’s or Adjustable Rate Mortgages are predatory lending and they are still being issued today.)
Henry Paulson is a fraud and inept to handle the 0billion bailout!!!