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There is something about the auto deal that I find troubling: Bush and Paulson are using the auto bailout to ask NOW for the other $350 billion of the $700 billion bailout fund, so they can spend it all BEFORE Obama comes into office.
Get it?
I'm sure you've all read all those complaints about who this money is going to, accountability, rip offs, executive bonuses and buyouts, and the opacity of Paulson's whole process. Right? And they've spent $350 billion (with a b).
Meanwhile, credit is still almost standing still, while the unemployment rate soars, the stock market continues to look for its bottom and Paulson appears to have no plan of what to do next.
Still, Treasury wants the other $350 billion, and now, since $4 billion of it is needed for the $17 billion rescue for the Shrinking Two. That is, $13 billion is the last of the first tranche.
The only way Congress should give Treasury any part of that $350 billion is with a lot more oversight, and a limit to how much they can spend in the next month. It's interesting how the Pres can ask for all this money without oversight, after damanding strict oversight over the Shrinking Two for just $17 billion. Congress should give only a month's supply of cash to keep the "process" going until Obama's team comes to town.
Does anyone really think that Paulson's operation was either effective or without potential corruption?
And yet NOW Bush is asking for the balance, to spend just as recklessly, BEFORE Obama becomes President.
It's a scam, folks!
