Bush: Bailout Trust Issues

“As much as I admire Secretary Paulson and Ben Bernanke, this administration has no credibility at all,” said veteran liberal Democrat Rep. Jim McGovern of Massachusetts. “I wouldn’t trust them to tell me the correct time.”

One of the problems is that Treasury Secretary Hank Paulson faces a credibility gap on Capitol Hill that many trace to the Bush administration’s handling of the Iraq war, launched long before Paulson signed on in 2006.

Hoyer states problem with, “…the Bush administration’s arguments for the bailout bill were “their rationale”…”

“As modified by Frank, the bailout bill would provide $700 billion to buy distressed assets from banks and investment firms. In addition to the so-called toxic debt, the Treasury would get warrants that would give the federal government a potential ownership stake in such firms if they take part in the bailout.”

“It’s the same as with the Iraq war, the administration saying ‘Trust us, give us everything we want,’” McGovern said.

1 Comment

  1. Since AIG is public funded now, does that mean they will start paying claims?

    Paulson has over 700 million in assets and was the CEO of Goldman Sachs. Paulson was appointed by Bush. I feel this is nothing more than a huge plot by the super wealthy and Bush to orchestrate the stealing of 700 billion in taxpayer money. I think it is Bush’s grand finale, he and his banking partners and Paulson will all profit incredibly from this. Its Bush’s last stand, to grab as much money as possible from taxpayers and give it to the super wealthy right before leaving office.

    I have one question, when I sit down to do taxes this year, do I make out the check directly to AIG, or do I send it to the government and let them forward it?

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