Another Fix

If you don't believe that the Wall Street elite want to shackle you to debt, then just feast your eyes upon this tasty treat by our hero Hank Paulson. 

"Millions of Americans cannot find affordable financing for their basic credit needs. And credit card rates are climbing, making it more expensive for families to finance everyday purchases. This lack of affordable consumer credit undermines consumer spending; as a result, it weakens our economy."

Wow he even managed to say it like he cares about you and the economy, he doesn't! All Paulson cares about is the Street elites like himself, desperately dependent on your debt for their billions.

It seems almost Freudian, the ease with which he seems to out himself on the fact that he wants you to spend not save. But wasn't excessive consumer borrowing (you and me kind) that helped to blow up the credit bubble in the first place? Well Hank really cares so much about you and your economy that he has just thrown you more rope to hang your self with.

Tuesday that it will buy $600 billion in mortgages and mortgage securities backed by Fannie Mae and Freddie Mac, and provide $200 billion in non-recourse loans to investors holding investment-grade (BBB or better) securities backed by newly or recently originated consumer loans. That includes credit cards, auto loans, and student loans, as well as small-business loans guaranteed by the Small Business Administration. The $200 billion will come from the Treasury's Troubled Asset Relief Program (TARP).

That's the problem with Hank, that easy roll over ponzi finance is such a normal part of his privileged world that he just doesn't get it: Americans should not be financing their "everyday purchases". If we do we will be borrowing everyday, then borrowing to repay what we borrowed and on down the line just like the big boyz on the Street do it. Does Hank realize how thinly disguised a ponzi built upon a ponzi scheme this is. I don't know, but I know this, you cannot fix a ponzi scheme with another ponzi scheme and there will be no bailouts for you or me. Anyone who buys a piece of that”financing for their basic credit needs" rope, will swing by the end of it.