Thursday, October 2, 2008
The Fed has ALREADY brushed aside Congress’s “No” vote and pumped money into the system
For nearly a year, we have been asking ourselves why the investors and foreign banks that bought up hundreds of billions of dollars of worthless mortgage-backed securities (MBS) from US investment banks have not taken legal action against these same banks or initiated a boycott of US financial products to prevent more people from getting ripped off? Now we know the answer. It's because, behind the scenes, Henry Paulson and Co. were working out a deal to dump the whole trillion dollar mess on the US taxpayer. It (The bill) provides hundreds of billions of dollars of bailouts to foreign investors. It provides no real control of Paulson's power.