December 23, 2008 at 4:00 pm
· Filed under Ecomonic Issues
The United States Secretary of the Treasury recently asked Congress for authority to spend another 350 billion dollars to counteract the current economic crisis. I am still attempting to discover what benefit resulted from the previous 350 billion. What is happening to our leaders?
The problem with our current leaders may be a very ancient one. More than 2000 years ago Plato wrote about civic leaders. Plato suggested that, in a democracy, there may exist a state of appetite with an unlimited desire for wealth (and power). Of course, unlimited desire and claims lead to conflict. Is it possible that in our world the “unlimited desire” of business and governmental leaders drive them to become tyrannical personalities?
This unlimited desire can affect any appetite, for example money, power, and fame. The feeling of power may have led us into our current economic failure. The thirst for wealth may be preventing the current administration from solving the crisis.
Could it be that the reason the first 350 billion dollars failed to help is that those receiving the money decided to keep it rather than make the investments and loans necessary to break the credit impasse? Is it possible that when the current administration announced that our economy was failing and demanded emergency funds of 700 billion dollars, that they did not have a plan? Did they ever explain why exactly 700 billion? Why not 600 or 800 billion? Who invented the number?
Many news reports now claim that Hank Paulson, the Treasury Secretary, attached no real conditions or accounting on the 350 billion. Was Hank simply giving money to his friends? When the Associated Press approached banks that had received funds and asked them what happened to the money, the banks refused to answer.
What can we the citizens and taxpayers of the United States do about this mismanagement of our money? Are the banks that received part of the “bailout” liable? Can Secretary Paulson be investigated and possibly prosecuted for incompetent actions?
One thing is certain to me: Paulson should not get the second half of the money.
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Larry said,
December 26, 2008 @ 11:23 pm
The clock is ticking . . . 25 days and no more Bush, no more Cheney, no more Paulson. History books will include black borders when they write the history of the Bush years.
Monte said,
December 29, 2008 @ 8:06 am
You ask a good question, where did the money go and can we see real fact on its use (more importantly, its benefit)? Can you show urls to your resources such as the APS questioning the banks. This is great!
Monte