U.S. Treasury chief says banks must deploy new capital

By Mark Landler - International Herald Tribune
 
October 14, 2008

WASHINGTON: Describing the government's financial bailout plan as "extensive, powerful and transformative," Treasury Secretary Henry Paulson Jr. said on Tuesday that the injection of $250 billion into the nation's banks was needed to restore confidence and avoid a collapse of the financial system.

Speaking shortly after President George W. Bush used similar terms to describe the proposal, Paulson said the Treasury would make $250 billion available to banks to help recapitalize those banks and to get them lending again, among themselves and to businesses and consumers... .

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"The nine most terrifying words in the English language are: 'I'm from the government and I'm here to help.'" - Ronald Reagan.

Do you recall hearing Republicans invoking Reagan's name and memory in reverential awe as they railed against "government intrusion" into their self-centered and greed-ridden lives and times?

Do you recall their railing against government welfare programs for the poor with callous and uncaring  "welfare Cadillac" allusions?

Do you recall their accusing Democrats of being tax and spend liberals bent upon foisting socialized medicine and other nefarious schemes upon the nation?

Well, it looks like those old boys have proven themselves to be stinking hypocrites one more time.

Financial industry moguls are lapping at the federal trough now like the alleged baby-making welfare queens they have always mocked.

Apparently, America's fat cats don't mind a little socialism if it will help prop up their capitalistic world of excess.

D. Grant Haynes