Paulson’s failure will end Wall Street’s dominance in American politics – misguided and misinformed policies take its toll
Fred Day
Jul. 20, 2008

Treasury Secretary Henry Paulson has created disaster for the American economy. The Wall Street trader just did not understand the precarious condition of the housing and mortgage market.

Now he is upbeat with his faulty policies and lack of basic understanding the dynamics of the economy. He predicted the Bush administration would prevail in its effort to convince Congress to pass legislation that would allow the government to rescue Fannie Mae and Freddie Mac.

``I''m very optimistic that we''re going to get what we need from Congress,'''' Paulson said on the CBS News ``Face the Nation'''' program. ``Congress understands how important these institutions are.''''

Paulson is pushing Congress to authorize the Treasury to purchase equity stakes in Fannie Mae and Freddie Mac, which account for about half of the $12 trillion mortgage market, and expand government-backed credit lines to them.

This is not Paulson alone, what Bush Administration has done since 2001 is called protected socialism to enrich the rich. Simply put they have done everything to help the ‘rich by inheritance’ go richer. However, whenever the rich made mistakes, they became the biggest socialist economy to back their mistakes with common people’s hard earned tax money.

Paulson’s failure will end Wall Street’s dominance in American politics – misguided and misinformed policies take its toll.

Paulson’s failure will end Wall Street’s dominance in American politics – misguided and misinformed policies take its toll
Fred Day
Treasury Secretary Henry Paulson has created disaster for the American economy.
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