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Bush, Paulson, McCain provide hundreds of billions of dollar to banks and hardship for people
Treasury will pump $250 billion into financial institutions. Nine of the nation's largest banks have already agreed to take the capital and in return will give preferred shares to taxpayers and accept limits on executive pay. $125 billion will go to the nine large banks.
Paulson's friends in Wall Street and Banking industry say Hurrah. Bush-McCain-Cheney says I told you we could turn this thing around. In the mean time, all companies are distributing pink slips across the board in the United States.
"This is an essential short-term measure to assure the viability of America's banking system," President Bush said in comments outside the White House. "These measures are not intended to take over the free market, but to preserve it."
What is missing is essential short-term measure to help the common folks who did not end up in Yale and Harvard Business School because of their family connections with low GMAT score.
It is sad that the champion of capitalism ruined the later and adopted defacto socialism just for the rich. The answer from Paulson, Bernyanke, Bush, and McCain is - fold if you are not rich, you are on your own. If you are rich and you need help because of your greed and stupidity, we have a special socialism for you that will save you from getting wiped out.
Happy days are here again! Only for the rich I mean!
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