No Nanny State - Molon Labe!: Bald-Faced Lie
No Nanny State - Molon Labe!
Not surprisingly, yet another Bush Administration official has looked America and Congress in the eye, and lied out of their ass.
Treasury Secretary Hank Paulson now tells us that the $700 billion bailout - which was to be used to buy up bad loans from banks and investors - will now be primarily used to Nationalize more American banks.
The Bush administration on Wednesday largely abandoned its plan to buy up toxic mortgage assets and said it will focus its $700 billion financial bailout fund on making direct investments in financial institutions and shoring up consumer credit markets.
Well, isn’t that a surprise. Anyone with two brain cells to rub together could see that $700 billion was not nearly enough money to help stabilize the US mortgage market, which is in the neighborhood of $12 trillion.