Archived: Editorial: Paulson’s and Bernanke’s ‘Trust Us ’ Not Enough


Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke’s pleas for flexibility in how they will purchase $700 billion in mortgage assets from major corporations is just not enough reassurance for American taxpayers.

Why should taxpayers listen to their “Trust Us” when they kept telling them only a few weeks ago that the American economy was not in trouble? That it’s “basically sound?”

They said they will figure out a process in the coming weeks, after the loan program is approved that is. Give us the money to spend, after all, we know best.
We don’t buy it.

As far as we’re concerned, if taxpayers bailout some of the nation’s largest financial institutions, they should be provided the same collateral that Warren Buffet received for his five billion investment in Goldman Sachs.

Millions of Americans have lost their homes and any investments that they made in those properties. Many thought or were told they could refinance them in the future, are they any less deserving of bailouts, if they have the means to make lower mortgage payments, than the financial institutions who should have known the danger in their “exotic “ investment programs?

While there’s no doubt that the economy is in danger, we fear that the Bush plan to bailout big business places taxpayers in danger for generations to come.

We believe that if the Congress approves this bailout without getting ownership in these institutions, President Bush won’t be the only one soon out of a job.

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