Jackson Jambalaya

What were we told in September? We HAD to pass the bailout bill. Had to. What did Paulson tell us as he demanded we give him unprecedented power? We were going to use this bailout bill to buy toxic assets from financial institutions and stabilize the markets. If I heard it once I heard it a hundred times from the Treasury Secretary.

SOOOOOO....... what did he tell CNBC today?

"Treasury Secretary Henry Paulson defended his decision to change how the $700 billion financial bailout fund is used, telling CNBC that the spreading credit crisis forced the government to focus on injecting capital directly into banks instead of buying up toxic mortgage assets.

"By the time the process with Congress was completed, it was clear that we were facing a much more severe situation than we had envisioned earlier on," Paulson said in a live interview. "We have this limited pool of resources—big, but limited, $700 billion—and how do we use that, and get the maximum impact, and it's by putting capital in (banks)."

It took Congress all of FIVE DAYS to pass this bill? Remember? The bill was drafted on Sunday, died on Monday in the House, then was resurrected and passed on Friday (and investors smote the markets as they shewed their wrath at what had been done)

Does anyone believe Paulson? He promoted this bill by saying we had to buy these troubled mortgages and toxic assets KNOWING that was complete BS and he intended to do something else. Paulson's main talking point was how the bill would allow him to buy toxic assets.

Unfortunately, the media has said virtually nothing about this. Just another ho-hum news story. The American people don't care as they shrug their shoulders while the economy worsens. They act like slaves who have accepted their fate. Why shouldn't Paulson and his media accomplices treat Americans like slaves when they act like slaves? People need to wake up and start demanding true accountability or else they will deserve everything that happens because of this meltdown.