Wednesday, November 12, 2008

A $700 Billion Boondoggle

Remember a couple months ago when the Administration, with the assistance of both presidential candidates, rammed a bill through Congress which gave the Treasury Department $7oo billion to buy "troubled assets", credit derivatives and other overly complicated bad investments.

Today, Treasury Secretary Hank Paulsen announced that he's just gonna go ahead and spend the $700 billion on other things, such as bailing out auto companies and buying shares in banks. And it did not require a new act of Congress to change where all that money (the technical term is "shitload") would be spent. How is it possible that Congress gave so much money without imposing more strict controls on how it would be spent? Is Paulsen prevented from spending a few billion on a Paulsen theme park? I'm not so sure...

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