Paulson, who failed and sometimes refused to regulate and now claims changes to his proposal aren't possible because of an emergency that resulted from his failure or refusal to regulate?
Paulson, who last Sunday rejected suggestions that his taxpayer-funded program be revised to provide any sort of relief for homeowners facing foreclosure?
Paulson, who steadfastly refuses to consider taking a hard look at A.I.G. and other financial firms. How could these companies, managed by the so-called "best and brightest" guys in the room, have committed such a long and horrendous series of "poor judgments"?
By accident, or sheer incompetence?
Hard to believe, given that everyone in the room knew millions of explosive mortgages were being written to families without sufficient income, or in some cases no documentation of any income at all, based on fraudulent appraisals and supported by fraudulent AAA ratings.
Given the size and blatant nature of the disaster, accident and incompetence excuses simply don't fly. Something more was involved. That something is the number and size of vultures who bet on and stand to gain from the disaster, and how much they stand to gain. Too many people owning fire insurance on my neighbor's valuable house.
In my house fire insurance example, the insurance companies that wrote the polices risk going broke, due to an unprecedented number of mysterious house fires, each resulting in an unprecedented number of claims.
The proposed bailout asks for $700 billion. The number of homes through, in the process of or facing foreclosure is currently about five million. Meaning the cost will be about $140,000 per home.
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