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Thank you for that lesson in revisionist history

How can you expect to be respected or taken seriously if you don't know the facts and spout pure opinion?

Have you actually READ the documents surrounding the TARP program; the ones that were made public by JudicialWatch under an FOI request?

Are you aware that JPM, GS, USB, BK,WFC, and several others all told Paulson that they neither wanted nor needed the TARP money, and certainly had no desire to issue preferred stock to the governmnet? (At which time Paulson made the famous statement, "You're not getting out of this room until you sign those papers") The TARP was structured to save C and BAC, which Paulson felt could not be done if only they received bailout money. He feared that their stocks would be dumped en masse, and wanted to spread the pain to all banks.

I would hardly claim that the majority were crying to be saved. Blame Paulson if you want to - don't blame the banks that were FORCED to take the money and have paid it back with interest.

The second thing to realize is that playing favorites in bailouts and arranging takeovers was one of the worst things that Paulson could have done. They found a buyer for Countrywide and Merrill Lynch. They found a buyer for Bear Stearns. They then told Lehman Brothers to drop dead, at which time the economy went from steep decline into vertical free-fall.

Our biggest problem is in Washington, politicians and their unelected henchmen who think they are kings and crowned princes. We saw Paulson do it with Bush's blessing and we saw Obama's team do it during the Chrysler restructuring, when they blatantly threatened Oppenheimer for initially insisting that secured bondholders retain the rights they were legally entitled to.

What about the impact of the CRA of 1977 and some associated policies during the Clinton years in forcing banks to make loans to people with weak or no credit because of the neighborhood they lived in? Why did Bawney Fwank and the Democrats fight so fiercely about investigating and reining in Fannie Mae and Freddie Mac less than a year before their house of cards collapsed?

Wall Street is not blameless for the current state of our economy, but the majority of blame rests with Washington. Economics isn't "fair" and it can't be made fair by Washington's attempts at tweaking. We need reasonable, sensible regulation, but we don't need the velvet glove that hides the iron hand.

By blaming Wall Street you're shooting at the cub and ignoring mama grizzly who is in full charge.


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