Nobody is talking about the $7.7 Trillion Bailout

Things have gone from bad to worse to all out wonky. First off, wisdom has shown that the bailout isn't going to work. If it was invested in improving schools, medical facilities and general infrastructure we might see a turn around in America, but giving it to those folks who squander any equity they make on higher bonuses and day trading instability is plain foolishness. Now, it has gotten much worse. When Paulson etal announced the TARP Capital Purchase Program, he promised transparency. After all, with TARP, there is a very real potential of bankrupting the Treasury. Today, Bloomberg reports that Paulson and his robber Baron friends are giving away $7.7 trillion in credit and, get this, he isn't telling Congress who is getting the money!

This money could pay off half of every mortgage in America. Or it could provide free healthcare for every American. Think about what a relief that would be for American companies especially the automotive industry whose Union workers get full coverage. Or it could provide free education or best yet...it could stay in the Treasury and we could stop risking national insolvency.

I just quizzed my son for an exam last week. How did the British gain control of Egypt? My son replied, "By force, they invaded." No. Egypt borrowed too much money for building the Suez Canal and the British ended up own a majority share in the country!