The Bush administration on Wednesday largely abandoned its plan to buy up toxic mortgage assets and said it will focus its $700 billion financial bailout fund on making direct investments in financial institutions and shoring up consumer credit markets.
The U.S. Treasury Department initially promoted the financial rescue package approved by Congress last month as a vehicle to buy illiquid mortgage assets from banks and other institutions to spur fresh lending.
However, that plan never got off the ground and U.S. Treasury Secretary Henry Paulson told a news conference asset purchases were not the most effective use of the funds.
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And there you have it folks...all wrapped up in a tidy little blurb.
The Bush administration cannot act because it doesn't know what to act on.
The Bush administration is like a fireman with a bladder problem trying to pee on a campground full of small fires all the while a forest fire is ringing him in.
Thank God we currently aren't under enemy attack...the lightning response even forth graders know we need so badly for the national economy is a "work in progress" as far as this administration is concerned.
Why should we expect more though really?
This is why they buried us in debt and are now on they're way out as possibly the most reviled American administration in history.
It's not anything anyone did to them...it's what the did to themselves or rather what they could never do....govern intelligently or responsibly.
Goodbye Mr. Bush...history will indeed vindicate you...but why wait?...just ask people what they think of you right now.
Welcome To Detroit
