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On Wednesday, there was a big change to the government bailout plan and already a lot of people are screaming foul.
Treasury Secretary Henry Paulson told us he now has a different plan for how to spend that $700 billion of your money.
When Congress OK'd the bailout package, they all told us it would be spent buying troubled mortgage assets.
That's what Congress voted on. That's what Congress approved.
Now, Paulson says it would be better for the economy if he uses the money to buy bank stocks as a way to help their balance sheets so they are more likely to lend you money for a car or student loan or credit card.
Treasury Secretary Henry Paulson told us he now has a different plan for how to spend that $700 billion of your money.
When Congress OK'd the bailout package, they all told us it would be spent buying troubled mortgage assets.
That's what Congress voted on. That's what Congress approved.
Now, Paulson says it would be better for the economy if he uses the money to buy bank stocks as a way to help their balance sheets so they are more likely to lend you money for a car or student loan or credit card.
I'm no financial genius by any stretch, so I couldn't say which plan would be more beneficial to the country in the long run. However, I fully expected the bailout funds would not be used to buy up and re-finance troubled mortgages. I figured the money would be used however "they" wanted once it passed through Congress.
Now there's talk of whether GM needs to be bailed out too. I've got a new plan for success. I'm going to start a company, hire an ***-load of people, build up billions in debt after devising a great Golden Parachute plan for myself and several close buddies whom I will make VP's in some capacity. Once all that is in place, I'll go running to the government crying for a bail-out package.
This plan can't lose.