$700 billion bailout

$700 Billion Bail Out Plan



About two months ago, Treasury Secretary, Henry Paulson, went to Capital Hill and practically begged Nancy Pelosi for the money. Telling her that there would be a "financial armageddon" if he did not get this money. When he went to Congress he asked for a blank check and immediately they said, "No way. There must be an oversite You must account for the money you spend and answer to us every step of the way." As I said it has been over two months now and where is this money now? Over one third of it has been spent already. On Wednesday Paulson reported that he didn't think the money was being spent in a wise way, and that he is now going to change the plans for the rest of the money. On Thursday the Washington Post reported that the jobs that had been created as being part of the whole bail out plan had never been filled. "No one is keeping watch on how the $700 billion of our taxes is being spent. The law requires Congress get a formal report by a certain deadline. The deadline has passes and, big surprise, there is no report." , said reporter for CNN Campbell Brown. Another quote by the Treasury Departments Inspector General "It's a mess. I don't think anyone understands right now how we're going to do proper oversight of this thing."

It's a little bit disconcerting how $700 billion of our tax dollars were just given to Paulson to help "save" our country and get us out of this mess we've gotten ourselves in. But we will have to sit back and see what he will do to help us out of this. Let's hope it's the quick and effective way.