Bill O'Reilly says this morning on GMA that the companies who bought the bad mortgages didn't know. He's deluded. Henry Paulson is still sounding the urgent bell and now he's being more clear on the consequences. I still don't trust him:
Swamp: The proposed federal buy-out of bad mortgage-related debt may appear costly to taxpayers, Paulson will say, but the alternative could be far costiler.
"The market turmoil we are experiencing today poses great risk to U.S. taxpayers,'' the secretary plans to say. "When the financial system doesn't work as it should, Americans' personal savings, and the ability of consumers and businesses to finance spending, investment and job creation are threatened.
"The ultimate taxpayer protection will be the market stability provided as we remove the troubled assets from our financial system,'' Paulson will say. "I am convinced that this bold approach will cost American families far less than the alternative - a continuing series of financial institution failures and frozen credit markets unable to fund everyday needs and economic expansion. ''
A bunch of expert opinions on the bailout.
Let the wealthiest pay for the bailout. They are responsible.