In My School of Thought Paulson Gets A Great Big F A three page document in exchange for 700 billion dollars

In economy, politics, The Economy on September 26, 2008 at 4:01 am

Every Time I think of how the country was asked to give 700 billion dollars to the Department of the Treasury from a three page letter I am incredulous.  As a Political Science Major who’s never worked in the field,  with extensive coursework in Public Policy, I know that if I had turned in 3 pages for any Policy Evaluation of an issue or Policy Solution, a three page prescription would have netted me a great big F.  I think the minimum for a decent grade not to mention 700 billion dollars was twenty pages.  As a former debater and a person with extensive experience with crafting public policy.  There is no way possible Paulson could have given any serious thought to why he needed 700 billion dollars with three pages.

As far as debate goes, you can’t even begin to debate adequately with three pages because your competition who has to be familiar with all basic aspects of the issue would tear you apart.  For instance if you were debating the overall aspect of the crashing economy.  You would have to know what industry’s were or would be affected, what would throw the country over the brink into a depression, what solutions were needed to solve the problem, statistics, justifications etc, all buttressed by noted authorities well respected in their field. Finally after the solutions were proposed there would be talk of cost.   The price of entry into debate is being able to SHIT, as one former debater coined it.  T – Topicality – Do you have the ability to even firmly grasp the over riding issues and what’s going on, I -Inherencey – What are the inherent barriers keeping the problem from being solved, ex.  Why is the U.S. facing a depression or in depression, and what is causing the depression?  HHarm – What will happen if we don’t solve the problem?  this is one Secretary Paulson did get, he skipped immediately to pushing our country over the brink.  Finally in debate your solution is called S-Solvency which includes a policy prescription and solutions to the problem.  You will lose if you say give me 700 billion dollars and that solves the problem.  You have to have step by step solutions. I’m sorry to say but a three page letter for 700 billion dollars would get you laughed at.

AS far as formal training in policy drafting and making the same applies.   One wonders with such a large staff why Paulson would deliver a three page document in exchange for 700 billion dollars.  Don’t the American people pay the salaries of policy wonks at the Department of the Treasury to examine broad issues of the economy, and render proposed policies that will provide the solution.  Heck even a computer simulation predicted Hurricane Katrina at least five years prior to it’s happening.  I’m sure their is a computer that Paulson could have used to get some statistics for why he needed 700 billion dollars.  The problem here is that Paulson did not even try to make his robbing of the citizens look good.  Furthermore, I am even wondering if this is his jurisdiction, yes he’s supposed to keep the economy going, but the Department of Commerce is supposed to be the governmental liaison between Wall Street and Main Street.  You know I have only one thing to say, when I graduated from college I sent out hundred and hundreds of applications to government looking for a position as a policy analyst, no one hired me.  It is a little disappointing to see a three page policy proposal for 700 billion dollars.  I can’t even get a micro loan of $1000.00 without a business plan.

Then again just like the Iraq War.,  this situation is just friends helping friends and I believe what the callers of C-Span believe that once the deal is done the money is going to the Caymans and to Dubai.  This is essentially a buyout of Wall Street and they don’t have to put it back into the U.S. economy.  I have to admit that if someone bought my business for 700 billion dollars and I had a nightmare experience of employees faking documents, clients lying about their worth etc.  There is no “way” I would try to come back and do business with the same types of people again.  I would take my loan money to China, and to places where I know the people would pay me back and the people processing the loans were honest. After getting my share of the 700 billion dollars I would leave the country.  The crisis that we are in is because we hire people who ask for 700 billion dollars because of three pages of documentation and “get it” because they threaten us or because we like them.  This is not just a depression this is a disaster with a massively undereducated population that are not assets to the U.S. anymore.  The one thing that Bush did get sort of right was a focus on education, however the high drop out rate is not good for the economy so he sort of got it wrong too.  I heard a speech that Mc Cain gave in 2005 where he had already figured out that we had a crisis in the United States as indicated by his words, he said something like  the following I went and talked to the President of Ireland and I asked him how he had turned his country around from being a place that people were fleeing from to a place where people were flocking to, McCain went on to say that the president of Ireland said that he committed himself to the education of the populace.  I understand that with our Mobile society it is impossible for us to control how long and how children are educated but we must, the health of our country is at stake.

Finally, I suppose since the Secretary of the Treasury can ask for 700 billion dollars with three pages, I have a right to offer my own suggestions in a couple of paragraphs.  First of all I think something like the WPA should be established to give people jobs in this crisis, second of all I believe that Loans and maybe buyouts should be given to Wall Street to firms that go through an application process with heavy documentation “required”,  since Paulson has demonstrated that he could not be objective with his non bailout of Lehman Brothers and possibly Merrill Lynch (Does anyone want to do business with Lynch after being bought by the thieving bank Bank of America, I had three bank accounts prior to Bank of America with Bank Cards only, I never had an overdraft, I had a bank card with Bank of America also and in the first month of use they had managed to charge me over $150 in overdraft fees for an amount less than $25. and no I did not balance my accounts but I did what I did with every other account i  called for the balance and evidently the balance was wrong because Bank of America fleeced me with overdraft fees just from a bank card, so as far as that buy out goes, ordinary individuals need to stay as far away from the New Merrill Lynch as possible, banks 1000 times smaller than Bank of America could manage to accurately reflect my account balance but BofA could not) In any event Paulson has demonstrated in his refusal to give equal treatment to Lehman brothers and Merrill Lynch while in a credit crisis, that he does not have the fairness and judgment to administer 700 billion dollars.  If I were congress I would ask Banks and Investment institutions to create proposals with justifications and needs asking for the money and  expedite the loan or purchase of securities to a day if necessary.  I will repeat this one more time, I would in no way or no how give a man who asked for 700 billion dollars on three pages any money “never”.

Finally I mentioned McCain, I have to mention Obama too, Obama  has showed great judgment in saying no, they can wait a little while longer, he also showed great judgment in actually consulting experts as in plural on the subject. I think our failure in leadership has come about because our leaders believe that they ought to know everything and do not consult or respect the knowledge of others.  As for Mc Cain he showed great judgment in suspending his campaign to work on this issue.  Evidently, he clued Obama in to the fact that he had to stay too, because CNN and Fox are reporting that Obama has not left Capital Hill.  I think even the suggestion that Mc Cain is trying to grandstand politically is ludicrous.   He has been a Senator for a very long time and several laws have his name on them.  He wants to be involved and objective politicians on both sides wanted him to be Involved. Kudos to both men!


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