The Bailout is Working!?
Well, maybe it’s working for somebody.
Neel Kashkari, buddy of Henry Paulson’s from Goldman-Sachs and now overseer of the U.S. Treasury’s $700 billion financial-rescue plan, said yesterday, “We are confident we are pursuing the right strategy to stabilize the financial system and support the flow of credit to our economy.”
Interesting comment considering that, according to the Associated Press, stock in the program intended to eventually earn taxpayers a profit has lost almost one-third of its value — nearly $8 billion — in barely one month.
We’re never going to see any of that money again, much less a profit. You can’t stop a market correction. Slow it down a little bit, for a little while, maybe, but you can’t stop it.