« Paulson On Meet The Press: If McCain Hadn't Gotten On Board, TARP Would Never Have Passed »

"As he was falling behind in the polls it would have been very easy for him to demagogue that issue, playing the populist card," he said. "And if he had come out against what he were trying to do we wouldn't have got it I believe. We wouldn't have had the TARP legislation passed and we would have been left defenseless."

Comments

[Jim M]

A correct assessment. McCain sold us out. Of course he was surrounded by Banksters as "advisers" . They convinced him that the sky was falling. This despite the fact that internal reports within the Federal Reserve itself showed that the Bailout/Tarp was not warranted: http://www.minneapolisfed.org/research/WP/WP666.pdf.

Interesting that the lions share of the TARP funds was later paid out as bonuses to retain the "talent"..... So much for the cash infusion being needed to recapitalize the Banks. Of course, the Banks lobbied successfully for a mark to fantasy accounting scheme that was effective in further cooking the books. Then the Federal Reserve bought these "under valued" assets at way above the true market price. The Federal Reserve had no intention of keeping this crap paper on their books, so they apparently have dumped it onto Fanny Mae and Freddie Mac. And that explains why on December 24th Geithner announced that the Government would be raising the loss limits on Fanny and Freddie to unlimited. Thus the Government has successfully transferred massive liabilities to the taxpayers. Nice job McCain. Thanks a lot.