More On The UberFix

Hank Paulson gave more details this morning on this gubment superagency that will magically make everything better.

Treasury Secretary Henry Paulson on Friday called for the U.S. government to spend hundreds of billions of dollars to take toxic mortgage assets off the books of financial firms to restore financial stability.

"We must now take further, decisive action to fundamentally and comprehensively address the root cause of our financial system's stresses," Paulson told a news conference.

"The federal government must implement a program to remove these illiquid assets that are weighing down our financial institutions and threatening our economy," he said.

There are only two things you need to know.

1. The people who got us into this mess have failed at every single opportunity they have been given in the last several years to fix this mess so far.
   
2. The people who got us into this mess have now fucked up so badly that these same people now say they need trillions of taxpayer dollars to fix it this time.
   

Feel better? I know I do.

[UPDATE] When US Senators are throwing around numbers like a trillion dollars as "back of the napkin" calculations, then we're truly fucked.