(8 am. – promoted by ek hornbeck)
Honestly what did they expect?
The bailout is a mess!!!! Who would have thought?
The guys who brought us this mess are still in charge….what makes anyone think that they have any rational answers that will correct anything???
I say, get out the Circular Firing Squad….get rid of them all so change can commence.
The Washington Post :
the Bush administration has committed $290 billion of the $700 billion rescue package.
Yet for all this activity, no formal action has been taken to fill the independent oversight posts established by Congress when it approved the bailout to prevent corruption and government waste. Nor has the first monitoring report required by lawmakers been completed, though the initial deadline has passed.
Monitoring? The Foxes are going to monitor themselves? Now how is that supposed to happen? Maybe after all the chickens are eaten they will be able to do it….but they will just conclude that they need more chickens!!!! How much more will it take? Oh, yes, just print more money to bail them out…now that will work!
It is all the lawmaker’s fault, they haven’t appointed the five member panel to do oversight! Ha….aren’t they the ones who allowed all this to happen and they expect a miracle?
For their part, lawmakers have yet to nominate the five-member Congressional Oversight Panel, though leaders of both parties said they hoped they would be named by the end of the month and start work by December. People familiar with the matter said possible nominees included current and former government and industry officials, though some had to recuse themselves because of conflicts of interest.
The panel’s mandate is to look at the use of Paulsen’s authority and the impact of the program on the financial markets and mortgage crisis.
As Letterman asked, can’t we let him take over early? It would need to be a “them” since we would need a Congress that could actually do something rather than be stymied by an equal number of Republicans and Democrats in the Senate.
Let’s get real…the Shock Doctrine is still in charge here and so is Milton Friedman…what we need is a new doctrine and a new group of gurus.
This mess will be with us for a long time.
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also posted at kos
… but I’m not the only one, and if the “you” are the Congresscritters that pushed through the ramshackle bail-out bill, I doubt my argument got through …
Cash for trash doesn’t work to restore solvency if you pay anything like a fair value … but it would reduce the risk of further waves of asset value melt-downs, and would improve the liquidity of financial firms.
The recourse that restores solvency is buying in … equity … but trusting the Bush administration to make a hard bargain when buying into financial firms … hard enough that firms that do not need bailing out do not put their hands out … is silly.
So senior preferred shares with strong limits unless the dividends have been paid in full for the previous four quarters (which means the limits automatically kick in for a year in any event) … no M&A activity without approval from the resolution authority, no executive compensation in excess of 10 times median personal income, and no dividends to any other equity shares.
Well, waddya know, I think I scored three out of three on what the chief shenanigans would be, since in just one news story I saw on this, the complaint was on funding the buy-up of healthy firms, continued payments of executive bonuses and executive deferred compensation, and continuing to pay dividends.
Well, anyway, told y’all so, even if Congerss did not listen to me.
I told you so: Bail Out Trusting Paulson Edition
congress’s faux outrages at the Bushites crimes that they turn into law. I’m wondering why they get away with claiming they cannot stop them until…. until the election, until we pass some law or another, until we have 60 members, until it’s the will of the people. How come the Republicans have no qualms at filbustering, tabling or what ever it takes and the Dems are just one big we have to pass this as it’s a huge emergency and we will all die.. I smell complicity. Jane Harmon of all people has a lot o nerve. Do not think they are stupid just bent. Conflict of interest would include all of them.
to a great diary that sheds some light on what’s going on for those of us who feel like were watching a pea shell game with the money.
http://www.dailykos.com/storyo…