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So if I'm reading the bailout right, Paulson becomes king. No oversight, no accountability, free reign to do whatever he personally deems is necessary.
With a rotating credit account of $700 billion. (Which means he'll spend way more.)
Of our money.
Can you say Halliburton?
After we hand him our entire nest egg and the keys to the family car, he's supposed to report back in three months. And every six months after that.
No legal recourse if we don't like what he's doing. Lots of closed door meetings with his old Wall Street buddies. Congress's official power will consist of saying "Okay, that's fine with us."
By the Secretary, for the Secretary and of the Secretary.
Let's get to the bottom and hold people accountable
In all honesty, it sounds like Paulson may be in the process of being setup as the fall guy.
My sense of this situation is that the government should act as the insurer against default of questionable mortgages to stabilize the financial markets in the short term, and then prosecute corruption as it is discovered if and when borrowers default. Let’s find out once and for all who’s really to blame- predatory lenders or dishonest borrowers. Even if this takes more time it is time well spent.
We are so far beyond a free market economy, a democracy and capitalism that it's now impossible to define what we are. Are we a plutocracy, socialists or semi-sovreigns? One thing we are not is united, because few can agree on who to help and how.
Two things are certain: the people have no voice in any of this, yet we will have to pay-- and pay dearly-- for it. And the new president will not have the power to enact sweeping change. Maybe we are supposed to write in the Paulson/Bernanke ticket on Election Day. OK, so that's three things and it all adds up to a desperate Hail Mary play that may or may not save the game.
It seems that just about the only way that anything can be done in Washington is to give the power for change to one person. Good or Bad. One person can get things done.
Otherwise, it has to go to commitees, board reviews, meetings and more meetings and finally Congress where it will be talked to death.
Until there are restrictions placed on what banks and other lenders can do, it is going to be the same old, same old way of doing business. Nothing is going to change. People aren't going to change and police themselves as long as there is money to be had, they will borrow it. And that includes borrowing from that slipperly slope that's paved with Credit Cards. It's going to take one strong willed person to get things turned around.
Otherwise, it has to go to commitees, board reviews, meetings and more meetings
Uh, with $700 billion at stake, is that so unreasonable?
Quote:
Originally Posted by Padgett2
....and more meetings and finally Congress where it will be talked to death.
Like what happened with the Freddie/Fannie proposal? Or the Bear Stearns proposal? Seems like Congress can be plenty quick with the approval ink when they want to be-- often too quick.
Your premise is false - congress has to approve the bailout and his decision were already discussed and accepted with Congressional (Dem and Rep) leaders.
You are reading the bail out right, you just don't understand the workings of government, the checks and balances put in with the three branches of government.
Your premise is false - congress has to approve the bailout and his decision were already discussed and accepted with Congressional (Dem and Rep) leaders.
You are reading the bail out right, you just don't understand the workings of government, the checks and balances put in with the three branches of government.
Now, will the bailout help? Who knows.
My premise was simply that the bailout seems as unregulated as the financial institutions that got us into this mess.
I get that it hasn't been approved yet. I don't have much faith in a panicky election year Congress to do the right thing on this.
As for what Congress has approved, my point there was that the legislature hasn't exactly been debating things "to death" lately. On the contrary, they seem to have hair-trigger approval on any attempt to tame the financial crisis.
He will only be in power until January 2008. Four months from now a new team will be in place.
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Let's get to the bottom and hold people accountable
