Monday, September 22, 2008

No Oversight?

This is shocking. The original draft authorizing Paulson's bail out seems like something that wouldn't happen in America -- except, that is, following the last eight years.

From the NYT:
"For Mr. Dodd, a larger issue was at stake in Mr. Paulson’s plan. “After reading this proposal, I can only conclude that it is not just our economy that is at risk, but our constitution as well.” Mr. Shelby echoed the point, saying the Treasury department was continuing “its ad hoc approach on a grand new scale.”"

ETA: Yeesh. If I didn't worry so much, this article would be like a birthday present.


Erin said...

IT is TERRIFYING. Please don't put all the blame for this in the Bush administration (though he deserves a healthy dose of it) as this was put together by Chris Dodd and Barney Frank, both Democrats, and the two biggest recipients of money from Freddie, Fannie, Lehman, and AIG in congress.

"But nothing the Democrats have suggested so far tackles the core issues of oversight, transparency or regulation. "

abebech said...

Dodd's modifications have only added the possibility that taxpayers would benefit if these companies turned around. Dodd did not write the part *recommending* no oversight. It should be the task of everyone involved, including us, to say, "Ummmmmmmmm, no. That's not how America works. "

One economic reporter suggested that yes, Dodd's/Frank's amendments are "socialist" but we've already at socialism -- unexpectedly, under a "conservative" administration -- just socialism for the rich.

I'm sure you also know about the McCain ties to Freddie and Fannie, right?

abebech said...
This comment has been removed by the author.
abebech said...

"Ummmmmmmmm, no. That's not how America works."

But you know what? We didn't do that in enough numbers when the same thing happened under the Patriot Act. Fear is pushing this through fast, too.

It makes all our other concerns about dissenting voices seem trivial to me.

Erin said...

You know about Obamas ties to freddie and fannie too right. His hands are far dirtier with them. McCain has been calling for regulation and reform of freddie and fannie for several years.

I was okay (not good, just okay) with the patriot act because there was a sunset on it. This has no sunset on it. terrifying We have to remember that BOTH parties are equally to blame here

abebech said...

The Obama thing is old news, an attack by the McCain campaign, until the hypocrisy has become clear. I have no idea how to figure "dirtier" when this whole thing is a nightmare.

Calling for and *doing* are totally different things -- McCain has had two decades, and recently has been proposing de-regulation of other sectors of the market . . . and then suggesting firing appointees that can't even be fired!

I'm trying to move from pettiness to real problems.