OpenCongress is upset that a Republican senator is holding the confirmation of the Special Inspector General at the Treasury Department whose job is to “oversee the whole process and make sure that the taxpayersâ€™ money was being used legitimately” for the bank bailout. Sen Bunning: $50 million for Watchdog to Watch Nothing They speculate that […]
What theyâ€™re doing is theyâ€™re taking the assets away from the competent people, giving them to the incompetent people and saying to the incompetent: â€œOkay, now you can compete with the competent people, with their money.â€ I mean this is terrible economics. This is outrageous economics. Good stuff.
If this wasn’t already obvious from the reports of congressmen ignoring 95 per cent negative feedback or the fact that $100 billion in pork was required for it to pass the House or that funds are going to politically-connected organizations, then it should be dead obvious now that Treasury Secretary Paulson has unilaterally decided to […]
Obama is desperate to bailout General Motors and even says the bank bailout bill that passed recently amid great controversy gives the President the discretion to do so. Is this change? Obama has been far more receptive than Bush to having the government intervene to rescue another major sector of the economy. He called automakers […]
A letter to the editor of Peoria Journal Star shows discontent in the heartland over the Bear Sterns bailout and asks “Why accumulate wealth through innovative thinking and hard work only to have it redistributed to crooks and morons?” In the news almost every day now are stories of homeowners whose properties are falling into […]