US Bailout Plan Needs To Be Modified

(Note: I'm not an American so this comment is simply my opinion of my neighbour to the South :) )

Ignoring the fact that I don't think the $700 billion US bailout plan is going to have much impact, I don't like the immense power being given to the Treasury. I'm not a fan of the Bush administration and we all know how much it loves to seize power. The bogus Iraqi war, started under complete lies is an example; another is the passing of the Patriot Act, which probably stripped more rights from Americans than the terrorists or the Nazis or anyone else that they faced before (fortunately, though, the Supreme Court isn't going alone.) Congress and Senate also play crucial roles in voting but the presidential administration is what sets the strategy.

I think the government needs to be really careful about giving too much power to the Bush administration (and the subsequent one after that.) Preliminary drafts of the proposal seem to give the Treasury, being run by Henry Paulson, immense power. Checks and balances may be limited in the private sector, with CEOs generally doing whatever they want with the board of directors sheepishly following along, but it's the norm for public officials, in this case being able to throw around $700 billion--a sum greater than even the bogus Iraqi war.

People don't realize how big this amount of money is--even for the US government. There is no way it should be given to the Treasury with very little oversight. Left-leaning Paul Krugman also shares a skeptical view, that is close to mine. If the government is going to give the money, at least do it with good oversight. Otherwise, it is easy to see big corruption problems with so much money being thrown around.

Comments

  1. williambanzai7September 23, 2008 at 11:24 PM

    CHARGE OF THE TARP BRIGADE

    (Charge of the Light Brigade, Alfred Lord Tennyson)

    (Modified by WilliamBanzai7)


    Half a trillion, half a trillion,
    Give or take 200 billion, onward!
    All in the valley of Balance Sheet Death
    Rode the seven hundred billion tax dollars.
    "Forward, the TARP Brigade!"
    "Charge for the ABS Credit Default Swaps!" Hank said:
    Into the valley of Balance Sheet Death
    Rode the seven hundred billion taxpayer dollars.


    "Forward, the TARP Brigade!"
    Was there a politician dismay'd?
    Not tho' the Congress knew
    Some guy named Hank had blunder'd:
    Their's not to make reply,
    Their's not to reason why,
    Their's but to do and die:
    Into the valley of Balance Sheet Death
    Rode the seven hundred billion taxpayer dollars.


    CDOs to right of them,
    CDSs to left of them,
    AIG and the GSEs in front of them
    Volley'd and thunder'd;
    Storm'd at with Wall Street shot and shell,
    Boldly that load of Federal largesse rode and well,
    Into the jaws of Balance Sheet Death,
    Into the mouth of subprime contagion Hell
    Rode the seven hundred billion taxpayer dollars.


    Flash'd all the workout sabres bare,
    Flash'd as they turn'd in air,
    Sabring the asset backed losses there,
    Charging an army of tawdry bankers, accountants, and shysters, while
    All the world wonder'd:
    Plunged in the seedy subprime-smoke
    Right into the red numbers they broke;
    Lehman and Bear Stearns
    Spared from the sabre stroke
    Shatter'd and sunder'd.
    Then they rode back, but not
    Not the seven hundred billion.


    Subprime CDOs to right of them,
    Subprime CDSs to left of them,
    Fat Wall Street advisory fees behind them,
    Volley'd and thunder'd;
    Storm'd at with derivative losses, asset backed shot and shell,
    While level 3 zeros fell,
    They that had fought so well
    Came thro' the jaws of Balance Sheet Death
    Back from the mouth of subprime contagion Hell,
    All that was left of it?
    Nothing left of seven hundred billion buckaroos!


    When can its glory fade?
    O the wild loss charges!
    All the world wondered.
    Honor the huge expenditures they made,
    Honor the TARP Brigade,
    Noble seven hundred billion taxpayer dollars.


    (TARP--Troubled Asset Relief Plan of 2008)


    http://williambanzai7.blogspot.com/

    ReplyDelete

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