Bailout Lacks Oversight

This is what you call major violation of the public trust. It is so outrageous, there are no words for it. The Bush administration has managed to achieve one more major disaster before leaving office–give away BILLIONS of taxpayers dollars with NO OVERSIGHT. That’s right. We were told how absolutely necessary this bailout is, and we trusted they would spend our money wisely and carefully. HAH!

And now they want to bail out GM to the tune of more BILLIONS in order to save millions of jobs. And we all want to save those millions of jobs, don’t we? But who can be believed any more? Not George W. Bush. Not anyone in his administration.

Bailout Lacks Oversight Despite Billions Pledged

In the six weeks since lawmakers approved the Treasury’s massive bailout of financial firms, the government has poured money into the country’s largest banks, recruited smaller banks into the program and repeatedly widened its scope to cover yet other types of businesses, from insurers to consumer lenders.

Along the way, 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.

Six weeks! What have they been doing? When the hell are they going to get around to this? Is it not a priority? Shouldn’t they be on it 24/7?! I mean really!

I apologize for the shouting. This just pisses me off!

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  1. #1 by Cliff Lyon on November 13, 2008 - 8:24 am

    NATIONALIZE GENERAL MOTORS!!! Thats what any sane government would do. But there is no sanity in this administration (nor among those who voted for it).

  2. #2 by C av on November 13, 2008 - 10:52 am

    My friends, I’m writing you both checks for $700,000,000,000.oo, and would appreciate it if you would both return the favor. In fact everyone should cut checks for that ammount for everyone they know and encourage them all to do the same.

    In this way, well soon spend our way out of this economic problem.
    What do you say? I’ll be headded for the bank in just a little while.

  3. #3 by Becky Stauffer on November 13, 2008 - 10:57 am

    Why thank you. I like this idea. Be back later, I’m going shopping.

  4. #4 by C av on November 13, 2008 - 11:07 am

    Becky, I’m so glad you’re feeling it trickle down so quickly. This is a GOOD thing!

  5. #5 by Becky Stauffer on November 13, 2008 - 11:15 am

    I hope I’m permitted deficit spending, because that’s what it’s going to take.

  6. #6 by Allie on November 13, 2008 - 12:17 pm

    The thing that makes me want to scream is that there’s nothing we can do about it, is there? Hold our breath until Jan 20th and hope things are better then?

  7. #7 by Becky Stauffer on November 13, 2008 - 12:27 pm

    Jan. 20 is a long ways away, and our current president can still do a lot of damage. Especially in distributing billions of our dollars. Once that money’s gone, there’ll be no getting any of it back, and I hold out little hope that it’s going to do anything except help undeserving people and provide for luxurious get-aways for the likes of AIG and others.

  8. #8 by C av on November 13, 2008 - 4:03 pm

    Re: Becky being permitted to spend deficitly…

    Go ahead, by the time the check bounces, I’ll be on my new ranch in Paraguay.

    Signed, you know who!

  9. #9 by Becky Stauffer on November 13, 2008 - 4:57 pm

    Haha! Paraguay, eh? We’ll be neighbors. I’m going to Brazil–soon as I cash that check.

  10. #10 by jdberger on November 14, 2008 - 1:53 pm

    Just curious, but who’s the “they” who want to bail out GM?

  11. #11 by Becky Stauffer on November 14, 2008 - 5:39 pm

    “They” was some members of congress, but how quickly things change. Nobody wants to help Detroit now.

    You do keep me on my toes, jd.

  12. #12 by jdberger on November 14, 2008 - 7:09 pm

    “They” being Democrat members of Congress. We can’t have all those loyal Union voters out of work, can we. Who would they vote for next election?

    The media have been terrible in explaining how the homegrown car companies landed in their present fix, when other U.S. manufacturers (Boeing, GE, Caterpillar) manage to survive and thrive in global competition. Critics beat up Detroit for building SUVs and pickups (which earn profits) and scrimping on fuel-sippers (which don’t). They call for management’s head (fine — but irrelevant).

    These pre-mortems miss the point. Critics might more justifiably flay the Big Three for failing long ago to seek a showdown with the UAW to break its labor monopoly. In truth, though, politicians have repeatedly intervened to prevent the crisis that would finally settle matters.

    Strangely, it looks as if it’s President Bush you agree with, Becky (the horror). He’s the one who’s consistantly rejecting this bailout.

  13. #13 by jdberger on November 14, 2008 - 7:13 pm

    You do keep me on my toes, jd.

    Thanks – though I enjoy puffery and hyperbole as much as the next guy, it’s a good idea to properly attribute certain statements.

    And I enjoy chatting with you too, Becky.

  14. #14 by Becky Stauffer on November 14, 2008 - 7:54 pm

    jd,
    I think Bush’s inaction is his way of just skating the rest of the way through his term and leaving problem s to simmer for President Obama.

    I am torn on the idea of the Detroit bailout. I’m opposed to it on principle and totally pissed at the auto industry for their arrogance now after ignoring all the signs that they needed to make changes. One might think they and the oil companies were in bed together all along.

    But on the other hand MILLIONS of people may lose their jobs. On yet another hand, to reorganize under bankruptcy might just save a lot of jobs. I hope someone a lot smarter than I can decide what’s best for the country on this one.

  15. #15 by jdberger on November 14, 2008 - 11:40 pm

    Of course, if Cliffy get his wish, we’ll nationalize GM. Whohoo!

    Maybe a new and improved GM could make something as exciting as a Trabant.

    Personally, I think that we should let it fail. Maybe, some intrepid investor will pick up the pieces and build a streamlined version.

    New GM. Now with LESS UAW!

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