Wednesday, September 24, 2008

Congress Might be Waking Up

Ben and Hank are saying that we taxpayers have to buy Wall Street's trash at their asking prices to give Wall Street firms incentives to participate and not dither deciding whether or not to join the Treasury bailout plan. Strange, I thought going to the taxpayers for a bailout was supposed to be the last resort because you couldn't find any one else to deal with. Not only should taxpayers get equity in those companies availing themselves of our money, but their executives should be compensated in the same toxic paper they are selling to us instead of stock options. At least then we'll get a fair price for those assets rather than an inflated price. The plan as it stands is just another fleecing of taxpayers. It will be the last gift of this administration to its friends and benefactors before it leaves office. I don't know whether the white light Congressmen and Senators are seeing is a near death experience of their political careers being over, or the white light of clarity that something is seriously wrong, and panic from the Fed and the Treasury isn't helping the situation. We are finally seeing Congress acting as the legislative body with the purse strings, and the authority that goes with that purse, as the Framers of the Constitution intended.

It's sad that it had to come to this to get them to do their jobs.

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Comments:
Yes its not good and all the uncertainty is flowing through to the Australian financial system as well.

On a different note, McCain, in unguarded moments, is looking increasingly old and tired. Maybe he didn't want to debate because he's exhausted. A good state to be in when he's hoping to BEGIN a 4 or 8 year Presidency.

Pete
 
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