Friday, November 14, 2008

Uh. Maybe Banks Should Be Accountable for this $700 Billion

"I don't think we're doing nearly enough for housing which is the root of this problem."

Flippen' geniuses.

Uh. Maybe we should have a bailout watchdog?

Bush picks a bailout watchdog.
"President Bush has picked a watchdog to monitor the Wall Street bailout amid growing concerns about oversight of the $700 billion program.

The White House announced Friday morning that Bush had selected Neil Barofsky, an assistant U.S. attorney in the Southern District of New York, to be the inspector general for the Troubled Asset Relief Program at the Department of the Treasury.

Concerns have been mounting in recent days that Treasury has been doling out money rapidly even though oversight was not in place. (DOH!)

“The banks have a big head start on waste, fraud and abuse, and he had better strap on his track shoes, because he has got a lot of catching up to do,” said Steve Ellis, president of Taxpayers for Common Sense. “Barofsky has a mountain to climb before he will be on top of this program.”

The job requires Senate confirmation, which could be difficult given the short amount of time the Senate is expected to spend in session for the rest of the year.
There is also the potential of jurisdictional disputes between committees, and whether Democrats will accept a Republican selection so near the end of Bush’s term."

Well, of course! Ramrodding a $700,000,000,000.00 socialist wet dream through both houses is much easier than figuring out how to keep from crapping it down the money hole!!


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