Pelosi says, "Every month that we wait to pass the stimulus package 500 million Americans will lose their jobs."Ok, so we know she meant to say 500 thousand. But ask her why we are losing jobs? Chances are she'll blame the republicans. The fact of the matter is none of them have any clue as to why we are in this mess, nor does it appear they have an understanding on how to handle the situation they created. Why must we act quickly? When will they stop reacting and start preventing? When will they stop negotiating bills and start asking is this even the right thing to do?
But for companies that want more government aid, pay concessions were just the price of admission, says Representative Barney Frank [D-Mass.], chair of the House Financial Services Committee. Frank argues that without a show of pay contrition, and a better explanation of how they're spending the money already given, there's little chance that big financial institutions would be able to tap further into TARP funds. Otherwise "the chances of talking the American people out of this kind of anger is zero," Frank said at a Feb. 3 press conference,Frank to the rescue. Nothing but lip service. He was also front and center with the TARP emphasising the need for speed but there will be taxpayer protections. The taxpayer will be repaid and will likely turn a profit. Never mind he blocked the reform of Fannie and Freddie back then. He needs a swift kick in his mangina. Now we have F&F loosening lending standards to take on more refis. This is another stealth way sweeping things under the government rug.
Where is the accountability? Wouldn't it be nice if all jobs came with no performance reviews for 4 years? As long as they don't break the law (severely), they can pretty much do as they please for 4 years. How is it that some of these numbnuts (no pun intended) are able to retain these positions, without review, until election time? The people of Mass might feel Frank represents their views but Frank doesn't represent my views to be the Chair of a Committee for all of the American people.
When we will hear their admissions of their mistakes? The taxpayer wasn't going to lose a dime on the Bear Stearns assets now it looks like we are going to eat a lot of that $30B sandwich. When will we hear that the last $700B was a total waste and there were no taxpayer protections despite Frank's claims. When will someone rein in the Federal Reserve and Treasury who have abused their powers beyond the letter of the law? When will they do a full audit of all members of Congress? Now I know why they don't mind doing taxpayer hand-outs...it's because they just don't pay their taxes.
Lastly, when will we hear that each and every "bold and swift action" has led to the creation of the next fire? Marc Faber seems to think these actions are what's creating these problems.
