You scratch my back and I'll scratch yours...
Congress will never pass another bailout bill after this debacle and most know this. When they try it will be because "A fragile banking system will undermine a recovery and we are oh soooo close it would be foolish to let off the gas now". This is why we've seen conduits such as AIG/Fannie/Freddie to be kept afloat. Paulson authored TARP 1.0 on four pages (probably double-spaced). It fails to pass. Paulson/Bernanke pull $100B in liquidity creating a panic in the money markets. Paulson/Bernanke pull some members of congress to inform them that we will not have an economy come Monday if this bill does not get passed. Frank works overtime loading up the bill with pork barrel amendments (probably written by those who opposed the bill) and those taxpayer protections. He, along with Pelosi, were the ones urging congress to pass this. Frank wanted taxpayer protections and congressional oversight on how it's being used. Frank likes to do housing entitlements, which is what he thought he was going to get. Bernanke wants the power to oversee everything (read: backstop the banks without review). Geithner gives the nod to Bernanke. Frank gives the nod by allowing TARP to be recycled over and over to further his housing agenda and stalling a bill to audit the Fed.
We get no taxpayer protections, no congressional oversight and money that is continuously being recycled in TARP. We ask for an audit of the Federal Reserve and Frank says he will "give it a look". The same guy who was claiming taxpayer protections and oversight on how the TARP funds were being put to use is now stalling and shows no enthusiasm over this bill. Birds of a feather flock together... All we want to do is have a look at the books and see where our $24T went. Being afraid it will impact interest rates only tells us that what's on the books isn't pretty... It would also prevent them from using TARP to bail out States, and we can't have that!
Bernanke <-> Geithner <-> Frank + majority = Slam dunk Game over man.
Why can't we vote this assclown out of his position (on the right side of the picture) as the Chairman of the House Financial Services Committee? There is plenty of blame to go around both parties but Frank is both stonewalling and inhibiting good legislation to further his own agenda. At what point is gross negligence/incompetence considered? The funnel of authority breeds corruption and the taxpayers are not in their best interests.Once the malfeasance and misfeasance have been exposed Americans will write-off both parties like some AAA rated tranche of Detroit sub-prime. The next president will be an Independent.
Links (These are not the actual titles)
