fran

The Banker: Not a Clue

is it law? YES

did we FOOLS elect the same CULPRITS? YES

have we been electing the same CULPRITS every two years? YES

is any one in congress under attack beyond the the man from ill.?[Obama replacement] NO


record is clear. we really don't care!


On Jan 07 12:28 PM Smarty_Pants wrote:

> "it was a wad of money, under the control/discretion of POLS, with
> no controls, no measurement on effect, passed by legislators without
> due diligence. has this ever happened before? why are we surprised?
> where was all the clamor/uproar/public concern at the "point of sale"?
> did anyone care then?" - fran
>
> As I recall the original go-round resulted in the TARP being defeated
> in the House as a result of an avalanche of constituent feedback
> that one House member described as "50% No, and 50% Hell No". <br/>
>
> As we all remember, this resulted in the failure to pass the House
> for the initial TARP. The Senate then pulled a fast one and doctored
> an unrelated financing bill, replacing all the original language
> with the TARP language and adding in the $150 billion of extra pork
> to buy votes in the House. (The Senate had to do that as funding
> bills must orginate in the House and the TARP had failed there, so
> an unrelated funding bill was "cut 'n pasted with TARP II to skirt
> the rules.)
>
> Naturally, TARP II passed the House.
>
> One could argue that TARP I would have passed the house if not for
> the vociferous response from the public and the fact that elections
> were only weeks away. If not, it wouldn't be surprising to most if
> TARP I had passed despite the public's reactions.
>
> fran is right and wrong. The public 'let' these things happen, but
> not without trying to stop it at the point of attack. The system
> has become so broken that the 'will of the people' is merely a platitude
> used to secure re-election. After that, it becomes a vote for sale
> circus with the high bidder getting legislative support at the expense
> of the taxpayer.

The Banker: Not a Clue

the comments made here prove a point--

no one is certain where a gov't slush fund went or why it went or where it is now.
what is strange about this? it's gov't at its best.

it was a wad of money, under the control/discretion of POLS, with no controls, no measurement on effect, passed by legislators without due diligence. has this ever happened before? why are we surprised? where was all the clamor/uproar/public concern at the "point of sale"? did anyone care then? did we not get into this economic mess leading to TARP following the same lack of citizen concern/involvement?

i recall a certain republican senator from alabama giving warning. he was sent to the "showers"[sports term] by his own leadership at the time for "standing in the way of action".

we bought the goods as packaged/offered[CAVEA... EMPTOR!]. we also just reelected most of those "fine" legislators that provided this product.

Will 'Dark Pools' Be the Capital Markets' Next Black Holes?

READERS--

illegal, unethical, the regulators/gov't should step in???


have you been paying attention??? mortgage loan fiasco[zero down, no income/residence verification,etc].
CDO, bank practices/compliances,... coverage/compliance. digital dollar proliferation/inflatio...

if persons/agencies in charge were in charge, would we be in this mess so deeply??