Wow...! A politician speaks the truth: "My view is that Washington and the regulators are there to serve the banks"

dang...! the truth comes out...!

Alabama Republican Spencer Bachus, the incoming chairman of the House banking committee, suggested Congress and federal regulators should play a subservient role with banks.

"In Washington, the view is that the banks are to be regulated, and my view is that Washington and the regulators are there to serve the banks," Bachus told The Birmingham News in an interview.

The Republican leadership last week designated Bachus the next chairman of the powerful House Financial Services Committee, which is tasked with overseeing banks, financial markets, housing and consumer credit.

not that we haven't known this all along... i just didn't expect to hear it from the incoming chair of the house banking committee...

do you suppose he's ever heard of the quaint notion that congress is supposed to serve the common good of the american people...? nah... probably not...

Submit To Propeller
Tweet

[Permalink] 0 comments

The $7.76 TRILLION DOLLAR BAILOUT - enough to gag a maggot and could pay off HALF the country's mortgages!

bloomberg is keeping score...

The U.S. government is prepared to provide more than $7.76 trillion on behalf of American taxpayers after guaranteeing $306 billion of Citigroup Inc. debt yesterday. The pledges, amounting to half the value of everything produced in the nation last year, are intended to rescue the financial system after the credit markets seized up 15 months ago.

The unprecedented pledge of funds includes $3.18 trillion already tapped by financial institutions in the biggest response to an economic emergency since the New Deal of the 1930s, according to data compiled by Bloomberg. The commitment dwarfs the plan approved by lawmakers, the Treasury Department’s $700 billion Troubled Asset Relief Program. Federal Reserve lending last week was 1,900 times the weekly average for the three years before the crisis.

When Congress approved the TARP on Oct. 3, Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson acknowledged the need for transparency and oversight. Now, as regulators commit far more money while refusing to disclose loan recipients or reveal the collateral they are taking in return, some Congress members are calling for the Fed to be reined in.

“Whether it’s lending or spending, it’s tax dollars that are going out the window and we end up holding collateral we don’t know anything about,” said Congressman Scott Garrett, a New Jersey Republican who serves on the House Financial Services Committee. “The time has come that we consider what sort of limitations we should be placing on the Fed so that authority returns to elected officials as opposed to appointed ones.”

so, how does this all trickle down to you and me...?

The money that’s been pledged is equivalent to $24,000 for every man, woman and child in the country. It’s nine times what the U.S. has spent so far on wars in Iraq and Afghanistan, according to Congressional Budget Office figures. It could pay off more than half the country’s mortgages.

and, ferchrissake, they won't even tell us WHO'S GETTING THE GODDAM MONEY...!

“Some have asked us to reveal the names of the banks that are borrowing, how much they are borrowing, what collateral they are posting,” Bernanke said Nov. 18 to the House Financial Services Committee. “We think that’s counterproductive.”

The Fed should account for the collateral it takes in exchange for loans to banks, said Paul Kasriel, chief economist at Chicago-based Northern Trust Corp. and a former research economist at the Federal Reserve Bank of Chicago.

“There is a lack of transparency here and, given that the Fed is taking on a huge amount of credit risk now, it would seem to me as a taxpayer there should be more transparency,” Kasriel said.

if it feels suspiciously like we're getting screwed big-time, i would have to say, a la sarah palin, "YOU BETCHA...!"

Submit To Propeller
Tweet

[Permalink] 0 comments