Congress pounds on Paulson flunkee
The following exchange between several Congressmen and Paulson appointee Neel Kashkari, the Treasury’s Interim Assistant Secretary for Financial Stability (the what?!?! HAHAHAHAHA) is fantastic.
"So then we get to the Hill this morning, and what I can only describe as a skewering of Neel Kashkari, the Treasury’s Interim Assistant Secretary for Financial Stability. Congressman Dennis Kucinich of the Committee on Oversight and Government Reform took Mr. Kashkari to task for changing the rules to the game of Monopoly, TARP edition. In fact, here’s a little montage with Kashkari, Kucinich, Cong. Elijah Cummings (D-MD), and Cong. Darrell Issa (R-CA), just the best bits from the testimony:
Kashkari: The secretary is very passionate about this as well-
Kucinich: Passionate about what?
Kashkari: Helping homeowners, congressman -
Kucinich: wwww- he is? in what country??
Cummings: You're on TV. You’re the man. I don't know how much we're paying you, but you're our employee...
Issa: Y'know, we could go ring around the rosie here, but you are here because Congress feels you played a bait and switch game...
Kashkari: I don’t think it's a good use of taxpayer money to put taxpayer capital into an institution that's going to fail-
Kucinich: Boy y'know, that statement you just made, you will hear about for the rest of your career.
Cummings: Is Kashkari a chump?"
Bailout Anger Boiling: "Is Kashkari A Chump?"
Ouch. I hope that Paulson and his Wall Street friends enjoyed using the first half of the approved TARP package to "make it rain" on his Wall St. hoes like Pacman Jones with a garbage back of singles at a strip club because I have a feeling that Congress might have something to say about how the money has been used. At least I hope so.
It's time for a change. I'm done with the current administration and its appointed Secretary of the Treasury. I know that investors will be worse-off tax-wise under Obama than we were under Bush, but good grief with money being pissed away in a helter skelter fashion like this with absolutely no plan, I'll take my chances with a new group in Washington. I'm sure that the new administration will have its own set of problems, but at least they'll be different.
We need to stimulate investment in America not throw money into the financial black hole of Wall Street where the first companies at the bailout window seem to just be using the money to de-lever their balance sheets, sit on it, or use it to buy each other. While non-bank banks like GE Capital and CIT Group were not part of the original plan, at least they are lending money to actual businesses.
And while the automakers are poorly run (understatement), we could loan them money with strings attached like kicking out management and forcing them to develop electric or natural gas powered vehicles that would reduce our dependance on foreign oil. Doing so would create new domestic jobs and lower the trade deficit...both of which would be good for the economy and reduce the amount of money that we give to countries that hate us for oil, like Venezuela and Iran. Anything would be better than what the bailout money has been used on so far. Things like AIG make me absolutely sick. We need to strengthen America's manufacturing base, not prop up insurance companies that just move money around without any regard for risk management.