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View Diary: Holy Shi$!! Are Geithner@Treasury & Bair@FDIC finally working for Us? (17 comments)

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  •  Thanks for bringing us this info Route66. (5+ / 0-)

    You've packed in a lot of good updating information here for such, just when we needed to catch up.

    I've been so outraged by health care, the expansion of the Afghan war, and the slow pace of other progressive changes, that I've gotten out of practice over my outrage at the inadequate response to our economic crises.

    Now the balance has been restored.

    I still think we should replace Geithner with either Robert Reich, or Elizabeth Warren, and Bernanke with Paul Krugman.

    Although, I'll admit he wasn't as weaselly in these latest reports as he usually is.  Probably laying low cuz he knows we're on to his racket.

    Let's at least keep our eyes on him.  

    Good work.

    The means is the ends in the process of becoming. - Mahatma Gandhi

    by HoundDog on Wed Dec 09, 2009 at 04:55:12 PM PST

    •  Re Elizabeth Warren (1+ / 0-)
      Recommended by:

      The TARP Congressional Oversight Panel (chaired by Warren) was out with their monthly report for December.  

      TARP was set to expire at the end of this year.  Treasury had the authority to extend it to Oct 2010. The Oversight Panel recommended that Geithner not extend TARP.  Today Geithner exercised his authority to extend TARP to Oct 2010.  No surprise really.  Should TARP have been extended or allowed to die a natural death on 12-31-09?  I'm undecided.  

      The Oversight Panel was once again highly critical of the foreclosure mitigation programs which are part of TARP.  Pegs the cost to taxpayers at $50 Billion with virtually no recovery under these programs and little show in the way of meaningful relief.  The CCP part of TARP (i.e. the money that went to the banks by way of preferred stock) is now projected to cost the taxpayers, on a net basis, $42 Billion.  Who thought the foreclosure mitigation programs would end up costing more than the capital investments made in the banks?  

      Warren gets a lot of support here.  Do the people who support Warren also support shutting down the foreclosure mitigation programs as recommended by the Oversight Panel?  I bet not.

      •  If the foreclosure mitigation programs (1+ / 0-)
        Recommended by:
        burrow owl

        aren't working and are wasting fuckloads of money, then yes.

        I'm not a big fan of shelling out $42 billion to the banks just because we're not willing to fix the problem for real by passing cramdown legislation.

        “If I can't dance to it, it's not my revolution.” — Emma Goldman

        by Jyrinx on Wed Dec 09, 2009 at 05:44:46 PM PST

        [ Parent ]

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