September 21, 2008
A special invitation to the Secretary of the Treasury
Seriously, THIS is what you came up with? A massive expansion of the Executive Branch, no help for homeowners and absolute power with a blank check?
It's clear to me now that Paulson has got to go and we need Bob Rubin back at Treasury. Larry Summers is wrong for the job (honestly, he's a dumbass anyway) and Rubin is the only one with the kind influence in financial and political circles to get something done. He's also far smarter than Paulson which should help.
We need to re-regulate commodities and derivative trading (fuck you, Phil Gramm, you dirt leg moron) and begin requiring a lot more capital be held by companies wishing to operate in the securities industry. No more of this 30 to 1 leverage bullshit. But I don't see that it this little 'plan'. I also don't see anything to help expand efforts already proceeding to pull borrowers out of bad mortgages. No, I'm not talking about a cram down and share the wealth plan (seriously, why even bother, Ian? You gonna give everyone who's upside down on a car note a bail out, too? Just get them outta the bad loan and regular appreciation will work out the gap), just a reworking of underwriting guidelines and insuring to allow people to get into affordable mortgages.
We needed real solutions and an indication of some sort of contrition. Instead, we get a brazen attempt to steal still more power for an out of control President.
Congress should act. The Democrats should write one hell of a bill and tell the President to sign it or we'll let everything go down the tubes.
Enough bullshit and politics. And Chairman Frank should immediately demand Paulson's resignation.
Posted by mcblogger at September 21, 2008 04:37 PM
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