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Sunday, April 05, 2009

Understanding the financial crisis

We are not getting the answers we need to understand not only how the financial crisis occurred, but where we are with it now, much less where we're going. After $565 billion, we've got:

  • 24 Hearings on or related to the Troubled Asset Relief Program
  • 364 TARP Special Inspector General reports received from banks
  • 21 Department of Treasury requests for lending data
  • 16 Reports from government watchdog agencies urging more oversight
  • 15 TARP oversight bills pending Congressional action
  • 0 TARP oversight bills passed into law so far*
  • 0 Comprehensive accountings made to public agencies or the public
* American Recovery and Reinvestment Act did include limits on executive compensation of failed executives, but no additional provisions on oversight.

From U.S. PIRG: Washington, D.C.: Bailout Briefing #4 - Twenty-Four Hearings...But Little Heard. (I put the numbers before the sentences for convenience.)

The other night, Bill Moyers had a former banking regulator on his show. If anyone missed it, it can be watched on YouTube:

BILL MOYERS: So, you're saying that people in power, political power, and financial power, act in concert when their own behinds are in the ringer, right?
WILLIAM K. BLACK: That's right. And it's particularly a crisis that brings this out, because then the class of the banker says, "You've got to keep the information away from the public or everything will collapse. If they understand how bad it is, they'll run for the exits."

What I hate is when the arsonist in the back of the movie theater starts a fire then doesn't tell the other movie goers there's a fire back there because he doesn't want to get stampeded.

Posted by Marie at April 5, 2009 9:21 PM


that's what arsonists do.

Posted by: t-rexx at April 5, 2009 10:08 PM

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