It seems US government is denying its responsibility for the financial crash — and even trying to get away with new mistakes by pushing congress to agree on a plan that is hardly removing the source of the problem.
Look at this piece here:
»Privatize gains to a few and socialize the losses to the many.«
Congress member Marcy Kaptur seems to get it right. The whole event, way it came into being, the time, the way it is handled… everything is more than obscure.
Jason Linkins from Huffington Post points a finger on a very odd sentence in the proposal of the White House regarding the $700 trillion Dollar bailout plan:
Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency. (in Section 8; see full text of proposal)
This is really strange. $700 trillion Dollars “donated” to an institution that will take “non-reviewable” actions? It could finance anything – even a private army – without public intervention?
I mean… wait a minute… Decisions … may not be reviewed by any court or administrative agency?
In short, the so-called “mother of all bailouts,” which will transfer $700 billion taxpayer dollars to purchase the distressed assets of several failed financial institutions, will be conducted in a manner unchallengeable by courts and ungovernable by the People’s duly sworn representatives. All decision-making power will be consolidated into the Executive Branch – who, we remind you, will have the incentive to act upon this privilege as quickly as possible, before they leave office. The measure will run up the budget deficit by a significant amount, with no guarantee of recouping the outlay, and no fundamental means of holding those who fail to do so accountable.
And if that is not enough… George W. Bush does not seem to be willing to explain details of this proposal or take any questions about it. Instead the White House is putting extraordinary pressure on Congress to pass this economic bill within days, while — attention! — White House Deputy Press Secretary Tony Fratto claims that this bill has been put together »had been drawn up as a contingency over previous months and weeks by administration officials«. (Keith Koffler from Roll Call reports)
Ron Paul comments on CNNpolitics.com and sees prior actions of the government is repsonsible for the distortions of the market that caused the crash — and obviously the current government does not seem to learn from its own failure:
Using trillions of dollars of taxpayer money to purchase illusory short-term security, the government is actually ensuring even greater instability in the financial system in the long term.
The solution to the problem is to end government meddling in the market. Government intervention leads to distortions in the market, and government reacts to each distortion by enacting new laws and regulations, which create their own distortions, and so on ad infinitum.