Dire Warnings from Fed. Reserve Chairman

[lazur]

Yeah but you aren't economist and neither am I.

Some economists are saying this is needed and it will an economic apocalypse, others say its a huge waste and the market can correct itself.
So its really up in the air whether is plan is needed or a waste.

When our country is 45 trillion in debt and all signs are painting the same grim portrait that existed in 1929 before that collapse, it's more than just an 'opinion.'

Look, you can ignore the obvious all you want and instead play the blame game, but the reality of the situation is that our economy is going to collapse sooner rather than later, and it doesn't matter who we elect. All this bail out is doing is delaying the inevitable. It doesn't take an economist to figure that out.

 

[jaguarr]

So does that mean that Obama intends to exert the force of the government to limit what CEO's make in the private sector? For example, is he going to tell the CEO of Sears that he can't make more than a certain amount per year? Sure sounds like it...

I think Obama and McCain want some stipulations on the bailout money that specifically state that it can't be used to pay CEO's salaries or for their golden parachutes.

I have a HUGE....HUGE problem with the amount of unquestionable power and authority that Paulson is demanding in association with this package, by the way. It would give him God like powers over the Treasury and the economy with absolutely no way to hold him accountable for anything. They better not give that to him. It sets a bad precedent for future Secretaries of the Treasury at the very least (the thought of Phil Gramm with that kind of power is scary as hell, quite frankly). These guys need to be on the hook for the things they are responsible for. Maybe if their ass is on the line if they screw up, like any other person in the workforce, and they have something personal invested in it they'll be sure not to screw it up or give their corporate buddies a bunch of favors.

jag

 

[Raiden]

I think Obama and McCain want some stipulations on the bailout money that specifically state that it can't be used to pay CEO's salaries or for their golden parachutes.

I have a HUGE....HUGE problem with the amount of unquestionable power and authority that Paulson is demanding in association with this package, by the way. It would give him God like powers over the Treasury and the economy with absolutely no way to hold him accountable for anything. They better not give that to him. It sets a bad precedent for future Secretaries of the Treasury at the very least (the thought of Phil Gramm with that kind of power is scary as hell, quite frankly). These guys need to be on the hook for the things they are responsible for. Maybe if their ass is on the line if they screw up, like any other person in the workforce, and they have something personal invested in it they'll be sure not to screw it up or give their corporate buddies a bunch of favors.

jag

I agree. I also found the urgency of their request troubling, since it is only 2 months until the election and Bush will be out of office soon. It seems like a mad grab for power before the transition, and if Paulson is given this power he will be likely to be kept when the next administration takes over, since he'd have to give up this power gradually. I hope Congress won't bite.

 

[jaguarr]

I agree. I also found the urgency of their request troubling, since it is only 2 months until the election and Bush will be out of office soon. It seems like a mad grab for power before the transition, and if Paulson is given this power he will be likely to be kept when the next administration takes over, since he'd have to give up this power gradually. I hope Congress won't bite.

Last night The Daily Show was running clips of Paulson back in March or May saying the economy was strong and solid and had no chance of going through any sort of crisis and then said that this same guy, the one who had no clue that any of this was going to happen even though it was his damn job, is now asking for complete, unquestionable power without any accountability? Yeah...not a good idea.

jag