Drudge Retort: Red Meat for Yellow Dogs
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slicksterWilly

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I'm with you on Paulson; he's the frontman for Bush's last (we can only hope!) pillaging.
Phoenix and Nutcase your uninformed, ignorant dumbass mentality is the reason people like me have to financially support people like you.

Bush's plan? Looks like Obmama just made it his.

www.nytimes.com

Geithner has been a key player in the current economic crisis -- helping Treasury Secretary Hank Paulson and his team manage the wall street bailout.

In choosing Mr. Geithner, Mr. Obama would signal both a change at the Treasury Department and continuity in its economic rescue efforts. With the current Treasury secretary, Henry M. Paulson Jr., and Mr. Bernanke, Mr. Geithner who as head of the New York Fed is the central bank's eyes and ears on Wall Street has been part of a troika that has struggled this year to contain the credit crisis.

Along with Mr. Paulson and Mr. Bernanke, Mr. Geithner has come under criticism for the original construction of the $700 billion bailout plan, which had to be overhauled and has so far failed to remedy the financial crisis.

And when did Republicans, in control for almost all of 1994-2006 when the vast majority of the problem was building, propose changing this?


sweetness-light.com

September 11, 2003

The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.

The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.

The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac which together have issued more than $1.5 trillion in outstanding debt is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.

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