The Treasury Rules
Despite fresh testimony from a chastened Ford CEO that bailout money would not be wasted on Big Three auto (they would change, he’d earn $1 year, oversight is a great thing) word came from Harry Reid yesterday there still isn’t the votes for an automotive bailout, yet on the same day it was blithely reported that the AIG insurance bailout has now reached $152 billion.
Interesting, isn’t it, that a mere $25 billion is held up—even with millions of jobs at stake—but $152 billion was instantly shelled out by Treasury for a finance company without one hearing or Congressional bill, Treasury just went ahead and did it.
This is why I state the massive corporate influence on US journalism is so insidious: Treasury can do whatever it wants for rich finance players and it’s simply reported as the way Treasury has always worked (it sure as hell is not), but other bailouts that involve Labor get total scrutiny and attention.
Treasury would defend the AIG monstrosity by stating their comprehension of the crisis was incremental, they didn’t know they’d have to ask for $750 billion weeks later. The argument might hold water if they reported to Congress of the action with accountability mechanisms for AIG, but of course they did not.
Oversight into the $750 billion bailout is a weak fiasco, according to the very good Kagro X at Daily Kos. Our sheepish reps thought accountability could be set up by committee months later after all the funds had already left; perhaps if they had a few days to think it would have occurred to them oversight can happen before checks are cut, but no, the bailout had to pass now now now. None of the oversight committees are now functioning, Jesus Christ.
We live in the Age of the Executive, fine, but Congress still must perform its basic duty of investigation and oversight, even more so with a Democratic president. The Party and Congress must have credibility with voters, being a rubber stamp for Obama will serve no one.
I just hope that citizens and members of Congress look at the just the latest utter fiasco of this term—the bailout—and realize this is one of the worst Congress’ of all time. They enabled Bush whenever they could, gave away the keys to Treasury to lying crooks, and did nothing for the little people as the chaos and carnage raged week after week.
Fail. Oh the Democrats control Congress? Deal. We’re never going to get out of this ditch until Congress wakes up and stops being a lapdog. Obama can handle it, believe me.