He says he’s coming in – I feel safer already….

Remember those mismanaged banking institutions that did a fair chunk of their part to get us deep in recession? Geithner is talking about a 2 trillion dollar bank rescue. Reading this makes baby Jebus cry.
But wait there’s more….
Geithner introduces a Financial Stability Plan over on the Treasury dept. website. Apparently if we fix the credit markets, everything will magically knit itself back together. Like the Genesis project from Star Trek.

Governments and central banks around the world pursued policies that, with the benefit of hindsight, caused a huge global boom in credit, pushing up housing prices and financial markets to levels that defied gravity.

Hindsight? Extending credit to someone you doubt can pay it back is stupid from mere foresight. Why does a bank get to do stupid shit and then go crying to the government for assistance again? I don’t get to do that.

Investors and banks took risks they did not understand. Individuals, businesses, and governments borrowed beyond their means. The rewards that went to financial executives departed from any realistic appreciation of risk.

Did not understand? No, more like “Thought they could get away with.” BIG difference. The lending/borrowing was typical wall street short sightedness and isn’t going to be legislated away in a puff of Treasury Department logic. If you want to stop dumbass decisions like those that led us here, you can’t legislate those decisions out of existence, you have to change the culture.

There were systematic failures in the checks and balances in the system, by Boards of Directors, by credit rating agencies, and by government regulators. Our financial system operated with large gaps in meaningful oversight, and without sufficient constraints to limit risk. Even institutions that were overseen by our complicated, overlapping system of multiple regulators put themselves in a position of extreme vulnerability.

You mean the corruption of the SEC? Those checks and balances? By the nigh infinite numbers of golden parachutes possessed by those CEOs? Greed wrecked this. Greed trumping conservative fiscal logic.
Don’t get me started on “sufficient constraints to limit risk”…..

This new Financial Stability Plan will take a comprehensive approach. The
random space here, was this thing edited at the last minute?
Department of the Treasury, the Federal Reserve, the FDIC, and all the financial agencies in our country will bring the full force of the United States Government to bear to strengthen our financial system so that we get the economy back on track.

Oh, the FULL force of the US Government? Is that supposed to make me feel better? Change – I didn’t think this would mean outspending the excesses of BushCo. Ugh, I’m moving on to other things before my blood pressure goes up any more than it already has.

FBI raids peanut butter plant suspected in outbreak

The Peanut Corporation of America plant in Blakely, Georgia, was sealed off by federal authorities (Emphasis mine.) Monday morning, WABL reported.
The company is accused of knowingly shipping tainted products now linked to nearly 600 illnesses, including eight deaths, in 43 states. The recent outbreak has led to one of the largest food recalls in U.S. history, encompassing more than 1,000 products.

Wow. The Federal Bureau of Intimidation encasing the place in virtual plastic wrap is a hideously amusing image. Still don’t think anyone’s going to jail over this. (Of course, I’d love to be proven wrong on that point, so long as it’s someone culpable and not someone thrown under the bus by those who deserve jail time.) Oh, and by the way, it wasn’t just that plant.

Israeli government elections still tight

San Fransisco court hears federal torture cases but guess what? An administration lawyer pressed ahead with an argument for preserving state secrets. Yes really. The Exec director of the ACLU had this to say

“This is not change,” he said in a statement. “This is definitely more of the same. Candidate Obama ran on a platform that would reform the abuse of state secrets, but President Obama’s Justice Department has disappointingly reneged on that important civil liberties issue. If this is a harbinger of things to come, it will be a long and arduous road to give us back an America we can be proud of again.”

Strange, that particular bit didn’t come whistling into my inbox. How outraged are you really? Because whenever a member of the Bush administration broke wind, the ACLU sent me an email about it.

California likely to cut prison population by 40% – it’s hard to say without more information but my gut thinks positively. Of course, it could be Regan releasing all the schizophrenics
onto the streets again….

Meg Whitman to run for California Governor as Republican This puts her into opposition with Insurance Commissioner Steve Poizner. Other potential candidates to replace Schwarzenegger in 2010 are Democrats Garamendi, Brown and San Francisco Mayor Gavin Newsom. LA Mayor Antonio Villaraigos may also be jumping in to claim the Governator’s job.

Yes, the cynical dial is turned all the way up to eleven today. t?


~ by Auntie Ranty on February 10, 2009.

One Response to “He says he’s coming in – I feel safer already….”

  1. […] boils like acid So I did get that email from the ACLU yesterday – about 45 minutes after (snarkily) making comment on not having done […]

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