This week has featured a lot of discussion on AIG. There is widespread outrage over the payments of bonuses to employees. There is finger-pointing and flip-flopping regarding who knew what and when in regards to the bonuses. We have the House and the Senate proposing and passing legislation to address the bonus issue. AIG CEO Edward Liddy testified before the House Financial Services subcommittee on Capital Markets. Obama and team have been making statements which appear, at times, to be inconsistent… I’m pretty much spent on the issue, but will offer my thoughts.
This “commercial” by PBS’s Nightly Business Report would be far more amusing if wasn’t so close to reality.
In case you can’t read the fine print at the end-
This offer depends on the willingness of the Chinese government to continue buying U.S. government debt. Terms and conditions depend on the whim of Congress and may be changed without notice. U.S. Taxpayers may not apply.
After almost four months after the passage of TARP, whether right or wrong, I believe the concensus is clear: TARP, regarding its effectiveness thus far, has been a complete failure. The recent Senate vote on allocation of the remaining $350 billion backs up this claim with only a simple majority supporting Obama’s plea for the remaining cash.
Many of us are watching with great interest to see how things are shaping up with likely appointments for the new Obama Administration. Given all the talk about “change” in this election, one would hope that the appointments would indicate some definite moves away from the status quo. Obviously the President’s powers to change much of anything are quite limited by the Constitution (not that this has mattered so much to recent Presidents), with foreign policy being the area of greatest potential for change. An initial look at Obama’s likely appointments in matters of foreign affairs and national security leads this writer to question just how much change, if any, will occur in the conduct of foreign affairs.
There’s been some criticism leveled at Obama for his pick of Rahm Emanuel as his Chief of Staff:
House Republicans are said to hate Mr. Emanuel for his partisanship, and on Wednesday, the former Florida congressman Joe Scarborough said on his cable television show that Mr. Obama’s enlistment of Mr. Emanuel amounted to “politics as usual” when the president-elect had promised conciliation.
<Parody Video> Do your “fair share” to help the ailing mega corporations and prop up their multi-billion dollar bank accounts.
The Dow Jones Industrial Average is down over 1,300 points since “The” Bailout passed the House on Friday. This bill was suppose to save the markets at the expense of the people, but what if the markets and the taxpayers both dont like it? Too bad we are not in a parliamentary system where a vote of no-confidence like this means the current regime will likely be gone in the near future.