Ed Morrissey shares my intense frustration over the bailouts, and today he’s posting Surprise! Banks won’t tell where bailout money goes
When the Bush administration first proposed the TARP bailout plan, it gave Henry Paulson absolute authority to spend the money without any oversight. Congress eventually balked and forced the White House to accept transparency and accountability, but they didn’t adjust when Paulson suddenly dropped the idea of buying toxic assets and started sending cash to banks instead. The bankers who got bailout money now won’t say where the money went
Ed’s a much nicer person than I and says,
This isn’t really the fault of the bankers, nor the automakers when they inevitably offer the same response. It’s the fault of the bailout industry that has suddenly arisen in Washington DC. Had the government stuck to the original plan and simply bought up the mortgage-backed securities that poisoned the marketplace, taxpayer liability would have been limited and bankers would have no reason to discuss their internal workings. Instead, we have become the guarantor of all failing businesses large enough to have a political impact, replacing capitalism with a strange politiconomy without any accountability anywhere.
Ed’s right on the accountability issue; however, I believe they all are to blame: the banks, the automakers, the politicians, the spineless Bush administration that has gone right ahead and spent $400 billion (and counting!) on this which we all be paying for – for years, and the media, which continues to downplay the Democrat’s role in the housing and credit crisis.
By the way, the Community Reinvestment Act is still in the books. Don’t hold your breath on the Democrats changing that.
Roger, meanwhile, is wondering if The New York Times is secretly in league with the country’s dentists.