Member of the reality-based community of progressive (not anonymous) Massachusetts blogs
This is incredible. Matt Stoller (as seen on dkos) writes that some intrepid bloggers got onto a private (secret?) conference call between Wall St execs and Treasury officials.
The ‘Treasury boys’ on the call made it clear that “the tranching is a mere formality, and the Treasury boys as much as said so. They could take the $700 billion max as soon as the bill has passed.” That was always obvious.
And they admitted that “the exec comp provisions sound like a joke, They DO NOT affect existing contracts, they affect only contracts entered into during the two years of the authority of this program and then affect only golden parachutes.” Both of these provisions were ‘concessions’ sought by Democrats. Of course, no one could have predicted this bill’s ‘concessions’ to Democrats were farcical. No one at all.
Make no mistake. The bill as it stood was mostly Paulson’s blank check with some Caesar dressing. Unfortunately, there is a gun pointed at our heads to do something, anything, to restore confidence and credit flow to the market, even if it hoses the taxpayer and mortgages (the subprime kind) our future.
Bush-Cheney will go down as THE worst economic president in history. He already had that distinction on foreign policy, and his economics have sucked, but this rivals the mistakes made pre-Great Depression. Thanks, Republicans. Thanks, George W. Frak Me Bush.
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