Friday, January 23, 2009
Resolution Trust Corporation, V2.0.2009...
Forget the untested scheme affectionately referred to as TARP! Tarps have but one purpose, and that is to cover things up. We should NOT be covering up the billions of dollars being directed toward bank after bank without any accountability. Congress does not need to reinvent the wheel here. During our most recent lapse in regulatory oversight, the RTC was charged with responsibility of cleaning up the Savings and Loan mess. Certainly not perfect, but accountable none the less. Yes, the RTC was largely accountable for spending huge sums of money that is currently unaccounted for under TARP. If we are really interested in accountability of our money, and we are not interested in testing unproven strategies, then Congress and the President will move to enact Resolution Trust Corporation, V2.0.2009.
Forget the untested scheme affectionately referred to as TARP! Tarps have but one purpose, and that is to cover things up. We should NOT be covering up the billions of dollars being directed toward bank after bank without any accountability. Congress does not need to reinvent the wheel here. During our most recent lapse in regulatory oversight, the RTC was charged with responsibility of cleaning up the Savings and Loan mess. Certainly not perfect, but accountable none the less. Yes, the RTC was largely accountable for spending huge sums of money that is currently unaccounted for under TARP. If we are really interested in accountability of our money, and we are not interested in testing unproven strategies, then Congress and the President will move to enact Resolution Trust Corporation, V2.0.2009.
Labels: Banks, Congress, Financial Industry, TARP, The President
