Wednesday, October 22, 2008
When the Treasury Department's bailout czar provided an update this week on the government's $700 billion plan to rescue troubled financial institutions, he vowed that it would be an "open and transparent program with appropriate oversight.''
The next day, the Treasury Department put out an announcement about a major bailout-related contract with Bank of New York Mellon Corp. that fell short in the transparency department.
The copy of the agreement that was made public had blacked-out paragraphs in the section covering Bank of New York Mellon's compensation. If the Treasury Department is unwilling to disclose the particulars of that contract -- or even the general outline of the compensation scheme -- that raises questions about how it will treat disclosure of other bailout transactions.
First executive compensation, now oversight. How long's it been since the thing passed? Two weeks?
Well, at least we did "something" instead of "nothing". Good thing nobody listened to those pinko crackpots who said it was a bunch of bullshit from stem to stern. Those clowns are always wrong. Wise men tell us:
What is the problem with facilitating a little extra liquidity in the credit markets? Without this bailout, the dow will return to mid 1990 levels...
But Lo! Some dude on the interwebs finds something disturbing:
Today I was looking at a more recent chart of the index when I noticed something somewhat disturbing, the dow is back at that late 90's level.
There's an ocean of difference between the late 90's and the mid-90's so clearly there's absolutely nothing wrong with anything so benign as facilitating a little liquidity in the credit markets.