Seriously, I grant that Barney’s right that banks "ought" to use the money for lending, in the sense that that’s the entire reason for the bailout: that banks weren’t lending.
But, he’s absolutely wrong when he says "Any use of the these funds for any purpose other than lending — for bonuses, for severance pay, for dividends, for acquisitions of other institutions, etc. — is a violation of the terms of the act".
Yes, and a word means exactly what I say it does. Honest. No Barney, the bill as YOU wrote it does not specify that and has no means of enforcement. As for your pathetic threat to hold back the next 350 billion dollars of the bill, well, that’s the roar of a lion who declawed himself. The way the bill is written the President decides if the money is needed and both the House and the Senate need to vote against it. Think you’re going to get 60 votes in the Senate to stop the money from flowing?
No Barney, you’re so full of it your eyes are brown. You are the primary architect of this bill, other than Paulson. You weakened it even further than the already weak Dodd bill. You know there is no way to hold Paulson or banks accountable because the bill you authored, the bill you pushed, the bill you were so giddy to have forced through the legislature by threatening martial law if lawmakers voted against it, doesn’t include any of that stuff.
Many of us pointed out these lacks, over and over again, and were ignored.
"No one could have predicted".
Sorry Barney, crying about the broken crockery after you demolished a wall to get the elephant into the china shop doesn’t pass the contemptuous laugh test. This is your baby, and everything Paulson and the banks do with the money is your responsibility as much as theirs because you refused to put into the bill any meaningful ways to control either the banks or Paulson.
It’s your baby, act like a man, and own your failure.
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Frankly, Barney, you didn’t give a damn.
We all know who the ‘daddy’ is, Barney.
(you do know how ‘that’ works, right?)
No need for DNA testing.
WAAAAAAAH, indeed
The battle cry of the logically challenged.
Notice how the economy is snapping around… Any corporations hiring?
We may see lay offs in retail in time for xmas.
But there are the bonuses for Wall Street and fewer jerks who will get them… smaller pie few hungry / greedy pie holes to stuff.
Barney you screwed the people.
I’m going to pick up an Indian meal… and will be back for some saucy comments.
I sent that email to you about 15 minutes ago
Oh, thanks! I will go look right now.
I heard Frank’s comments on the news. It was a pathetic example of locking the barndoor after the horse has bolted. Worse not locking the door but saying he had. But the worst is that it distracts from the many other really awful aspects of the bailout bill.
dugg..
Well said, Ian.. and that’s laugh out loud graphic by twolf1!
Thanks Ian.
digg
Barney is going to be hearing from me. He can write an amendment to his damn bailout. They do it all the time.
Many of us pointed out these lacks
Did you mean “lacks”, Ian, or “hacks”?
In my current profession, counseling, we have a useful saying; just because it’s your crisis doesn’t mean its my crisis. Barney danced to Hank’s crisis tune a bit too quickly.
So the dems write and pass a shitty bill, then bitch about it when the secretary does what the bill says he has the power to do. Talk about stoopid and pathetic.
perfect example of our current congress’ concept of oversight.
Another example of Charlie Brown Ds. The cartoon one who goes for the football every time, not the one running for congress in CA.
lolz
http://www.youtube.com/watch?v=AIFTNmOOLmk
Off to run a double recipe of mushroom soup thru the food processor. Be back in time for KO, hopefully.
i don’t think that’s it. not even they are that stupid. i think it’s cover for doing what they want to do, all the while pretending otherwise.
I do not understand how a mistake like this (Barney’s failure to include appropriate safeguards in the bill) could occur. My D Congresswoman voted against the bill because she thought it was flawed. Why couldn’t others see that?
no accountability, no regulation, no transparency. what’s not to love?
Call the waaaaaaaaambulance, Barney.
I doubt he cares all that much. Maybe if we are lucky he is trying to stoke the ground swell for the post JAN-2009 actions.
In other news the media is starting to turn on Obama to see if they can tighten the race and prove they can swing an election based on “nothing”. Or at the very least make sure policy and platform play no role.
Thanks neurophius, for opening the
Good to see your diary, Ian. I’ve been waiting since 29th to read your views on the Fed funneling some of the bailout money into foreign banks in Brazil, Mexico, Singapore, and South Korea. Amounts are $30 billion each, totaling $120 billion.
I got an e-mail alert on this on 29th, then Chicago Tribune had an article on Oct 30, now today it is reported in NY Times and probably elsewhere.
http://www.chicagotribune.com/…..5671.story
and another: http://www.moneyandmarkets.com…..wild-27837
Seems that any use of the $700 billion not specifically prohibited in the bill can and will be done. Our tax money is being used to bail out foreign banks??????? while our own people are being thrown out of their homes and losing their jobs??? NO!
scout
“Why couldn’t others see that?”
A. They were blackmailed.
B. It’s ‘part of their job description’.
C. They ’see’ things differently from us.
D. They fooled us … again …Hah!
E. It was an honest mistake.
F. None of the above.
Ya left one out:
They’re fools.
I hear a book calling my name. Later.
Namaste
Um … how, then, SD, does that reflect upon us?
;~D
Excellent post. Usually the consequences of legislation aren’t known as quickly..pooor Barney and the others – the memory is still fresh.
Seems I don’t know how to make the link to the word DIGG work. Someone out there care to instruct me?
Sorry.
OT:
Is there any amendment of “orignial” american document the Palin understands? Sadly her political savy is worthless to the country, also hwe “knowledge” from the bible is not much more than what one would have hoped was a moral compass – you just know she things the word GOD is all over the constitution.
Pray for a brain to reside in the white house for once. No brain in the WH for 12 – 16+ years….thats two freaking decades. That is 20% of a century. Talk about cashing in our greatness.
Too bad Bernie Sanders didn’t write the bill rather than Barney Frankenfurter.
But Ian, what do you really think?
i.e. not putting the right language in the bill was an oversight (although at the time Frank had exactly the language he wanted).
Po’ lil’ Barney.
And to think; THIS will be your legacy.
Heck of a job, Barney, heck of a job ….
BTW selise I put the lyrics to the song you were looking for at the end of the last thread.
Hush, little Barney, don’t you cry,
Hank’s gotta plan gonna make you smile,
And if it don’t make you feel all better,
You can go send a sternly written letter.
I’ve always admired Barney, and my wife has voted for him once, before I snatched her away, and, her family has voted for him since he was first elected in 1981…! Why, Barney, why?
Selise, I left you a message below
LOL!
It’s your baby, act like a man, and own your failure.
how did we get on the subject of Prop. 8?
ACLU Releases Presidential Transition Plan to Restore Civil Liberties
In anticipation of the presidential election, the ACLU released a set of recommendations detailing steps that the new president should take to “clean house,” renew freedom, and restore the nation’s reputation.
“This past administration has left us with a disastrous legacy of bad policy, abuse of power, and civil liberties violations,” said Caroline Fredrickson, director of the Washington Legislative Office. “The next president, whoever he is, must immediately begin the process of undoing this far-reaching assault on our nation’s freedoms and core values, and the ACLU’s ‘to do’ list provides a detailed roadmap for achieving that.”
”Actions For Restoring America,” outlines actions to be taken by the next president on his first day in office, in his first 100 days, and in his first year.
The 83-page document proposes actions across a wide variety of topics, including national security, human rights, women’s rights, civil rights, drug policy, the rights of LGBT Americans, immigrants and prisoners, privacy and free speech.
>>Read the entire ACLU transition plan including suggested executive orders, mandates and directives from the president
hugh and wobbly – thank you and left replies.
I am afraid that Barney is just the tip of the iceberg. For the last two years we have watched the Democratic Senators and Representatives trip over their own feet trying to act like they wanted to exercise some ‘oversight’.
These people are on the whole the ‘best money can buy’, which in Washington doesn’t seem very good at all. As the new administration comes in we will all be aghast at the stupidity, culpability, and mediocrity that our newly powerful congress demonstrates under the cowardly leadership of Harry and Nancy.
Poor Barney is just the first of the Crybabies who will ask us to believe that their lack of competence should be overlooked in trying to repair the damage of 8 years of Republican rule.
Yeah, I like Barney. It’s what makes this so bad.
Granny 3, welcome to town if you’re still around.
Amen Ian.
How dare he. Has he no pride?
Either you knew the clear meaning of its language and chose to let it go, or you are too stupid and lazy to represent the people. Take your pick.
Anyone who who is a lawyer and adopts that refrain should just turn in their LLB, JD, bar membership or whatever…
great graphic, twolf
BTW, I posted my last hurrah at Main & Central… 8-(
Yeppers.
Why Barney?
Once, you had my sincere respect.
But now, Barney, we are we to think.
Barney, you do realize that you betrayed the people of this nation, don’t you?
We, Barney, shall have to pay (and pay and pay) for YOUR mistake.
So?
Don’t whine Barney, see what YOU can do to actually repair the damage you so blithely have caused.
eviction from your home where you live or from the website/server? sounds like it’s from your home.
Home! :-(
damn, CT…. sorry to hear that.
Barney doesn’t need 60 votes in the Senate to prevent the other $350 billion from being spent. Instead, he will need 66 to override Bush’s veto!
We truely live in a kleptocracy!
Damn.
I hope you shall find a place soon and some well-deserved respite and peace. You and yours remain firmly in my thoughts, CTut.
David.
Rats! Any possibility of an advance from your new job and a partial payment to show good faith?
Heh, I wish! Thanks ya’ll! You’re all the greatest! *g*
CT, I bought a lotto ticket on a lark. If I win big, you’re not moving.
(don’t hold your breathe, however)
Heh, I won’t! Unfortunately, Hawaii has no lotto’s I could’ve tried…! ;-)
LOL. It’s the battle cry of the ethically challenged as well.
There was a way for Paulson to get what he wanted from the cash injections: he could have written covenants into the instrument creating the security Treasury was buying. WE said that over and over here. How hard would it have been to insist on covenants that would enable Treasury to convert the stock into a huge amount of voting stock if certain financial levels were not met. The levels could include a certain amount of new loans. Or a huge reduction of dividends and pay to insiders if the amount of mortgage restructuring meeting the requirements of Sheila Bair’s idea did not occur.
There is no limit to the imagination in crafting these covenants.
Not sure if this is any help. You have to register with Digg. It’s a pretty painless process. Then you can digg/vote for/recommend the post.
Hey, Boo.
I didn’t express my problem very well. I have mastered the DIGG process. My problem is that I can’t get the word DIGG to be blue in my comments.
I click on the “link” icon in the bar above before I type DIGG, but the result is that even the word disappears from my comment.
Thanks, Boo.
scout
Why not reserve some of your ire for Paulson? Why pile on Barney?
If I might…
Because Barney Frank was elected to represent a Congressional district, is answerable to that district, and has a lot to answer for in that district (and a lot of other districts it seems to me), whereas Paulson is answerable to Chimpy (’cause Congress, and Barney Frank in particular, didn’t sack-up when it came to accountability).
Sorry Ian.
I’ve criticized Paulson plenty, as you know, since you read my posts. However, there is no excuse for Barney handing him the authority on a silver platter, which is what he did. After 8 years of Bush, Barney has no excuse, no authority the administration has ever been given it did not abuse. Barney could have written a much tighter bill, and many of us, myself included, told him how to. For him to now whine about Paulso using the authority Barney gave him is worthy of nothing but the most searing of contempt.
I’m tired of folks making excuse for Democrats who hand power to Bush cronies then act surprised when they use it in bad ways. It’s no longer excusable, if it ever was, at this point it makes them 100% complicit in whatever they do, an accessory to the crime.