Watchdog Frustrated over lack of Bailout Plan

Watchdog Frustrated over lack of Bailout Plan

www.msnbc.msn.com

WASHINGTON - The top congressional watchdog overseeing the nation’s financial bailout said Thursday she’s frustrated by the Treasury Department’s refusal to explain how it is doling out billions in taxpayer money.

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This is just proof that there is an elite part of the government that puts this junk through as legislation and then the rest of the world, congress, government, America is left to scratch it's head and wonder how this could have happened.

This is the head Watchdog in Washington... the one who is suppose to be in the know. They don't even know what's going on.

I have to say, it's a bad time to be in America....

Thoughts...?

www.msnbc.msn.com
(visit the link for the full news article)

And this suprises whom? A little known fact is that government is the problem not the solution.When has the government ever handled anything without skrewing it up?

in.news.yahoo.com...

Banks complain that the "mortgage crisis" is making them tank.... defaults, etc.

Banks complain they have no money to lend .. even though they are taking billions from the fed.

We have mortgages.... 6% .... 11%... whatever.

We already pay these mortgages to a bank.... the same banks that are taking billions of "loans" (cough) because they can't make it.

We take a Direct Mortgage loan from the fed at 0.5%... The pay-off money goes to the bank.... now times this by millions of mortgages... the banks are now flooded with money (NOTE: Fed has already planned 7.4 Trillion Bailout, why not have it benefit us?)

Fed pledges to top $7.4 trn to ease frozen credit mkts

www.nypost.com...

So, instead of printing / creating 7.4 trillion for the banks to pay back at 0-0.25%, Why not have us borrow directly from the fed to pay "EXISTING" Mortgages which goes to the BANK in the form of a Mortgage payoff. The Bank gets the money they claim they need... the fed gets an extra 0.25 to 0.50 extra from us and We lower our mortgage monthly payment by almost 50 freekin percent.

OK, This plan provides the same result as this BS bailout except "we the people" also benefit. So does government as tax revenue and economic growth will happen as that extra personal wealth is invested, spent, etc.

The Banks get their bailout, The Fed gets the money back at even greater interest, the people get a nice interest reduction. Banks now have money to lend at their normal rates going forward.

It is the same thing as we have now except FED creates 7.4 trillion and Lends to Banks (whoever), Bank refuses to provide credit to business forcing additional bailouts, banks raise credit card interest rates and WE are still left holding the bill..... ????? ...... ?????? .... ?????? And Government wants to print more money for a "stimulus check" or "tax rebate" check.. whatever to float the economy a few more months (How the hell is that a better plan?)

Now stop, regulation needed asap before doing this to PREVENT our current situation from happening again... 20% down, Credit worthiness, no loopholes for predatory lending, etc.

Put the two plans side by side... I think you would print / create a hell of a lot LESS money to devalue our currency with our plan and pull ourselves away from the cliff of economic meltdown.

reply to post by infolurker


There are a couple of reasons the government will not go your route with such a package. One is, they know it could work, and two is, if they did, someone they know would not be able to make a killing from it, they have to stick up for that person and allow them to keep their hands in the till. It`s easy, it`s a setup at our cost. The government is not the one footing the bill, we are. We have to foot the bill for money that is being created by the Fed, and we have no control over how much gets printed. And that person or persons they are sticking up for are the owners of the Fed. This country needs to get rid of these blood suckers and their business of leeching from the hard working people of this country and the world.

We also need to get rid of those in our government who back these leeches. They are worse then a disease or a plague. They want to control everything in this country, just look at how the government has grown instead of getting smaller over the last few years. It`s your choice, keep allowing them to take your freedoms away a little at a time, to the point that you are nothing but a slave to them(and your there now, high interest and taxes) and nothing more, as they want you to be. And it`s all for money and power. Or, you can fight back to get our freedoms and constitution back, forcing the Fed out and letting Congress set up a government run bank as the constitution states (no more interest and taxes) we should have. Which do YOU want?



[edit on 18-12-2008 by FiatLux]

I thought the FED was required to let us know where the money was being used. I could have sworn that was part of the Congress update package

Originally posted by Jkd Up
I thought the FED was required to let us know where the money was being used. I could have sworn that was part of the Congress update package

No Jkd Up, their not required to. They are not run by the government at all, and are not under their regulations, beings they are a privately owned bank. This will be their excuss not to tell. Yes, they said they would at first, but with the track record the Fed has, this would not surprise me in the least.

[edit on 19-12-2008 by FiatLux]

Originally posted by Jkd Up
I thought the FED was required to let us know where the money was being used. I could have sworn that was part of the Congress update package

i saved this quote from the original bill because i knew this was going to happen just by reading it

Sec. 8. Review.

Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

The top congressional watchdog is like a pit bull with no teeth and no weight. They have been watching the government for a long time and still don't understand how it works. You would think that by now they would be well aware of how incompetent our government is.

reply to post by jam321


Gotta love the desciption there... But you are right. No doubt!

We have these pathetic people in place to "watch for us" and they do nothign but wonder and puzzle rather then tearing into wrong dooers.

I had a Pit Bull that did not like someone who getting too close to my daughter. It did not quitly say "Hey Mister.. Get back." He got between her and the guy and bore teeth. Hair up, growl from hell... THAT'S how it's done!