To say that what is going on in Washington is a crime would be akin to describing the iceberg that sunk the titanic as an ice cube! As the lame duck session of this Presidency slowly makes it way to inauguration day, it appears no holds are being barred to set our next President up with debts and obligations that will take any opportunity whatsoever of change ever coming to fruition away form his playbook of solutions to the problem.
The endless check and bailout session that has been going on before our eyes seems to have no end in site. The reward for poor business performance is a bailout check and the holding of any one accountable for their wrongdoings in this financial debacle is non existent. With all the talk as of late of Democrats and Republicans reaching over the isle, it would appear both have tarred themselves with blame for what has been going on.
Democrats approving whatever it takes to get to January and Republicans pushing to curtail government and let the industry solve its own problems; albeit with our money!
I recently learned that right before the economic crash our Treasury Department re-wrote the banking laws on how bank mergers are taxed. Not bad, considering they had no authority to do so. The new laws allow banks to escape million of dollars in previously rightfully owed taxes that they would have owed when two banks merge. And what has been the consequences of the economic collapse; none other than a slew of bank mergers. It’s almost as if they saw it coming!
Add to this the Federal Reserve has made loans of billions of dollars to individual banks they are under no obligation to tell us about, and you see that the idea of transparency and change may be a really long way off in coming. As for the Obama administration stepping in and wiping a clean slate, that pretty much is naive thinking on anyone’s part.
His transitional secretary Rahm Emmanuel, the Democrat has gotten more money form Wall Street than anyone else, sending an unmistakably reassuring message to Wall Street. Might be the reason in his first press conference that President Elect Obama didn’t mention raising taxes on the rich like he did just a week ago. That idea may be dead on the doorstep as our new President prepares to take office.
No one said getting through the economic crisis was going to be easy. Finding out who took money from the bailout that wasn’t supposed to get it may be even harder. When one thinks back to the original bailout plan being a page and one half long, one can only chuckle. We are going to need a good TV detective to figure this mess out, but unfortunately given the way these guys cover their tracks, I doubt even one of them could solve this mess!