Bushites Have Caused one of US History's Great Economic Crises
Bushites = anti-regulatory laws
Bushites = anti-government oversight
Bushites = pro have's and have more's only
Bushites = anti-common good
Bushites = corporate self-regulation only
Bushites = corporate profits ahead of common good
Bushites = corporate profits ahead the country
Bushites = privatization of government to benefit corporations
Bushites = anti-rule of law for Bushites and corporate cronies
Bushites = anti-Constitution
Bushites = US economic and financial catastrophe
Bushites = disastrous for the United States and its people
NYTimes today: "The nation's top economic policymakers unveiled a far-reaching plan yesterday to fortify the U.S. financial system, aiming to prevent a repeat of the credit meltdown that has roiled global markets since the summer.
"The proposals call for changes to nearly every segment of the credit markets and mortgage industry, including the creation of national standards for mortgage brokers, tighter oversight of credit-rating firms and stricter capital requirements for financial institutions making risky investments. The plan's authors did not explain how they would translate their ideas into laws.
"[Henry] Paulson remained vague, however, about what new standards should be established and who would oversee them. For example, he said legislation would be required to revamp the securitization process but declined to be more specific.
"It's clearly going to take a while to put these recommendations in place and to implement them," Paulson said in an interview. "We must implement these recommendations with an eye toward not creating a burden that exacerbates today's market stresses."
"Industries addressed in the report, and some Wall Street banks, gave a cool reception to the proposals.
"Paulson, a former chief executive of Goldman Sachs, also raised the hackles of some Wall Street bankers by suggesting they cut dividends to shareholders to raise their capital levels to cover potential losses. They said punishing shareholders was the wrong move for banks that are struggling."
Paul Krugman today: "These days, it’s rare to get through a week without hearing about another financial disaster.
"So Mr. Bernanke and his colleagues have been doing the usual thing: printing up green paper and using it to buy bonds. Unfortunately, the policy isn’t having much effect on the things that matter. Interest rates on government bonds are down — but financial chaos has made banks unwilling to take risks, and it’s getting harder, not easier, for businesses to borrow money. As a result, the Fed’s attempt to avert a recession has almost certainly failed.
(Mr. Krugman: Hardworking, regular Americans losing their jobs, struggling to make ends meet, families who can't afford health care coverage will tell you we are already in a recession.)
"What if this initiative fails? I’m sure that Mr. Bernanke and his colleagues are frantically considering other actions that they can take, but there’s only so much the Fed — whose resources are limited, and whose mandate doesn’t extend to rescuing the whole financial system — can do when faced with what looks increasingly like one of history’s great financial crises."
While the NYTimes writes about Henry Paulsen, Secretary of the Treasury, and Krugman about Ben Bernanke, Chair of the Federal Reserve, let's remember they were appointed by Bush and are Bushite loyalists first and foremost.
These plans are too little, too late; closing the barn door after the horse is out.
Bush and his administration, their greedy corporate and Wall Street have's and have mores and Bush loyalists have caused this economic debacle, "one of history's great financial crises.
And impeachment is still off the table.
Bushites = anti-government oversight
Bushites = pro have's and have more's only
Bushites = anti-common good
Bushites = corporate self-regulation only
Bushites = corporate profits ahead of common good
Bushites = corporate profits ahead the country
Bushites = privatization of government to benefit corporations
Bushites = anti-rule of law for Bushites and corporate cronies
Bushites = anti-Constitution
Bushites = US economic and financial catastrophe
Bushites = disastrous for the United States and its people
NYTimes today: "The nation's top economic policymakers unveiled a far-reaching plan yesterday to fortify the U.S. financial system, aiming to prevent a repeat of the credit meltdown that has roiled global markets since the summer.
"The proposals call for changes to nearly every segment of the credit markets and mortgage industry, including the creation of national standards for mortgage brokers, tighter oversight of credit-rating firms and stricter capital requirements for financial institutions making risky investments. The plan's authors did not explain how they would translate their ideas into laws.
"Taken in total, the effort seeks to cure three paramount failings behind the credit meltdown: Financial firms at each step of the securitization process didn't know what they were buying, didn't care as long as they were making money, and didn't have enough cash to cover mistaken bets.
"[Henry] Paulson remained vague, however, about what new standards should be established and who would oversee them. For example, he said legislation would be required to revamp the securitization process but declined to be more specific.
"It's clearly going to take a while to put these recommendations in place and to implement them," Paulson said in an interview. "We must implement these recommendations with an eye toward not creating a burden that exacerbates today's market stresses."
"Industries addressed in the report, and some Wall Street banks, gave a cool reception to the proposals.
"Paulson, a former chief executive of Goldman Sachs, also raised the hackles of some Wall Street bankers by suggesting they cut dividends to shareholders to raise their capital levels to cover potential losses. They said punishing shareholders was the wrong move for banks that are struggling."
Paul Krugman today: "These days, it’s rare to get through a week without hearing about another financial disaster.
"So Mr. Bernanke and his colleagues have been doing the usual thing: printing up green paper and using it to buy bonds. Unfortunately, the policy isn’t having much effect on the things that matter. Interest rates on government bonds are down — but financial chaos has made banks unwilling to take risks, and it’s getting harder, not easier, for businesses to borrow money. As a result, the Fed’s attempt to avert a recession has almost certainly failed.
(Mr. Krugman: Hardworking, regular Americans losing their jobs, struggling to make ends meet, families who can't afford health care coverage will tell you we are already in a recession.)
"What if this initiative fails? I’m sure that Mr. Bernanke and his colleagues are frantically considering other actions that they can take, but there’s only so much the Fed — whose resources are limited, and whose mandate doesn’t extend to rescuing the whole financial system — can do when faced with what looks increasingly like one of history’s great financial crises."
While the NYTimes writes about Henry Paulsen, Secretary of the Treasury, and Krugman about Ben Bernanke, Chair of the Federal Reserve, let's remember they were appointed by Bush and are Bushite loyalists first and foremost.
These plans are too little, too late; closing the barn door after the horse is out.
Bush and his administration, their greedy corporate and Wall Street have's and have mores and Bush loyalists have caused this economic debacle, "one of history's great financial crises.
And impeachment is still off the table.
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