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Front Page: Report Reveals Few Bailout Restrictions

  • The Government Accountability Office has concluded that the Treasury Department has no mechanisms to comply with the $700 billion bailout plan restrictions. Speaker Pelosi called the report evidence that the Treasury Department's actions are not accountable to the American taxpayer. — AP
  • Republican Senator Saxby Chambliss reclaimed his Senate seat after winning yesterday's Georgia runoff. The Democrats will not have a 60 seat filibuster-proof majority. — AP
  • US Secretary of State Condoleezza Rice urged Pakistan to cooperate fully in bringing the Mumbai attackers to justice. While in Delhi she said Pakistan has a "special responsibility to do so." — BBC News
  • Harvard's endowment, the largest in the US, has taken at 22 percent hit in the last four months. It has lost $8 billion. — AP
  • Passengers flying out of Los Angeles had to wait nine hours on the ground before take off because the smaller airport did not the staff to process exciting passengers. The original flight would have taken less than five hours. — LA Times


Join The Conversation
StolzeMama StolzeMama 8 years
It's always his fault. :P
CaterpillarGirl CaterpillarGirl 8 years
Its GW's fault.
StolzeMama StolzeMama 8 years
And our lovely representatives SHOULD have known that the "Treasury Department has no mechanisms to comply with the $700 billion bailout plan restrictions." And so your 2 arguments are 1 in the same.
StolzeMama StolzeMama 8 years
I would hope that the American people won't let that be the only option. As Organic said in a previous post, if there was no federal reserve and we were on a gold standard or something to back our money we wouldn't be in this mess in the first place. The gradual change in our society to this semi-socialist economy is what I blame the current crisis on. And for that matter, why not throw in the great depression.
Jillness Jillness 8 years
I think there is 2 distinct arguments: 1.) That the bailout was a bad idea, 2.) That the bailout is being handled improperly by the Treasury Department. Just because someone might think it is being handled incorrectly doesn't mean that there are not benefits for having it in the first place. I am actually happy that the lack Treasury accountability was caught after only about 45 days, and not years. I think that we are on the verge of something tremendously bad...all of the scary estimates that the Treasury and Fed have made have proven to be far too positive. We could very seriously be on the verge of a depression, and while using tax payer money on "bailouts" is not the prefered way to keep us out of a Depression, it is very possible it is one of our only options.
StolzeMama StolzeMama 8 years
Maybe you should lobby to allow your vote to count in MD or VA? I have to admit I am really unfamiliar with what has been done on that front, so I am sorry if that has already been attempted.
kranky kranky 8 years
Hainan- At least you have a voice in Congress. Us DC-ers don't even get a vote.
StolzeMama StolzeMama 8 years
Yeah, I'm outraged. My local congressman voted no on both of the original bailouts. So unfortunately there isn't much I can do. My representative did his job. So I can blame the rest of the country for the mess we are in. I never understood why congress had to pass the bailout in such a hurry the last time. I mean we had Barack Obama making press announcements that if it was not done in 72 hours that the economy would tank. And then got upset when others in congress were blocking it's passage. And then after it did pass, the economy kept going downward. I find it humorous that one of the biggest supporters of the bailout is now seeing the error of her ways. I have to admit that I am thankful she can admit a mistake. Let's see how many of the others who voted yes will admit their wrong doing and if they have to pass another bailout bill, hopefully they can make it in the best interest of all Americans and stop tacking on all of the pork barrel spending at the end.
kranky kranky 8 years
Wait... so Pelosi is now condeming something she supported? What I want to know is why nobody in Congress picked up on stuff like this when they delayed passing it in order to tack on porkbarrels. Is no one else here completely outraged that we have complete idiots in Congress?
organicsugr organicsugr 8 years
Pelosi thinks the bailout isn't protecting the interests of the American taxpayers? Most of us figured that out a few months back, when the U.S. government decided to take it upon the taxpayers to buy toxic securities so worthless that people wouldn't even buy them at absurdly discounted rates. But here's what we have now: the government in bed with corporations, handing favors back and forth (see: socialism). Pelosi thinks the American taxpayer will be protected by lower. executive. salaries. Seriously?
Jessiebanana Jessiebanana 8 years
OMG the airport story was horrible. They kept those poor people on the plane for 9 hours. They couldn't leave and a woman wasn't allowed to retrieve her blood pressure medication (I assume she thought she wouldn't need on a four flight) because Ontario didn't have immigration (I think the lady meant Customs) people. She had to call 911 from in the plane. Apparently the toilets ran out of flushing water. Horrible.
kranky kranky 8 years
I personally would love the see staff, 'processing exciting passengers' next time I'm at the airport. What a way to pass the time! ;)
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