Maureen Dowd’s Spot-On Analysis of Wall Street Bailout II
Filed under: Bailout Bill, Banking, Recession, U.S. Economy, U.S. Financial Crisis
If you’re not already ticked off about Washington’s response to corporate recklessness begetting trillions in corporate welfare, here’s something from Maureen Dowd today to fire you up:
Despite the touting, the Treasury chief unveiled a plan short on illumination, recrimination, fine points and foreclosure closure. The Dow collapsed on its fainting couch as Sports Illustrated swimsuit models rang the closing bell.
It wasn’t only that Geithner’s own tax history — and his time as head of the New York Fed when all the bad stuff was happening on Wall Street, and when he left with nearly a half-million in severance — makes him a dubious messenger for the president’s pledge to keep the haves from further betraying the have-nots.
It wasn’t only that Americans’ already threadbare trust has been ripped by Hank Paulson’s mumbo-jumbo and the Democrats’ bad judgment in accessorizing the stimulus bill with Grammy-level “bling, bling,” as the R.N.C. chairman, Michael Steele, called it.
The problem is that the “lost faith” that Geithner talked about in his announcement Tuesday cannot be restored as long as the taxpayers who are funding these wayward banks don’t have more control.
Read Dowd’s entire column here.
