||[Sep. 24th, 2008|03:18 pm]
So, making some kind of HUGE concession, the Bush administration will not put up a fight against limiting "golden parachutes" for bungling CEOs and managers who might be forced to leave their positions in the Wall Street shakeup.
Oh, please. I'm reminded of the Shrub's bold and comprehensive energy-saving strategy of moving Daylight Savings Time back a whole month - it's one more meaningless gesture. These poor fellows will have to walk away with only the millions they've already hoarded away and not enough additional dosh to allow them to buy a small island nation. How will they survive?
In the meantime, this fact makes not even the slightest dent in the amount of money being asked for, and I'm sure that the crafters of the plan are hoping that, having given this "crucial change" (I kid you not; that is what the AP writers termed it), they will be able to slip past with minimal oversight requirements.
I applaud John McCain for stating that the bailout needs more oversight. He and Barack Obama appear to be setting aside their campaigns to go back to Washington and do the work for which they have been elected.
Feet need to be held to fires in this, and Paulsen and Bernanke are not willing to do it. When asked why they need all $700 billion at one time, when they project spending at about 50 billion a month, Paulsen basically said, "well, we want it all in case we need it, and it will be bad if you don't give it to us."
I'm feeling a tar-and-feathering coming on....