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Fed and Treasury Duopoly Hot Seat House GS Grill Doctrine of the FT Firemen or the Mouse that Roared?
They saw no problem with the bait and switch of $770 Billion TARP going from market liquidity to Goldman Sachs support. They admitted they or their Chief of Staff worked for Goldman Sachs and claimed the highest integrity in saving the taxpayers.
Both repeatedly declared the need for regulatory reform with more authority, while not admitting roles in disabling reform and abusing authority.
They declared pride for what they did, claiming unemployment would not be at 10%, and housing prices and pensions would be down much further with unmitigated disaster.
Let the record show true unemployment is currently 22%. Housing and pensions are down as much as -50% so far with government bailouts.
As Congressionals Bilbray, Burton, Chaffetz, Clay, Cummings, Davis, Duncan, Fortenberry, Issa, Jordan, Kapture, Kucinich, Lynch, McHenry, Mica, Town, Turner, Van Hollen, Westmoreland, declared, testimony stretched credulity and begged a thorough audit of the Fed.
Several decried the moral hazard of government in free market discipline with the notion of too big to fail.
Several used the Watergate Coverup code word.
Turner called TARP the biggest taxpayer fraud and theft in history.
While the hearing played to the people, with the scenario of the great Wall Street Golf Club Theft at the expense of Main Street business, homes, jobs and savings, it was clear many Committee members did not understand the intricacies of finance that Mr Geithner and Mr Paulson used to duck simple Yes or No answers to key questions.
Both witnesses were given permission by Chair Edelphus Towns to leave before all members of the Committee had their paltry four minutes to ask questions. It was clear from several Committee member comments they had evaded answering questions after previous hearings and before this one.
At the end of the day one is left wondering if this is just another Washington DC monopoly media coverup leading America further down the road to ruin. Today it seems monopoly media may be more interested in reporting on the Apple iPad.
