Subscribe: RSS Feed | Twitter | Facebook | Email
Home | Contact Us

Trust Tim Geithner, Larry Summers, Barney Frank?

Posted by Larry Doyle on December 31, 2009 11:34 AM |

Blank checks are the antithesis of good public policy.

America can not allow the passage of time to lessen the outrage over the Obama administration’s Christmas Eve bonus to the financial sinkholes known as Freddie Mac and Fannie Mae. Platitudes and posturing aside, the American taxpayer is being set up as never before.

A blank check may serve to cover a host of past financial and legislative failures promoted by the likes of Barney Frank, Chris Dodd, John Kerry et al, but who is monitoring and verifying the legitimate and proper use of these funds? Are we to blindly trust Treasury Secretary Geithner, White House economic adviser Larry Summers, and their respective staffs in this process? Are you kidding me? America needs to voice its outrage long and hard. In that spirit, I called yesterday to Audit Freddie and Fannie.

In the same vein, I am heartened by initiatives launched yesterday by Rep. Dennis Kucinich (D-OH), and Reps. Scott Garrett (R-NJ) and Spencer Bachus (R-AL) to pursue an investigation of this blank check.

The Wall Street Journal reports, Lawmakers Want Probe Into Treasury Aid for Fannie, Freddie: >>>

The Treasury Department’s surprise Christmas Eve move to uncap the potential aid to Fannie Mae and Freddie Mac should be investigated, lawmakers from both political parties said Wednesday.

Rep. Dennis Kucinich (D., Ohio) said his congressional subcommittee plans to investigate Treasury’s decision to lift the existing $400 billion cap on government cash available to the two firms. Separately, Reps. Scott Garrett (R., N.J.) and Spencer Bachus (R., Ala.) called for the House Financial Services Committee to hold a hearing on the matter.

Mr. Kucinich, who chairs the domestic policy subcommittee on the House Oversight and Government Reform panel, said he is concerned about how the two government-controlled firms will use their new flexibility.

“This cannot be used simply to purchase toxic assets at inflated prices, thus transferring the losses to the U.S. taxpayers and acting as a back door [Troubled Asset Relief Program],” Mr. Kucinich said in a statement released by his office.

Messrs. Garrett and Bachus raised similar concerns in a letter to Rep. Barney Frank (D., Mass.), who chairs the Financial Services panel. The two GOP panel members decried what they called a “transparent attempt to hide the news from the American people” by announcing the news the day before a major holiday.

I am not only concerned about Geithner’s and Summer’s influence over the allocation of the funds behind this blank check, but I am equally concerned because of the influence of that individual to whom Garrett and Bachus directed their letter. Barney Frank (D-MA), Chair of the House Financial Services committee, has always been in bed with Freddie and Fannie. I do not doubt for a second that Frank would use this blank check to cover his misguided policies and misappropriated funds supporting Freddie and Fannie over the years.

Need I remind you of Frank’s “I want to roll the dice…” comment in regard to Freddie and Fannie’s support of sub-prime lending in 2003?

America can not allow time and other issues to distract us from what may very well be the single largest misallocation and misappropriation of taxpayer funds in the history of this country.

Trust Geithner? Trust Summers? Trust Frank?

Put Sense on Cents in the verify camp!!

How about you?

LD

  • Taxpayers Unite

    What do we know about Geithner, Summers, and Frank?

    1. Geithner: a tax cheat.

    2. Summers: perhaps the most arrogant and condescending individual in Washington today. Don’t forget his part-time gig at hedge fund D.E. Shaw which paid Larry boy multiple millions.

    3. Frank: another exceptionally arrogant abrasive buffoon. Would you trust an individual who knowingly allowed a consort to operate a male prostitution ring from his apartment. Barney boy still gets the pass on that charge.

    Character and integrity are in very short supply with this crowd.

    Kudos to Kucinich, Garrett and Bachus!!

    VERIFY!!!

    • Larry Doyle

      Taxpayers Unite,

      How do you really feel? I can’t disagree as your comments are all accurate.

      Let’s not forget that Summers was bounced out of Harvard for his misogynistic comments about female scientists.

  • ImaLindatoo

    And Barney’s hidden 4 trillion dollar give away of tax dollars to Wall Street under the guise of“Wall Street Reform/Consumer Protection Act”.

    I sure hope Massachusetts wakes up and tosses Barney out, for all of our sakes.

    • Patriot

      Don’t forget Barney’s conflict of interest given his personal relationship with then Fannie Mae executive Herb Moses in the 1990s.

      No accountability and no discipline has never brought good results for America.

      America is increasingly the most politically correct but morally and financially bankrupt country in the world.

  • Randy Bowman

    While commenting and voicing opinions on a blogon the Internet is a small start, nothing will at all unless and until we impose Very Short term limits for all elected reps and unless and until we find a way to remove corporate money and lobbyists from our governmental process.

    A first real action step is to vote out ALL the bums we can in 2010 and at every other opportunity we are legally provided.

    Most of us undoubtedly never even considered the possibility of becoming an activist in our lifetimes in this country, but I would say the time has come to begin taking a meaningful stand before they tear our country apart and leave us in bitter despair for having sat on the sidelines, content to just watch it happen and occasionally bitch about it as it happened.

    If not us, then who? If not now, then when?

  • Randy Bowman

    Pardon the typos above.. still having the hidden block problem when typing comments. Can’t seem to do anything to fix it. Will try to be more careful.

  • Larry Doyle

    Randy,

    Thanks again for your inspirational comments. Do not think for a second that the voice of America via blogs and the internet can’t and won’t be heard.

    I can’t tell you how often people from various regulatory agencies visit Sense on Cents. In fact, a number receive my writing directly via e-mail or an RSS feed.

  • Randy Bowman

    Your point about blogging is well taken Larry, but gosh, if your blog is getting that much government agency attention, then perhaps I ought to be commenting under a pseudonym heh, heh.

  • Patriot

    LD,

    Here’s hoping 2010 is the year Chris Dodd gets thrown out of office. America can not afford the likes of Dodd and his cronies any longer. What a bag of wind.






Recent Posts


ECONOMIC ALL-STARS


Archives