Treasury Defends Housing Steps

News Type: Opinion — Seeded on Fri May 2, 2008 10:29 AM EDT

Article Source: Wall Street Journal

politics, economy, wall-street, economics, housing, treasury, paulson, subprime

Senior Treasury Department officials are defending their response to the housing downturn in private meetings with Wall Street executives and banking officials, in an apparent bid to counter congressional Democrats who are pushing for more aggressive steps.

This quote is the one that caught my eye. The story itself, and the presentation it links to, are worth a read if you are interested in the Treasury's spin on things, but to me the real headline should be "Treasury Meets with Political Donors to Sell Mortgage Plan." This is how it really works I suppose. Here is a direct link to the presentation.

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4.7

{"commentId":1757999,"authorDomain":"polecolaw"}

polecolaw

Our real political process at work.

{"commentId":1757999,"threadId":"258705","contentId":"1465485","authorDomain":"polecolaw"}

1 vote

#1 - Fri May 2, 2008 10:31 AM EDT

{"commentId":1780591,"authorDomain":"tgolferman"}

tgolferman

Polecolaw, letting these guys stay at the helm is negligence or treason is it not? One other thing we both have failed to see during all this sub-prime mess is this: Since everyone was given a get out of jail free card by the Bush Administration Regulatory Heads, how much shady business was hidden by the banks, etc., wherein loans were made to confederates that are now conveniently going to be sanitized by taxpayer bailouts? The confusion created by the sub-prime mess can ultimately serve as cover for additional criminal activity.

{"commentId":1780591,"threadId":"258705","contentId":"1465485","authorDomain":"tgolferman"}

2 votes

#2 - Thu May 8, 2008 5:28 PM EDT

{"commentId":1785161,"authorDomain":"polecolaw"}

polecolaw

I agree there is much room for unfair benefit in all of this. I'm not convinced that everyone involved acted out of malice though. I think to some extent this is what happens when you let an industry regulate itself which is apparently how the Bush Administration and congress thought it should be handled. I view it as a major f@*%up by an administration that, from the top down, has a wrongheaded view of how regulations should be written and enforced. That said, the financial industry has a very long track record of getting what it wants spanning multiple administrations. This is one of the main reasons I want real political reform. Get the lobbyists out.

{"commentId":1785161,"threadId":"258705","contentId":"1465485","authorDomain":"polecolaw"}

2 votes

#2.1 - Fri May 9, 2008 10:33 PM EDT

{"commentId":1786573,"authorDomain":"tgolferman"}

tgolferman

I agree with getting the lobbyists out and political reform. Do you think we need to make a push towards Direct Democracy as Switzerland, a hybrid capitalist-socialist country, has? Did you get to view the Frontline program titled Bad Medicine? If you didn't, go on-line and view it. When your done viewing it you'll feel like the U.S. is in the stone age when compared to Switzerland, Taiwan, and other country's researched in the program.

Keep up the good work Polecolaw. Have a great weekend.

{"commentId":1786573,"threadId":"258705","contentId":"1465485","authorDomain":"tgolferman"}

1 vote

#2.2 - Sat May 10, 2008 3:14 PM EDT

{"commentId":1791893,"authorDomain":"polecolaw"}

polecolaw

I did see it, and everyone should watch especially given the current political situation. I agree with you that we are in the stone age on this topic. I don't think "socialism" and "socialized medicine" are necessarily the same thing, though. We have socialized highways and other infrastructure, socialized disability, and so on, but that does not make us a socialist country. Of course, lately we have become more socialist as we socialize the losses from the credit crises, except of course the profits were kept private:-)

{"commentId":1791893,"threadId":"258705","contentId":"1465485","authorDomain":"polecolaw"}

#2.3 - Mon May 12, 2008 3:22 PM EDT

{"commentId":1780597,"authorDomain":"tgolferman"}

tgolferman

Polecolaw, letting these guys stay at the helm is negligence or treason is it not?

One other thing we both have failed to see during all this sub-prime mess is this: Since everyone was given a get out of jail free card by the Bush Administration Regulatory Heads how much shady business was hidden by the banks, etc., wherein loans were made to confederates that are now conveniently going to be sanitized by taxpayer bailouts? The confusion created by the sub-prime mess can ultimately serve as cover for additional criminal activity.

{"commentId":1780597,"threadId":"258705","contentId":"1465485","authorDomain":"tgolferman"}

#3 - Thu May 8, 2008 5:30 PM EDT

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Treasury Defends Housing Steps

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