Snowball gets larger, rolls faster downhill

Last Sunday, my son asked me what I thought about the WaPo article “Treasury Secretary Timothy Geithner tackles five myths about TARP.” Here’s my reply.

There’s a lot of truth to the specifics, but his overall evaluation is way off because he looks at it by cherry-picking specific points, and also restricting his evaluation to the bank situation alone, and assuming that the proper goal was to save the big banks at low cost rather than to save the economy. So here are things the Administration and Geithner could have done if they had ended TARP and taken a different course.

Before the deep freeze starts here in the East-
A brief summary of another bummer of a summer…

Weekly Audit: Will Obama Save Homeowners From Wall Street’s Latest Fraud Scheme?

HR 3808 is a Bankers Bailout of massive proportions by pardoning and legitimizing their fraudulent actions.

A new phrase has emerged that should strike fear in the hearts of bank CEO’s, Too Big to be Rescued.

TARP might have kept the banks alive, but was it our only choice?

What is most disturbing about the meeting with Treasury and the things that were said, or more accurately admitted, is that an argument could easily be made that this was an overt act by the administration to mislead and trick the American homeowner. That our government has been complicit in the bank’s ravaging of the bank accounts, retirement, and investments of nearly five million people.

There are distinct, non-squishy, promises that Candidate Obama made over and over, which President Obama has utterly failed to act on.

Are these mind-numbing numbers the product of misleading rhetoric from the right, or just pure and simple ignorance, or both? What’s on your mind tonight?