So, Geithner and Bernanke are on the Hill right now testifying again in front of the House Financial Services committee about the AIG debacle; who knew what when, etc. Mostly it's another opportunity for Congressmen and women to appear apopletic on behalf of their constituents in front of the cameras. Sigh.
Amid the bluster though, this interesting tidbit:
Treasury Secretary Timothy F. Geithner today told Congress the administration will seek unprecedented power to seize non-bank financial companies whose collapse could jeopardize the economy...
Who was it who said derisively, "I'm from the government and I'm here to help"? Talk about a slippery slope! Can you imagine, given the lack of oversight that Congress typically renders, and regulators asleep at the switch, politicans having the authority to SEIZE companies they deem at risk of collapse and jeopardizing the economy? Those Congressmen that have taken campaign contributions from Citigroup's and BOFA's TARP bailout money, for example, would be absolutely contorted in conflicts of interest!
It's times like these that I start planning my immigration. Unfortunately I'd have to take a space flight to escape this madness. This seems one big clusterf***k to catastrophe.
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