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trinityvixenIt's not that he's arguing that he should be given unimpeachable, god-like powers over $1 trillion of the federal government's money. It's that the economy requires him to request unimpeachable god-like powers with no oversight or restrictions on the people who benefit from his largesse:
Under a so-called claw-back provision, the secretary would have the power to force companies to recoup previous payments to executives of companies involved in the program. And Mr. Frank’s plan would give broad authority for the Government Accountability Office, an investigative arm of Congress, to audit and oversee the program.
But Mr. Paulson said that he was concerned that imposing limits on the compensation of executives could discourage companies from participating in the program.
“If we design it so it’s punitive and so institutions aren’t going to participate, this won’t work the way we need it to work,” Mr. Paulson said on “Fox News Sunday.” “Let’s talk about executive salaries. There have been excesses there. I agree with the American people. Pay should be for performance, not for failure.”
But he quickly added: “But we need this system to work, and so we — the reforms need to come afterwards.”
Because why should we reform before entrusting $700 billion to the greedy bastards who've already lost just about as much on their shady pyramid scheme? They've learned their lesson! The lesson was: Mess up badly, get punished. Mess up badly enough, and Mommy will fix everything for you. Yes, giving them close to $1 trillion and sending them off to play again without specific instructions on how not to beat the shit out of the weaker kids on the playground is a great idea.
Mr. Paulson does know that Treasury Secretary is not a president-for-life sort of deal, right? He is probably being replaced no matter who wins the election. Also? His previous bailouts have not forestalled this one being necessary. So much for bailout then reform.
Under a so-called claw-back provision, the secretary would have the power to force companies to recoup previous payments to executives of companies involved in the program. And Mr. Frank’s plan would give broad authority for the Government Accountability Office, an investigative arm of Congress, to audit and oversee the program.
But Mr. Paulson said that he was concerned that imposing limits on the compensation of executives could discourage companies from participating in the program.
“If we design it so it’s punitive and so institutions aren’t going to participate, this won’t work the way we need it to work,” Mr. Paulson said on “Fox News Sunday.” “Let’s talk about executive salaries. There have been excesses there. I agree with the American people. Pay should be for performance, not for failure.”
But he quickly added: “But we need this system to work, and so we — the reforms need to come afterwards.”
Because why should we reform before entrusting $700 billion to the greedy bastards who've already lost just about as much on their shady pyramid scheme? They've learned their lesson! The lesson was: Mess up badly, get punished. Mess up badly enough, and Mommy will fix everything for you. Yes, giving them close to $1 trillion and sending them off to play again without specific instructions on how not to beat the shit out of the weaker kids on the playground is a great idea.
Mr. Paulson does know that Treasury Secretary is not a president-for-life sort of deal, right? He is probably being replaced no matter who wins the election. Also? His previous bailouts have not forestalled this one being necessary. So much for bailout then reform.
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Date: 2008-09-22 07:49 pm (UTC)no subject
Date: 2008-09-22 07:50 pm (UTC)no subject
Date: 2008-09-22 07:52 pm (UTC)Also, Marvel Zombies Captain America wasn't exactly Mr Peaches and Creams, Apple Pie American neither. Then again, none of them were exactly redeemable.