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Obama Planning Bailout Board
In an interview with NBC's Matt Lauer that aired this morning, President Obama offered a concrete proposal intended to help his administration ensure that bailout money is spent more wisely than it has been until now.
Obama referred to "an independent board ... that actually looks at these programs, and the money, before it goes out the door."
Watch the clip:
Of course, how effective such a board will be is still entirely to be determined. But at least nominally this adds to the evidence that the new Congress and administration appear to understand the need to exert much tighter control over the bailout money than we saw initially.
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Josh
Zachary
I'm sure there are three or four ex-Goldman Sachs employees just itching to have a seat on THAT board.
February 2, 2009 12:56 PM | Reply | Permalink
Good start Barrack. But a lot of us would really like to know where the first 700 billion went let alone where the next 815 billion is going. Why does this seem to be so difficult for D.C. to get through their thick skulls? You spend tax payer funds and there must be 100% transparency, period!
February 2, 2009 1:04 PM | Reply | Permalink
Yes bay, a CONCRETE proposal!
Another "independent board"!
Now there's an idea that's never been thought of in DC before!
In the spirit of hope and post-partisanship that Obama apparently values above ALL else I recommend the following "independent" board members:
Hank Paulson
Alan Greenspan
Sandy Weill
John Thain
and of course Rush Limbaugh
That's a good start....
p.s. of course I am joking. What Zachary Roth sees as a "concrete proposal" this taxpayer sees as just another fig leaf to cover up the fact that the American government works exclusively for those making over 7 figures a year.
This "independent" board is just another sick fucking joke on the American people.
February 2, 2009 1:28 PM | Reply | Permalink
More "lipstick" talk from Obama. :(
February 2, 2009 1:30 PM | Reply | Permalink
I'm starting to get anxious. I don't see how this is going to help anything. I lost my job a month ago, and now I have to go to grad school. No problem, but it'd be nice to know that some of that money will help out universities cope with Financial Aid, Grants, and research monies.
A board would be nice, but it won't do squat for people like myself out of work. The problem is jobs. And if Wallstreet is the problem, then maybe Obama should apply a bit more muscle -- anything that would equate to some sort of justice. Maybe let the insolvent banks fail as Krugman and other economists are suggest. Maybe let the Wallstreet implode, and start over.
I'm sorry, but I didn't go to school to contemplate filling in potholes or flipping burgers, while watching Bankers and Wallstreet piss my future (job) away.
February 2, 2009 3:09 PM | Reply | Permalink
McMia: as I said, "how effective such a board will be is still entirely to be determined".
But it seems at least worth knowing about. Everyone can draw their own conclusions as to whether it's valuable or nor -- although right now know none of us has enough information to know.
February 2, 2009 4:28 PM | Reply | Permalink
I like the part where this time it gets reviewed "Before the money goes out the door". About time for sanity!
February 2, 2009 8:30 PM | Reply | Permalink
February 9th, 2009 11:27 am ET
Your comment is awaiting moderation.
Why do they keep calling it "Government Bail-Out" or "Government Stimulus Plan" it is the tax payer money that this is and will come from to pay for this. Why are they deciding something that is this large…The country and citizens should be able to vote on this as the congress, senate are part of the people who have allowed and contributed to this issue we now are in.
http://o8justiceforall.wordpress.com/
February 9, 2009 11:31 AM | Reply | Permalink