Unaccountability in Spending

"A plan - we don't need no stinking plan, we'll just throw money at the problem."

-US Gov 4q '08

Finally someone steps up with a logical plan to "failing" financial instutions...

....."Under Hoenig's plan, public authorities would declare a financial

institutions insolvent whenever its capital fell to levels too low to support

ongoing operations.  Next, the authorities would use receivership,

conservatorship or "bridge bank" powers to take over the institution and

continue its operation under new management.  Bad assets would be taken out of

the institutions and the remaining operations would be sold to one or more sound

financial institutions or exist under new management and oversight.

    "We should ask... why would anyone assume we are better off leaving an

institution under the control of failing managers, dealing with the large volume

of 'toxic' assets they created and coping with a raft of politically imposed

controls that would be placed on their operations?"

    Hoenig also rejected criticism that the US is in the process of

nationalizing banks. "I believe that this is a misnomer, as we are taking a

temporary step that is aimed at cleaning up a limited number of failed

institutions and returning them to private ownership as soon as possible."

-tessa.moran@thomsonreuters.com; reporting 3/6/09

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You didn't really think that we the american taxpayers needed a plan do you? This whole 'crisis' has been fabricated to assist with the election and make 'superheroes', while at the same time benefitting the banks without really addressing any problems. Oh, and justify massive amounts of new goverment spending in the process.

While all the while Inflated prices rule the land and people clamor with their tax credits to buy new HD big screens for the return of the messiah.