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Readers Want Bailout Oversight

Our Readers Who Comment -- many of whom disliked the financial bailout when it was proposed -- are apoplectic this morning about the news that the program is without oversight even though $290 billion taxpayer dollars have already gone out the door.

Amit R. Paley reports that "no formal action has been taken to fill the independent oversight posts established by Congress... Nor has the first monitoring report required by lawmakers been completed."

Some readers express fear, others employ sarcasm, several see comparisons between the Bush administration's handling of this situation with the mess in Iraq, some ask: Where is President-elect Obama. Overall, it's one of the most energetic threads I've seen since the election.

We'll start with BlueTwo1, who wrote, "Oversight? They don't need no steenking oversight. Just give them the money."

zixu opined that, "This is not news, it is information. The news would be "transparancy is the norm at the Treasury program and oversight is being done diligently with no secretiveness."..."

ikea1 asked, "...Does anyone think the taxpayers will get paid back?"

And forcewinder wrote, "No."

misssymoto predicted that "...The US will use stimulus to keep people in houses they cannot afford and to prop up auto companies which make cars no one wants to buy. This will assure a continued glut of unaffordable houses and crummy automobiles while the country literally falls down around our heads..."

Chagasman said, "What does anyone expect? The Bush administration, the Republicans, are still running the show, Congress is paralyzed, so the crooks are still in charge. We are being robbed blind by the Wall Streeters..."

But playfair109 asked, "Are you really expecting the Democrats to provide any oversight? They are the ones who started this mess with the mortgage loans they were handing out to anyone who wanted one..."

ander204 suggested that "Paulson 2008 unfortunately is seeming more and more like Rumsfeld 2003."

tht507 agreed, writing, "This bailout will rank right up there with the Iraq fiasco. And the Democrat Congress won't be able to put all the blame on Bush this time. Obama himself voted for it enthusiastically, saying there were no other options except to buy these bad debts. Well six weeks later there seem to be other options besides buying bad debts..."

And aint2sure said, "It's been fairly obvious since the beginning of the Bush Administration that organization and planning weren't among its fortes. Nevertheless, in response to a potential global disaster, Congress gave his gang control of billions of dollars..."

dcfrogger wrote, "...You can blaim Bush all you like for this absurd bailout plan, but please remind me who's pushing now for a bailout of the automakers?... Sorry, but it seems like you are blinded by your partisan shades."

elshibinihussein1 said, "The present financial and economic crisis has clearly demonstrated... that the first letters of the American Constitution " We the people " are now only of historic relevance. As long as diverse lobbies and some wealthy descendants of well known European bankers are the actual decision makers the role of the people is now limited to going to the polls every four years."

treetopflyer wrote, "What a bunch of inept fools. Obama will have an oversight structure and the people to fill it, with marching orders, on Day 1."

But lindakinne said, "By then, it will be too late. Paulson has already spent nearly half the money, and there's still two months to go before Obama is sworn in. We need to use our voices now."

PghGuy asked, "And where is the President-elect? Zero leadership after enthusiastically supporting the initial plan. Don't want to go against your friends in Congress who authorized this whole mess? What a joke! Guess we were just supposed to 'hope' for 'change.' "

But rozetz wrote, "...I wonder if there is some "wriggle" room in the US Constitution to bring the inauguration forward, like in the next week?"

We'll close with BillKeller, who wrote, "Money neither carries vision nor cures blindness."

We'll close with iacitizen who said, "When I think of how we wrote, called, begged, yelled, and gave a resounding "No!" to the bailout, when I think of how they ignored us, how they responded that it had to be done right away, and it had to be done with no oversight...something so crooked and fishy is going on in Washington, DC, that it makes my skin crawl."

All comments on this article are here.

By Doug Feaver  |  November 13, 2008; 7:45 AM ET
Categories:  Bailout , Economy Watch , Treasury  | Tags: Economy Watch, Paulson, Treasury, bailout  
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Next: Obama Woos the Feds


Victory has a thousand fathers and defeat is an orphan. This is obviously Obama's practical view of the bailout. Why start out on the wrong foot?

Posted by: edbyronadams | November 13, 2008 11:57 AM | Report abuse

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