Congress--Always in a Rush to Make Bad Judgments
BBC NEWS US watchdog attacks bail-out plan The Congressional Oversight Panel says the government overpaid for distressed financial assets and shares last year. . . . The US House of Representatives passed the $700bn government plan to rescue the US financial sector in October last year, having rejected an earlier version of it. The package was aimed at buying up the bad debts of failing financial institutions on Wall Street. But it was rapidly switched to supplying additional capital to the banks, on terms that were not fully disclosed at the time. Many members of Congress have been unhappy with how the distribution of Tarp funds has been handled. The head of the oversight panel, Elizabeth Warren, told a congressional committee that after three months on the job, her panel is still not getting enough answers from the Treasury. She described the bail-out as "an opaque process at best".
______________________________________________________ There are those of us--…