January 14, 2010

Ending Corruption in Washington

By Vasko Kohlmayer
Even as our government officials claim that the worst of the recession is behind us, their actions hardly indicate that they believe it themselves. The financial reform bill that the House of Representatives passed last month authorizes the Federal Reserve to provide up to $4 trillion in emergency relief to big banks the next time things come crashing down. This flies directly in the face of the oft-heard assurances that the bailout spree is over. Obviously not, as the House is laying the groundwork for the continuation of the money bonanza. And what a bonanza it promises to be. The authorized figure is far more than anything we have seen so far. To give a sense of scale, it exceeds by a factor of five the amount of President Obama's stimulus package.The bill is the brainchild of Barney Frank, the ultra-liberal chairman of the House Financial Services Committee. Believe it or not, this is the same Barney Frank who has been calling for tighter regulations of Wall Street and its...(Read Full Article)