Pervert and banker shill Barney Frank wants to make bailouts PERMANENT!!!


http://www.motherjones.com/mojo/2009/10/tarp-never-ends

This Is the TARP That Never Ends...
— By Andy Kroll | Mon November 2, 2009 3:00 AM PST

Currently circulating on Capitol Hill is a draft of the House financial
services committee's "Financial Stability Improvement Act," a wide-
ranging effort to rein in too-big-to-fail institutions and bolster
oversight of the financial-services industry. The legislation,
spearheaded by Rep. Barney Frank (D-Mass.), the committee's chairman, and
Secretary Geithner, who helped to craft the bill, would also create an
oversight council staffed by government financial regulators, and would
abolish the Office of Thrift Supervision, an agency faulted for its
flimsy regulation before the crisis. (The Wall Street Journal has a good
run-down of the legislation here.)

The legislation is meeting stiff oppostion, though, from members of both
parties. What has lawmakers like Rep. Brad Sherman (D-Calif.) and Rep.
Spencer Bachus (R-Alab.) riled up is a provision in the bill they say
gives the White House and Treasury unchecked authority to spend taxpayer
money, without Congressional approval, to bail out any too-big-to-fail
bank that's poised to topple the economy. Sherman calls the provision
"TARP on steroids," writing in The Hill:

Geithner's proposal reminds me of the Troubled Asset Relief Program
(TARP), the $700 billion Wall Street bailout adopted last year, but the
TARP was limited to two years, and to a maximum of $700 billion. Section
1204 is unlimited in dollar amount and is a permanent grant of power to
the executive branch. TARP contained some limits on executive
compensation and an array of special oversight authorities. Section 1204
contains absolutely no limits on executive compensation and no special
oversight.

Disconcerting, indeed. The economy reached the point of near collapse, in
large part, due to a gross absence of oversight. And the TARP as well has
been marred by a lack of transparency and oversight: As bailout watchdogs
have consistently pointed out, we still know very little about how TARP
money was spent by institutions that received billions in bailout cash.
With that in mind, do we want financial regulation that institutionalizes
this opacity?
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