I for one, do not care about the Congressional perks, I just simply wish to remove those in Congress that sat on the House finance committee. The Senate has to wait - they get six year terms. Since the House is only two, good odds that many are up.
The reasoning is simple. This pack of buffoons are oversight to this country's financial system and were the ONLY ones with the power to rein in the banking industry. When people with supposed knowledge of finance do not know that 102% financing of 1/2 million and up properties to buyers making 35,000 per year is a recipe for monumental default - than who does? All in all, it tells me that this committee is comprised of people that do not know anything about finance, and now they want me, and all the rest of the U.S. taxpayers to pick up the tab.
If the media ever catches on and fingers all involved, than maybe the voters will do themselves a favor comes November. There are enough ticked off people that MAYBE voter apathy can be overcome.
As far as the execs go that run the 2 f's - they should get fired with "0" perks. No bonus to go, No big fat pension, No Nothing. The boards should get the same. I'll give them another alternative - take your perks and go to jail.
While we are cleaning house - All top level at the Government OFHEO go too. Since this is the agency that was supposed to oversee the two F's
I can only conclude that some collusion might have existed. If not, it does not matter as their inactions tell the tale.
This is more than just "picking up the tab" as was the case of the RTC. There were layoffs than and hard times for many but this time it will be ten fold.
Man will go after Greenspan and the Fed - don't - he did not have the power to stop the bankers, plus he did not see it until it was too late. I don't go after him because he is a bookworm data freak and you can't expect to much common observational sense from him. On the other hand, Congressional Rep's are usually in touch with their district and people in general. They usually have common sense and observe trends.
The national assoc. of Realtors put over 3 million into lobby efforts since Jan. 1. How much the banking industry put into Washington I have not idea, but I bet they were not pikers. I will leave that up to the voters to figure out.

I support William Lindblad's comments.

Also, regarding the "whining public", I have long thought that, to promote fairness, Congress should be put on social security and medicare like those they "lead". How else will they know what their constituancies really face.

william lindblad said... Very well stated I completely agree with you

"Who’s going to Frog Walk"?

The way I understand it, and I could be wrong, but the person to blame for this FRE-FNM debacle probably isn’t walking at all; he is playing eighteen with a ride. Is it true that Henry Rains cooked the books to give himself a huge bonus? If so, why is he playing golf while others in the private sector are playing their golf in prison? Is it also true that Mario Cuomo Jr. and Jamie Garelic created these creative finance sceems to promote a social engeenering agenda? if so why isn’t anybody asking the question, “Whos going to frog walk, or does “this gang” ride free again, or any Republicans involved. (curption has no party boundrys) in my book. These are the question I want to know, I have to asume there true because you don’t hear anything from the three big news outlets. If we! “little people” get stuck holding the bag for ton of money lost! Shouldn’t we at least get our pound of flesh? Even though theses people were expoliticle cronies getting thier rewards, I leave you with two words… “Term Limits.”

ICEddie.