Monday, November 17, 2008

Neel Kashkari Hammered On The Hill

Neel Kashkari Pays Paulson's Price

Serving as a proxy for Henry Paulson, Treasury Secretary, Neel Kashkari, whose title is interim assistant secretary of Treasury for financial stability faced the House Oversight and Government Reform Committee's domestic policy subcommittee on Friday.

He was there to explain the shift in policy away from purchasing toxic assets from financial institutions, to actually injecting money into those institutions while the assets remain. Further, there is some vague talk from Paulson about direct help to consumers, aka the people on Main Street.

Many of the members of the committee wasted little time lambasting Kashkari and his boss on the deployment of funds, using the opportunity in the spotlight to question things that they should have been questioning before. The questioning, on a bi-partisan basis took more of the form of congressional pontification stressing the fact that the Congress had been duped. Perhaps they should take more of an oversight position instead of signing the checks and going by the wing and a prayer system of hoping that the $700 billion would be deployed the way that they hoped that it would.

Watching these events really makes you wonder who is in charge of the asylum, if anyone. We are the most powerful country on earth, and it seems as if we are being led by a bunch of amateurs all operating under their own agendas, not ours. The next political pawns are the auto companies, who, as I talked about last week have made their own beds, but can not be allowed to fail for the greater good. These leaders will hopefully recognize that and keep us out of another great depression with the unemployment and social upheaval that would occur.

Some Of The Gems Blasted At Kashkari

  • "I guess you get a taste for how Mel Gibson felt in the last scene of "Braveheart" : Rep. Brian Bilbray
  • Regarding the passion of Paulson and Kashkari for helping homeowners, Rep. Dennis Kucinich asked: "He is. Where? What country?" and he accused them of suggesting that "We're just skipping along our way." and in response to a statement Kashkari made "Boy y'know, that statement you just made, you will hear about for the rest of your career."
  • Rep. Elijah Cummings said is response to an answer that "Life is short, and I don't have time to hear ring around the rosie answers." and one of the more played barbs of "Is Kashkari a chump?" and finally "You're on TV. You’re the man. I don't know how much we're paying you, but you're our employee..."

There were more but it is really irrelevant. It's like a combination of the Three Stooges and Titanic and hard to watch.

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