When Sec. Paulson first introduced the $700 billion bailout package, critics focused on the lack of oversight. But in the days since, all we've heard from Congress is complaints about executive compensation and home mortgage assistance.
It seems very odd to me that the same people who created this mess out of shortsightedness are now the ones responsible for fixing it. These are the same hacks that made it possible for Fannie and Freddie to run uncontrolled. They blocked any meaningful GSE reform. They also blocked any regulation of the derivatives market, for fear such regulation would impact the GSE's. Now they want to prop up all those homeowners that buried themselves in risky mortgages.
And lest we forget, these are the same legislators that thought they could prevent future securities scandals with Sarbanes-Oxley.
Can we please get back to the serious issues? Like oversight on the biggest government bailout in world history?
