****UPDATED****
The current/ongoing Legislative failure:
In three weeks the 12-member Super Committee get to emerge from their secret sessions to force their edict of the 12 upon all of Congress and the United States of America. Members of Congress will not be allowed to amend or modify in any way the conclusions of this super-powered committee. This insane procedure mandates only a single yes or no vote by Congress as a whole. This is an all or nothing, take it or leave it, devil be damned etc deal. And since the only other option to the Committees recommendations are automatic arbitrary cuts with no impact analysis, the cowards of Congress have no skin in the game. This bullshit deal was devised to give every damn one of them plausibility deniability. This is a bipartisan failure and willing participation in the extortion of their constituents.
This week’s Executive failure:
WASHINGTON – Government-controlled mortgage giant Freddie Mac has requested $6 billion in additional aid after posting a wider loss in the third quarter.
Freddie Mac said Thursday that it lost $4.4 billion, or $1.86 per share, in the July-September quarter. That compares with a loss of $4.1 billion, or $1.25 a share, in the same quarter of 2010.
And how do the punish the failure of U.S. Representative Barney Frank’s pets to properly manage our $BILLIONS$ ?
Politico. The Federal Housing Finance Agency, which regulates the mortgage giants that are now under government receivership, has approved $12.79 million in bonus pay for the performance of 10 executives at Fannie and Freddie last year despite both companies posting losses in all four quarters.
What did the President have to say about that in 2009 when he selling the largest taxpayer funded political cronyism kickback in history to America?
And in order to restore trust, we’ve got to make certain that taxpayer funds are not subsidizing excessive compensation packages on Wall Street.
We all need to take responsibility. And this includes executives at major financial firms who turned to the American people, hat in hand, when they were in trouble, even as they paid themselves their customary lavish bonuses. As I said last week, that’s the height of irresponsibility. That’s shameful. And that’s exactly the kind of disregard for the costs and consequences of their actions that brought about this crisis: a culture of narrow self-interest and short-term gain at the expense of everything else.
And what the President have to say about that in 2011 when it’s his own political benifactors?
Not a fraking thing. Nada, zip, zilch. To call this disgusting is an understatement. To reelect any incumbent in 2012 is a folly and a continuing sentence of financial slavery forced upon our children.
**UPDATE**
White House aides say President Obama took a lead on cleaning up excessive compensation on Wall Street with the Dodd-Frank bill, but those provisions do not apply to Fannie and Freddie.
“The White House was not involved, and nor should it be,” White House Press Secretary Jay Carney said Tuesday.
How do you like it when the Commander and Chief tells America to”Frak Off and mind you own business.”? I for one don’t like it one damn bit. Where are the OWS Freaks on this one? They sure as hell should be protesting outside the White House if they stood for what they say they do. I personally think they’re full of shit with no credibility what so ever.
