This saying comes to mind this morning as I listen to the House of Representatives Financial Services Committee hearing on c-Span.
The Treasury Secretary Henry Paulson, Federal Deposit Insurance Corp Chairman Sheila Bair, and Federal Reserve Chairman Ben Bernanke all were there.
Here is some of what was said: Mr. Paulson said: "This financial crisis is unpredictable and difficult to counteract,".....we concluded it was only prudent to reserve our ... capacity, maintaining not only our flexibility, but that of the next administration.".......Some $290 billion of the first $350 billion authorized under the program already has been used or committed for use." Mr. Paulson wants to reserve the balance of it for the incoming administration. What's up with that!
Mr. Bernanke said: "........there were some signs of a return to more normal conditions in credit markets but conditions were still unsettled and many banks continued to restrict their lending throughout October." I ask my self: What signs?
Ms. Bair, apparently is the only one that knows what she's doing! Her programs are working, so they say!
Why don't Mr. Paulson and Mr. Bernanke ask her for advice?
My question is: What are signs of a return to more normal conditions? Exactly how has the bailout help? I can't seen how! Can you?
I say it again,
Never have so many done so little for so few!
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