Difference of opinion

The Congressional Oversight Panel, who you might recognize as the panel that, despite a legal requirement to do so, no one in the Treasury Department, FED, Wall Street has deemed worthy enough to update as to the goings on and payments made out in the various bailouts and free cash grabs, had a few choice words on the plans enacted so far.

A congressional panel overseeing the U.S. financial rescue suggested that getting rid of top executives and liquidating problem banks may be a better way to solve the economic crisis.

The Congressional Oversight Panel, in a report released yesterday, also said the Treasury may be relying on too rosy an economic scenario to guide its $700 billion bailout, and declared that the success of the program after six months is “mixed.” Three of the group’s members disagreed with at least some of the findings.

“All successful efforts to address bank crises have involved the combination of moving aside failed management and getting control of the process of valuing bank balance sheets,” the panel, headed by Harvard Law School Professor Elizabeth Warren, said in its report.

Tim Geithner responded by screaming and pointing at a bear that he not only swore was totally behind the press and about to eat them all unless they ran, but that the press had to hire the bear on as a consultant so the bear could advise them on how not to get eaten by a bear.

Hey isn't it funny how the one government organization that doesn't have Wall Street insiders, Goldmann Sachs money fuckers, or political hacks that greased the skids for this crisis and is staffed by economists and number crunchers is the one advocating a fire and liquidate approach? Sorry, I wrote 'funny' when I meant to write 'a blindingly obvious result'.

But the report did also mention that things were getting better, albeit too slowly and in a 'not effective enough' manner. Perhaps the fact that things are getting a little better, combined with positive public perceptions of the status of the economy mean that good things...wait, no, Paul Krugman just dropped in to defecate on that notion in a Nobel laureate kind of way and sup on the sweet tears of your ignorance.

Oh lovely, 'things are terrible, but the speed at which things are getting worse has slowed, which is sort of good' is the most positive thing he can say. Yeah.....I'm going to go drink.