Fireworks at Congressional Oversight Panel as It Hints at Bank Nationalization

EconomicPolicyJournal.com ^

[Kozman]

Keep an eye on a very scary Congressional Oversight Panel that is monitoring the Treasury's implementation of the government's Troubled Asset Relief Program (TARP). Yesterday, they released their first report. Two members of the five man panel dissented from the report...Bizarrely, the five member panel monitoring steps implemented to fight a banking crisis includes an Associate General Counsel of the AFL-CIO. The head of the panel is Elizabeth Warren. Warren is a Harvard Law School professor and has collaborated with the non-profit organization Americans for Fairness in Lending...AFFIL is an umbrella organization for groups working on lending and asset-building issues. Its official partners include: ACORN...suggestions added to the final draft caused Senator Sununu and N.Y. Superintendent of Banks Neiman to write dissents to the official report.

[dawn53]

I saw Warren on FBNews Channel being interviewed by David Allen. He asked question after question about TARP and she had no answers. She said Treasury was not giving them answers as to how much money was left, whether they were refusing repayment from some banks, etc.

Napolitano was on after that raving that if a member of the panel couldn’t get info from the Treasury, that Congress needed to act (as the commission is authorized by the Congress.) It was a very telling segment.

[Coldwater Creek]

It's as simple as the guy that holds your purse strings, has complete control of your life.

I'm a poor widow who depends on my dividends from bank stock to supplement my small income.

IMHO, nationalizing the banks is the most important issue to date.