They give awards for this? And this? Here’s some advice. Next time someone offers you the Sol Taishoff Award for Excellence in Broadcast Journalism, given out at the National Press Foundation’s annual dinner, ask for the cash instead.
Also, in case you weren’t aware, I am working together with Hamas to threaten the lives of nice, quiet, polite, Jewish folk, here.
Danielle Ivory writes:
Before diving into any congressional hearing on the economic crisis, it would be a good idea to watch this interview with William Grieder. He discusses the “awkward straddle the Democrats have tried to manage” between moneyed-donors in the financial industry and working-class, labor-oriented constituents.
Keeping that (and this) in mind, I’m finding it difficult to say anything nice about yesterday’s TARP hearing, featuring those eight lucky bank CEOs. I fail to see the point of inviting eight people to testify all at the same time–unless the point is to create a circus. There wasn’t enough time or focus. A few talented cross-examiners (again, I give kudos to Alan Grayson, and also Maxine Waters) gave the panelists a run for their money, but the whole ordeal just seemed hopeless to me. I would have liked to see one or two CEOs parceled out to one hearing at a time, ala the solo act of Dick Fuld or the AIG men. I easily could have spent three or four hours listening to Vikram Pandit or Ken Lewis answer questions. But…alas, it was not to be.
In other hearing-related news, late last week, the leaders of three TARP oversight programs testified before the Senate Banking Committee about their progress thus far.
It was fascinating, but I found myself thinking, Where’s Ben Bernanke?
I don’t have random daydreams about Fed Chairman Ben Bernanke, although I guess it might seem that way right now. He’s the chair of the Financial Stability Oversight Board. FSOB. Pronounced Fin (like a shark) Sob (like weep). It is a real oversight entity, created when the bailout passed. It has a membership of five, including the Secretary of the Treasury, the Secretary of Housing and Urban Development, the Chairman of the Board of Governors of the Federal System (duh), the Chairman of the Securities and Exchange Commission, and the Director of the Federal Housing Finance Agency. Anyone could have been voted into the chairmanship position except the Treasury Secretary. Because the purpose of the group is to, at least in part, oversee the actions of the Treasury Secretary. You see how awkward that would be?