We all have been watching how Congress acts in a knee-jerk fashion in response to populist anger and lazy/indifferent otherwise . This when they should be acting proactively and showing leadership in preventing problems in the first place. Seems once again they need to be forced into action.
J.K Galbraith , in his response to Geithner's plan, suggests that Congress should be providing the much needed oversight :
If I were a member of Congress, I would offer a resolution blocking Treasury from making the low-cost loans it expects to offer the PPIPs, until GAO or the FDIC has conducted an INDEPENDENT EXAMINATION OF THE LOAN TAPES underlying each class of securitized assets, and reported on the prevalence of missing documentation, misrepresentation, and signs of fraud. In the absence of a credible rating, this is the minimum due diligence that any private investor would require.
ACT NOW :How about us Kossacks flooding our reps with emails/phone calls to push for the resolution , including the Banking/finance committee members? The effort will be worthwhile given the stakes - our country's future, the world's future and the democratic party's future. (Maybe this will give senator Dodd a chance to redeem himself - just thinking)
Contact info :
Senate banking committee:
Email; Phone : (202) 224-7391
Members here , if you want to contact individually.
House Financial services committee :
Contact here - phone & email
Members