Rescue Me

With the limited information we have had, I have been against the large bailout plan proposed by the administration. While not rejecting the premise out of hand, I have agreed in principle with many who want strict conditions on this plan. These conditions must have teeth, and not be window dressing designed to look like something they are not.

I am also in favor of limited outlays of taxpayer dollars. No person in their right mind would sink so much dough into a plan that has no guarantees of success. I am fearful that Obama's preference to be seen as post-partisan will box him in to supporting a bad bill that includes conservative Republican demands.

This is a Republican mess. There are Republicans playing politics with a potential permanent solution. My suggestion? Create a short-term solution that needs no bi-partisan support and gets us to November. Examine the success of the solution after the election, providing more support if needed to get us to the new administration and new Congress.

Let's get politics out of this mess.

Steady as She Goes

I've always felt that the election would come down to the issues, no matter how hard the McCain camp pressed otherwise. Of course, not owning a crystal ball, I did not foresee this financial crisis and it's impact on the election. Obama continues to show a steady hand, a firm grasp of the situation, and if he's a little light on details, it works in his favor because he leaves himself room to negotiate in a bipartisan manner. All this without alienating the other side, or losing the confidence of the John Q. Public.

Big Questions Remain

There are three issues related to the Wall Street bailout that I simply can't get my arms around.

First, I am completely stunned by the administration's response to conditions being tied to the bailout plan. Paulson is basically claiming that the institutions will not participate if there are conditions to the bailout money. How does this make any sense? If the fate of the planet rides on this initiative, why would firms hesitate because their taxpayer "banker" wants some security? I don't buy it.

Second, why is Paulson not explaining the theory of this bailout. Thus far, he refuses to explain any details on what is to be purchased and at what rate. Given the incurious and incompetent record of this administration, what buffoon would give them a key to a public restroom at this point, let alone our national treasury? Paulson and Bernake have both said there are no guarantees that this will work. I need some transparency here. Big time.

Finally, why all $700b at once? Paulson has indicated that he will spend about $50b a month. With conditions, and I mean strict conditions, including transparency, oversight, and review, let's give a little and see what they do with it. Doesn't that make some sense rather than dumping a one trillion dollar bill into a sink hole?

This whole thing is unsettling and more information is required. No more unlimited authorizations for anyone.