Hat tip Naked Capitalism regarding the Financial Stabilility Improvement Act as described by Washington’s Blog concerning banks/investment companies ‘too big to fail’ actions by the US and EU countries.
October 29, 2009 begins testimony on more emergency powers by the executive branch.
The House Committee on Financial Services will hold a hearing on the bill tomorrow, with Tim Geithner, Sheila Bair, John C. Dugan (Comptroller of the Currency), Daniel K. Tarullo (Governor, Board of Governors of the Federal Reserve System), John E. Bowman (Acting Director, Office of Thrift Supervision), Richard Trumka (President, AFLCIO), and others as witnesses.
Since unitary executive power has been the trend in the last few decades, each party sort of picking its turf to expand regardless of actual programs, this is a worry. It is timely to review how the F-22 stayed alive and well regardless of inefficiencies, and the opportunities costs of this way of doing business. Decades of costs.
Are we ever going to try and deal with the main street economy, or is that for historians? Where is the vision for more than the welfare of financials, or multinational companies?