Coming off a huge political map changing election, the first thing President Obama should do is walk into Nancy Pelosi’s office and demand that she, as the Speaker of the House, have a press conference and take blame for the mortgage failures that lead to the financial meltdown. No, he shouldn’t have Pelosi summoned to the Oval Office, he should walk himself into her lair. After he is finished making it clear to her who the democrat in charge really is, they both need to walk over to John Boehner office and demand the same thing.

In the spirit of true bi-partisanship it’s time for both sides to stop pointing the finger and just admit that they both screwed up. The Democrats wanted anyone and everyone to own a home so they helped to make the rules to buy homes a little bit weaker. The Republicans wanted less regulation and more money and saw an opportunity with the increased mortgages and opened the deregulated door to abuse. The only people that really care who opened which door are the guilty ones. The rest of us just want someone to stand up and fix the problem.

President Obama, coming to these 2 leaders instead of making them come to him sends a message. Coming off a massive election, he is the most powerful man in the world right now. With his massive wins not only with the popular vote, but the electoral college vote as well, he can get anything done at this moment. For him to walk over to Pelosi and Boehner puts the onus on them. His demands will either be met, or he will leave their office, hold a press conference explaining what he was doing and make sure that they are not elected when their terms are up.

Right now, in this country we don’t need to spend the time,money or effort on a bipartsian investigation that will conclude both parties are equally responsible. Let’s cut to the chase and get past the blame and onto fixing the damn problem.

With this new bipartisan love fest, all three can get together and find out just where in the hell $2 trillion went…

Nov. 10 (Bloomberg) — The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral

Image by Getty Images via Daylife

Back when the country was deciding on that $700 billion bailout, there was another bailout going on that wasn’t really talked about. For the $700 billion one, the Troubled Asset Relief Program,TARP, Treasury Secretary Paulson and The Fed, Ben Bernanke, were screaming for transparency, oversight, and protection.

`We Need Transparency’

“We need oversight,” Paulson told lawmakers. “We need protection. We need transparency. I want it. We all want it.”

They wanted it, they begged for it, they were asked who they loaned $2 Trillion dollars to and told the person asking …. no comment.

Wait…what?

The idea behind not telling anyone who received the money from the bailout we don’t know about is if people and other buisness’ knew, it will hurt the person or entity getting the loan. I guess government welfare isn’t just embarrassing to the poor.

The lack of transparency is also to keep corporate banking secrets within the corporation and not in the public where anyone can see it. I can understand that part. I guess we, John Q. Public, don’t really need to know who we’re loaning trillions of dollars to or what we can expect from them in the form of collateral and a return of the loan. But I would hope that someone would know.

Turns out, someone does so we don’t need to question it any longer.

In an interview Nov. 6, House Financial Services Committee Chairman Barney Frank said the Fed’s disclosure is sufficient and that the risk the central bank is taking on is appropriate in the current economic climate. Frank said he has discussed the program with Timothy F. Geithner, president and chief executive officer of the Federal Reserve Bank of New York and a possible candidate to succeed Paulson as Treasury secretary.

“I talk to Geithner and he was pretty sure that they’re OK,” said Frank, a Massachusetts Democrat. “If the risk is that the Fed takes a little bit of a haircut, well that’s regrettable.” Such losses would be acceptable, he said, if the program helps revive the economy.

See, Barney Frank says that it’s all probably OK. He’s pretty sure The Fed priced the assets for the collateral accordingly, he’s pretty sure The Fed is giving it to worthy banks, and he’s pretty sure The Fed isn’t giving it to any ‘golden parachutes‘. Well, Ok he isn’t really sure about any of that because The Fed has refused to answer any questions on the $2 trillion subject, but if Barney says it’s probably safe, why do we need to question anything? Especially when there are more pressing question like what President Elect Obama’s policy for the missile shield will be, or who his chief of staff will be. Priorities man, Priorities. Shrouded in total secrecy is what the current administration has cultured and continues to grow, and it’s worked out swimmingly so far.

Besides, what’s there to worry about…Barney Frank said he’s pretty sure it’s ok.

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UPDATE

It’s getting worse.

The original idea behind the bi-partsian $700 Billion bailout plan was for the Governement to step in and buy up some of the troubled assets that were hurting banks,thus damaging the market. That was the plan as we and Congree were told.

But that’s not what has been going on, even with the full transparancy. What I don’t understand, is why is noone saying anything about it?

This morning Treasury Secretary Henry Paulson addressed a skeptical press about the latest plans for those 700 billion dollars that were appropriated for the “TARP” — or Troubled Asset Recovery Program. Now Paulson says Treasury won’t buy those “Trouble Assets” — one of the many metamorphoses this program has had in its young life.

Wait..What? You asked for a blank check for $700 Billion. Said that it would be used to buy up troubled assets, even called the program the “TROUBLED ASSET RECOVERY PROGRAM”..but a few weeks later you decide you aren”t going to buy ‘troubled assets’ anymore.

They are buying bank stock, not troubled assets. We probably shouldn’t call it the TARP anymore. Instead, they are focused on a capital purchase plan (CPP) which is the widely reported $250 billion plan to use taxpayer money to purchase a stake in banks

If you’re sitting there reading this, you might be thinking exactly what I’m thinking and that’s
“What the Fuck?”

When did this happen? Who decided this?

The original CPP participants were told about the program at a closed-door meeting at Treasury and no minutes have been released on what was said during the meeting.

So, a secret,behind closed door meeting with no record of it every taking place. Now I know you are asking yourself the same thing I am.. “Is Dick Cheney a shape shifter?”

Is it a coincidence that there is all the secrecy with The Fed and the Treasury Secretary when over the last 8 years, we have seen the most secretive and powerful Vice President in history? I don’t think so.

All shape-shifter joking aside, this is getting pretty damn serious. We’re buying banks.

There is roughly $125 Billion left out of the $700 Bailout, that’s not being used for what it was named after and what it was promised for. There is another ‘open-door’ program going on behind the backs of everyone that has a tab of over $2 Trillion so far that we know. Both programs seem to working on the idea of ‘out of sight, out of mind’. Neither the ‘out in the open’ TARP program nor the other ’secret-key-holders only’ program seems to have any oversight whatsoever.

The Big 3 auto companies are withering and dying and begging for a hand and are being told ‘Yeah, sorry guys but we’re not socialist, and you’re not a bank so it’s sink or swim for you.”

Folks, while we were all worrying about whether or not Barack was a socialist because he wanted to help poor kids have healthcare, while we were distracted by some ridiculous campaign rhetoric, the biggest ‘bait and switch’ in American history has been playing out.