Senator Akaka warns about bailout

Sen. Daniel Akaka, a member of the Senate Banking Committee, warned his colleagues Tuesday that there was potential for abuse and corruption in the plan to rescue Wall Street financial firms by purchasing securities that no one else will buy at any price. There is already a sign of trouble: the lack of specifics on how to price those securities. The closest thing to a sensible idea proposes a reverse auction. The New York Times reported Monday that the trade association for Wall Street investment houses was lobbying for the broadest possible definition of securities that the feds can snap up, while some firms are angling for contracts to manage those assets for the feds. Members of Congress are also concerned about the fact that the plan provides major direct financial relief to the companies that got us into this mess but only theoretical indirect assistance to affected homeowners. The problem, which both Congress and the White House now realize, is that a number of Americans with math skills are figuring out that it would be much cheaper to simply bail out homeowners who are in arrears on their home loans. It's amusing to hear Wall Streeters explain why this is such an awful idea because their objections are Main Street objections to the bailout plan turned inside out. Tee-hee.

Comments

[Nani]

Love the cat, I collect them, where can I get one like him? or was he specially made for you??

[maria]

Aloha Howard,
I wanted to hear what you think about the DOE's budget cut. I also was wondering is there any possibility of making a cut somewhere else so that our education system will not suffer any more than it already is. I am person who tries to be as involved as much as possible . The candidate I voted for did not win, which makes me very nervous that we are stuck with a mayor who does not listen to the people and is planning the go ahead on a project that will cost HAWAII it's soul. Listen to the music and its all in there. No tourist wants to come where there is a futuristic monorail in paradise. I believe Hawaii has a better chance than the rest of the other 48 states due to our uniqueness. I went to school in Seattle and no one road the monorail train there but tourist. When the power was out, it cause a problem again for the tourist. Ok I am going on, but my main question is there anything that can be done to stop the unrealistic DOE budget cut and any other way to get Mufi to seek the truth. I had some visitors from the mainland and it makes Hawaii look so bad when the government will not hear the people. I cant believe were stuck again. Sorry if you were for Muffi, he is just making himself look like a big boob.Mahalo for your time. Maria

[Freddi]

You know, I voted for Mufi, I'm for rail and I think rail transit is exactly what our island needs. We've needed it since the 1990s. And as far as how it looks? I used to live in San Francisco, one of the most scenic places in the world, and BART blended right in. I've also visited San Diego, Vancouver, Denver, and plenty of other places with rail and it looks fine.

And really...tourists? How many tourists go to Pearl City? Waipahu? Kapolei? The rail system is for us locals so we can get around our traffic choked island better.