It seems ironic to me, as a blogger. We are encouraged to adhere to the ethics of transparency. What we post is ours unless we say otherwise and give credit to others who have written what we post. We are also encouraged to be clear about what we write.
Not sure it’s ever easy with our Government, as far as transparency is concerned. Ever read the tax codes? In any event, we are dealing with a financial crisis that is broad in scope - by now, unless you live in a cave, you know the Feds are trying to work out a Bailout Program which basically means buying unstable mortgage loans, for example, from large institutions in danger of going under if this does not happen.
First, let me link you to BIll Callahan’s and Frank Ford’s letter on what they proposed to some local Cleveland politicians, non-profits and others regarding this issue. It’s a great read in itself. Then head to Callahan’s Cleveland Diary because no one can organize a discussion around foreclosure/financial issues like Bill can. I strongly urge everyone to start a dialogue there. Ask questions and I bet we can get them answered. He already has another post about this issue.
Secondly, here are some links to good articles about the issue. First, The Economist weighs in on a very clear, concise summary of what transpired. It doesn’t include info from today but it is a great overview.
Next a text in as complete a fashion as it can be, of the proposal put together by Bernanke and Paulson etc. This is on a WSJ blog post. It’s obviously a working paper or work in progress. Take a look, for example, at Sec. 8:
Sec. 8. Review.
Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
How do you feel about this? I’m uncomfortable, it makes it sound like there are no checks and balances or true oversight that is accountable and transparent to us, the taxpayers. Maybe someone can explain it to me on Bill’s blog.
Peace Out - 3C
Monday 22nd Update: Here is a link to the Democratic Response/Proposal for the Bailout.
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1 Free Real Estate Blog » - “Real Estate” news // Sep 20, 2008 at 6:41 pm
[...] As Much Transparency as Possible on the Bail Out Issue By Carole Cohen It seems ironic to me, as a blogger. We are encouraged to adhere to the ethics of transparency. What we post is ours unless we say otherwise and give credit to others who have written what we post. We are also encouraged to be clear … Cleveland Real Estate News - http://www.clevelandrealestatenews.com [...]
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