Neel Kashkari holds the title of “Interim Assistant Secretary for Financial Stability” at the Treasury Department. He was appointed by Bush Treasury Secretary Hank Paulson to manage the TARP funds. He oversaw the distribution of $350 billion in tax payer money without any hint of accountability. This genius is still employed at tax payer expense.
Yesterday this genius freemarketer was on Capital Hill warning Congress from micromanaging banks that receive federal bailout funds. He put forth the thesis that federal bailout money was difficult to track because money “is fungible”. I guess he has never met an accountant. I think that pretty much explains why no one seems to know how the $350 billion in bailout funds was used.
The financial genius that is Neel Kashkari opined:
Neel Kashkari, interimfor financial stability at Treasury, told a Wednesday that banks should not be forced to make loans that bankers might deem risky.
“However well-intended, government officials are not positioned to make better commercial decisions than lenders in our communities,” he told a subcommittee of the House Oversight and Government Reform Committee.
Let me get this straight. This knucklehead is telling Congress that we should leave it to the bankers – the same ones who took massive amounts of federal money after bringing the financial system to its knees – to judge what is and what is not a risky loan. How does this financial genius think we got into this mess in the first place? Left to their own devices, some of the golden boys of banking took huge risks and made some horrendous commercial decisions. So, no, we don’t need to be lectured by this clown on the superiority of the decision making abilities of his buddies on Wall Street. That verdict has already been rendered.
It is well past time to nationalize the banks that cannot survive without billions more from the taxpayers. The masters of the universe that run these banks have proven they cannot judge risk and therefore cannot be trusted with more federal dollars. Nationalize these banks, kick these whining CEOs out, clean up the banks, and sell back what is left to the private sector. Then regulate the industry so Kashkari’s buddies cannot take us to the brink of economic collapse again.
Fire the clowns who are in charge now. And fire Neel Kashkari. Plenty of people are losing their jobs in this recession. It is about time Kashkari lost his.