Monday, November 24, 2008

Bailout in the dark

Not only has Treasury Secretary pulled a bait-and-switch on the public (though the switch may have been to a less-risky, more potentially productive approach), but the $700 billion (plus another $100-billion in sweet pork to buy votes) financial bailout is essentially being conducted in the dark. Paulson and Bernanke resist giving out details about which banks have gotten capital infusions, the administration didn't appoint an Inspector General until last week, and Congress hasn't yet fully formed oversight committees. It should be an open process, with taxpayers being told who's getting their money. Here's the Register's editorial on the topic, calling for a lot more sunshine.

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