ABOUT TIME!

Yesterday (3-27), the Obama administration began addressing the fix to what we have called the economic meltdown. That suits me really good! I said a few days ago that somebody needed to start talking of the fix and not just sending more good money after bad; that if we don't do something, the ones who made the mess will just make a bigger one.

So, now, according to Congressional testimony by Treasury Sec. Geithner, they are working to get legislation to enable tighter and broader controls. From what I read, most are amenable to doing something like this -- except for the ones who made it happen.

Read an interesting OP-ED in the New York Times today that talked about where we'd been. I will summarize my understanding of what writer Paul Krugman said: Obama is "not willing to have taxpayers money chase after bad money." That is what I been saying.

Krugman says that financial "wizards" were "lavishly rewarded for overseeing the process" that got us into the mess. "Wizards were made frauds" either knowingly or unknowingly, he said.
"Loans did not stay with lenders - others "sliced and diced and pureed individual debt to synthesize new assets." How about them words! Loans that used to be 4% of GDP came to be 8%.

Anyway, Krugman seemed to put it together - what happened - better than anyone I have read so far. Now, it is a must to fix it so that does not happen again.

The biggest screamers are going to be the ones who made the biggest profit off getting us where we got. That could be even some of our Congressmen, defenders of the people, so called.

Now, it is not just the banks that need regulating, and perhaps being tighter regulated. It now means that the various industries outside banking need it too.

I hope the fix comes before the money sent out evaporates. It would be just like 'em to say, "but, but, this law is after the fact." Wouldn't that be something? Similar to the AIG folks who got the bonuses and claimed the contract they were under provided for lavish bonuses. Hummm.