I watched as much of the Hill hearings with Barney Frank, Maxine Waters, Naked Emperor Hank Paulson, Ben Bernanke, and Sheila Bair as I could stand.
Kabuki theater gives me a headache.
Most revealing moments:
*When stalwart bailout opponent GOP Rep. Jeb Hensarling pointed out that everyone under the sun was applying for TARP funds including a group of Hispanic plumbers and contractors, he asked Paulson if he could please provide a clearer definition of what qualifies as a “financial institution.”
Paulson’s answer: “I can’t.”
Translation: “I won’t and I don’t have to do so. Nyah. Nyah. Nyah.”
*When Democrat Rep. Waters, one of the Crap Sandwich’s biggest cheerleaders, whined for 10 minutes about how her trust was betrayed, she and Paulson looked ready to shed tears.
If she were truly enraged, she’d be leading the charge in the House to freeze the rest of the Crap Sandwich funds. Instead, she’s redoubled her efforts to get a piece of the pie.
*Paulson to the Chicken Littles who put their full faith in a naked emperor: “There is no playbook.”
*And on the auto bailout, Paulson’s message to the fools on the Hill: Don’t mess with my crap sandwich! Make another one.
Mark Tapscott — Bailing out dead donkeys.
Jim Pethokoukis — The 11 Blunders of Hank Paulson