Audacity

by Liberty and Power

According to an Associated Press report dated November 4, 2008:

Michael Alix, who worked at Bear Stearns for 12 years and was its senior risk manager since 2006, was named a senior vice president in the bank supervision group of the Federal Reserve Bank of New York, according to an announcement by the Fed.

This report speaks for itself. I have nothing to add.

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William J. Stepp - 11/9/2008

The Nov. 17 issue of Business Week shows photos and descriptions of "Possible Picks For Team Obama" p.32.

The Treasury list starts with New York Fed President Timothy F. Geithner, who "has been immersed in Wall Street rescue from the start."

File under: Monetary policy/Disasters/Recession/Next Wall Street rescue

Under Health and Human Services (or maybe a White House czar) is David Cutler, Obama's lead campaign health-care adviser. He shaped the Clinton's health-care plan. Oops.

File under: Santayana, quotes/Disasters/Medicare/Medicaid

The always-present Kitchen Cabinet includes former Fed Chairman Paul Vocker, who is described as "A veteran recession figher." Well, he should be, as he had lots of practice.

File under: Monetary policy/Disasters/Recession/Next Wall Street rescue

Tim Sydney - 11/8/2008

Jay Leno had this to say on the BailOut:

"Let's see: a failed president and a failed congress will put $700 billion into failed companies. What could possibly go wrong there?"

Now they have added failed bankers to manage the rescue effort.

Is this what people meant by the old term "banking on failure"??