Congressional oversight is impossible

Congressional oversight of the Administration is impossible. Just see today's NYTimes liveblog of the House Financial Services hearing:

Maxine Waters on the bailouts:

“The talk is that this small group of decision makers are from Goldman Sachs and that is where the public distrust is coming from,” Ms. Waters said. “I think its deeply unfair to suggest that the people involved in this process were not making decisions in the best interest of the American people.

How dare someone suggest that Tim Geithner did not act in the best interest of the country! If someone suggests that of Taxman Tim, someone may soon begin to question her own role in the distribution of bailout funds.

Nydia M. Velazquez:

asks what compensation restrictions were imposed on A.I.G. when the government made its initial rescue and why the bonuses that have come to light over the last week were not subject to those restrictions. Mr. Bernanke responds that the restrictions originally applied to the top management of the firm, not to individual employees who worked at the financial division. Nydia M. Velazquez of New York asks what compensation restrictions were imposed on A.I.G. when the government made its initial rescue and why the bonuses that have come to light over the last week were not subject to those restrictions. Mr. Bernanke responds that the restrictions originally applied to the top management of the firm, not to individual employees who worked at the financial division.

In the future, maybe Ms. Velazquez should read the bill? Of course, Congressman Ron Paul has pointed this out in the past - the Gang of 535 have little understanding of legislation they support.

From an unnamed Congressman:

Asked if he would provide a list of institutions that got TARP money and list everyone without names at those institutions who got bonuses of over $1 million, Mr. Geithner said he would “reflect” on the suggestion.

Oh, His Royal Highness is so kind and generous! He may actually consider telling us which of his cronies receive the bailout money that he's distributing.

Bernanke, Geithner and Summers all need to go.

Tim White