Via the boss, a pointless if shrewd bit of PR on launch day for Congress’s YouTube channel. 53 percent of the public’s ready to choke down another $775 billion for the stimulus; good luck ginning up outrage in those circumstances over $350 billion they’ve already digested. Thanks to Larry Summers, there’s no question that The One will get his money. The question is how many strings will come attached:
Summers promises that the Obama Treasury would track bailout funds to ensure financial institutions are using them to increase lending. He pledges tougher executive compensation and dividend payments rules, and immediate measures to stall the rising tide of home foreclosures.
But Frank’s bill is much more detailed than Summers articulated – and leaves a lot less wiggle room for the Obama administration.
For instance, Summers promises “smart, aggressive policies to reduce the number of preventable foreclosures,” while Frank’s bill would require the Obama administration to spend at least $40 billion of the TARP funds on foreclosure measures, among several other specific directives on that front.
They’ve got 59 votes in the Senate now and god knows how many more on the way come 2010, so get used to it. Exit question: Why isn’t Inhofe’s video listed among the clips at the Senate’s YouTube hub?
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