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From the AP today, President Obama is planning an online town hall-style meeting on the White House’s Web site this Thursday.
So here’s some questions I would ask, especially in view of "What did strike me was that there was not a single question on what I think is the question of the day: the Geithner bank rescue plan. I take it that that means that most of the reporters think that issue is largely behind us now unless and unless the market or any clear economic realities say otherwise. For better or worse.–Josh Marshall,TPM"
1. Why is it ok for taxpayers to take losses but not investors according to Geithner’s PPIP plan?
2. Since Mr. Orszag has indicated that Medicare and Medicaid are THE big issues facing this nation’s future, AND that a single payer healthcare system is the most effective and efficient way to address those issues, is such not being considered?
(#2 is from here http://www.pbs.org/wgbh/pages/frontline/tentrillion/)
3. Since Bush and the Republican’s pushed through the largest tax cut in history and Medicaid using the ‘reconcilliation’ mechanism in the Senate, are you willing to do the same thing for EFCA and healthcare reform?
(#3 also from the Frontline program)
3. Why, given the “Prompt Corrective Action” provisions of 1991 of the FDICIA (see here and the FDL interview with William Black) is your Administration playing games with the banks instead of enforcing existing, pertinent law?
4. Why are you -apparently- unwilling to propose the necessary restructuring of the American economy when it is so obvious that reliance on the financial industry has sunk the American economy?
I’m sure others have good questions also, so feel free to post them and try to get Obama to answer them in his ‘web town hall’.
8 Comments
Since HuffPost deemed to headline this op-ed “Dr.Doom likes the Plan”, I felt it necessary to clarify a misleading headline that would lead to more questions for Obama.
From the article:
“The administration should be transparent in making clear that there is still a wealth transfer taking place here – from taxpayers to investors and banks.”
“Why not use only Treasury funds? Well, then the administration would have to deal with Congress. While the populist hysteria of last week suggests this end run might make sense, there is something a little worrying about circumventing the legislative process on such a huge investment.”
“Moreover, there’s the issue of transparency – or lack thereof. No one knows what the loans or securities are worth. Competing investors will help solve this by promoting price discovery. But be careful what you wish for. We might not like the answers.”
“Going forward, the government must insist on the banks’ involvement in the new program. The reason that financial institutions must be pressured is that they are the cause of the financial crisis. (Could be the ‘why’ of Obama’s meeting with the ‘biggies’)
“What happens if removing toxic assets from a bank’s balance sheet at near-market prices shows it is effectively insolvent? Then we will have to face the elephant in the room. We may then have to start asking, “Why keep insolvent banks afloat?” And having asked that, we will have to search for ways to manage the ensuing systemic risk.”
Indeed; “”Why keep insolvent banks afloat?” ;ESPECIALLY when the law already exists to address the situation?
And supporting Roubini’s points is this article titled “Word to the wise: Vultures don’t do favors
Commentary: Obama’s team has stumbled down a dead-end street
Regarding question 2, where or when has Peter Orszag stated “that a single payer healthcare system is the most effective and efficient way to address” Medicare and Medicaid? I saw no evidence of that in the interview at your link. Is the question just worded inaccurately? That is, did you mean “since” instead of “that” in the above clause?
“That is, did you mean “since” instead of “that” in the above clause?”; correct; In making a new sentence, I missed changing the source of statement.
I’m going through the questions on the Whitehouse.gov site and am amazed at how many questions have to do with Obama’s birth certificate , ‘Fair Tax’, marijuana legalization, internet poker, and just rants. No wonder the political class views the citizenry they way they do.
DIGG IS OPEN
ubetchaiam, GREAT catch!
I had no idea.
Dugg, recommended.
Two questions I would like to ask:
1) Why did you choose Larry Summers for your economic team, when he was one of the principle deregulators during the 1990s that got us into this mess?
2) Why did you decide to exclude dissenting voices (Krugman, Stiglitz, Roubini, etc.) of the Summers approach from your economic team?
Great questions.
I’ll fall off my chair if you get a (non-evasive) answer.