Issa on Rachel Maddow last night said there were tools that weren't being used.

[Bandit]

He said that during the S&L Crisis new tools were created for dealing with just such a mess as this and yet the Administration was not using them. I did not understand what he said and do not know what tools he was referring too. Anyone here know what he was talking about?

[Burma Jones]

1. Look here.......

http://www.nytimes.com/2008/09/30/business/30plan.html?hp

[whistle]

4. Right and Paulson summed it up nicely

"We need to put something back together that works," said Treasury Secretary Henry M. Paulson Jr. Though he promised to “use all the tools available to protect our financial system," he warned that “our toolkit is substantial but insufficient."

In other words he does yet yet have legitimate authority to loot and plunder the U.S. taxpayer at will and without accountability, apparently a very necessary tool to keep free markets flowing!!!! :wtf:

[snappyturtle]

5. That article ought to have a thread of it's own!

The following is just one paragraph from the above link:

"With money markets around the world seizing in fear, the Fed on Monday announced that it would provide an extra $150 billion through an emergency lending program for banks, and an additional $330 billion through so-called swap lines with foreign central banks to help money markets from Europe to Asia."

I think it's time that we stop with the paper shuffling to earn money and rather, create jobs that produce tangible products. Easy money is screeching to a halt, rightfully so. imho

[whistle]

2. Nope, I'm surprised that Rachel did not have Issa explain what tools he was referring to

...given that S&Ls were pretty much zapped out of existence under Ronnie Reagan and Bush Sr.

[HardWorkingDem]

3. Whether you like Issa or not, at least he'll enter the lion's den...

unlike so many other chicken shit Rethugs. Issa goes on Bill Maher's HBO from time to time.

[msongs]

6. did he cry for the cameras? nt

[Jim__]

7. It may have been the Resolution Trust Corp.

The Resolution Trust Corp was set up specifically to handle the S&L bailout.

I don't believe the S&L bailout was as complex as the current problem. The RTC partnered with others to offload the assets that were recovered from failed S&Ls. I think the current bailout wanted to do somethign like that; but the problem is that the real estate that is supposedly collateralizing the loans has dropped considerably in value. I don't think that was the case in the late 80s early 90s, so buying and re-selling the assets may not be a slucrative now as it was then.

I've heard repukes also suggest cutting the capital gains tax (they always recommend that - I don't see it as doing anything to resolve the problem).

I'm trying to remember. He may have mentioned one other tool.

[OmmmSweetOmmm]

8. It was done before the vote and not being widely reported. The Feds printed up $630 Billion Dollars

to circulate in the markets.

There are threads on DU about it.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aP5http://www.bloomberg.com/apps/news?pid=20601087&sid=aP5

[spanone]

9. issa mentioning 'tools' hmmm