Our new "Office of Financial Stability"

[gilliganscorner]

Source:

http://money.cnn.com/2008/10/06/news/economy/treasury_hiring_guidelines/index.htm



The department announced that Treasury Secretary Henry Paulson had appointed Neel Kashkari to oversee the Troubled Assets Relief Program and the newly created Office of Financial Stability.

Neel is one of Paulson's Goldman Sachs pals.

I wonder if he is going to recommend an end to the Fed and a return to sound money?

No I don't.

[Maverick]

Where did this "Office of Financial Stability" come from? Was it a part of the bailout bill?

[angelatc]

Remember "1984" where all the departments were named for the exact opposite of what they did?

Ministry of Peace, Department of Truth....Office of Financial Stability fits right in.

[gilliganscorner]

Where did this "Office of Financial Stability" come from? Was it a part of the bailout bill?

In the article:


Before lawmakers approved the rescue plan, they included in the bill a requirement that there be two oversight committees keeping an eye on the new TARP programs Treasury puts in place.

The first, a Financial Stability Board, is made up of the Federal Reserve chairman, the Securities and Exchange Commission chairman, the Federal Home Finance Agency director, the Housing and Urban Development secretary and the Treasury secretary.

The second, a congressional oversight panel, to which the Financial Stability Board will report, will have five members appointed by House and Senate leadership from both parties.

It's good to see they ensured to include all of the institutions that assured the mess to begin with.

Feel better and safer?