Word: congression
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Allison may end up finding that he does not have much to keep him occupied in the new role. Several powerful members of Congress have indicated that they will not approve new TARP funds until there is a detailed accounting of where the first $700 billion from the program went. That could take months and, at that point, Congress could still refuse extra money. Allison can help in the detective work, but that would seem to be a waste of his skills...
...TARP oversight committee appointed by Congress has already signaled some hostility about how the program has been managed which will not help Allison do his job. Elizabeth Warren, chairwoman of the Congressional Oversight Panel, has expressed grave concern about whether banks which received government money are setting exorbitant fees and interest rates for their customers. There is also a concern that the new program to buy toxic assets from banks is not set up properly to get fair value for those assets...
...Waste” is, in fact, most often generated by Congress. There are many ways in which this can occur, but one of the most common, which these cuts contain in spades, is that of wasting sunk research and development costs. For example, suppose $50 billion are spent over 10 years to develop the technology necessary to produce a new airplane. When the plane is finally ready to be built, a recession hits and Congress decides to cancel the plane after only 10 are built. Even though the marginal cost of each aircraft might be only $70 million, these planes...
...African Command (Africom), set up 18 months ago to help provide security to permit the rebuilding of shattered nations like Somalia. But don't look for quick action. "We do not have a military presence in Somalia," the command's chief, Army General William Ward, told Congress last month. In fact, the military is in no rush to head back to that lawless nation in the Horn of Africa. President Clinton's Pentagon was first bloodied there when 18 soldiers died in a 1993 firefight memorialized in Black Hawk Down. As a reminder of the volatile environment, local insurgents...
...government-is-the-problem response to President Obama's first joint address to Congress by one of the party's rising stars, Louisiana Governor Bobby Jindal, was a "disaster for the Republican Party," as conservative New York Times columnist David Brooks put it. The installation of a new party chairman, Michael Steele, could have gone a lot smoother - say, minus the cat fight with Rush Limbaugh or Steele's insulting both the party's moderate wing (he threatened to back primary opponents for supporters of Obama's stimulus) and its social conservatives (he told GQ magazine that abortion...