Word: oversight
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...presidential nominees have cultivated reputations as change agents and truth tellers, but their tepid, hedged support for the emergency package didn't look reassuring either. Obama has taken a cautious and detached approach, articulating principles--transparency, oversight, limits on golden parachutes, protections for taxpayers and homeowners--but mostly staying out of the way. He didn't really act like a leader, but he doesn't hold a leadership position, and so far voters seem to appreciate his cool response. While Washington Mutual and Wachovia were disappearing and investment banks were going extinct overnight, Obama was pulling ahead in the polls...
...Paulson is not a political veteran, and he was asking for the authority to do things he's been insisting for months were unnecessary. "I cannot ignore that many of the people sounding the alarm are the same ones who recently said things were under control ... that stronger government oversight was unnecessary and counterproductive," Democratic Congressman Mark Udall, now a Senate candidate in Colorado, said after voting...
...prevent a self-perpetuating downward spiral, which means protecting depositors at minimal long-term cost to the taxpayer. The second is to ensure so far as possible that future booms are less exaggerated. This has implications for the form of any rescue package, and for the system of financial oversight that is put in place...
...avail themselves of a government or central bank rescue operation, the managements concerned lose their jobs, and the shareholders lose their money. This is not vindictiveness: it is needed to prevent moral hazard and to ensure more prudence in future, and of course to protect the taxpayer. As for oversight, banks and other financial institutions clearly need to be far better capitalized than the existing rules require...
Jeffrey A. Frankel, an economist at the Harvard Kennedy School, said he supported the bill after it was revised over the weekend, citing the importance of congressional oversight and a provision for taxpayers to recoup part of any gains made by the government through the trading of distressed assets...