Breaking News: Banks May Have Used Fraud to Get Government Handouts

I'm sure that at the beginning, the Cabinet sounded like a good idea. I'm sure the colonists were keen on the idea of the President having some buddies around him to counsel him and take care of the little things like the military, the money, the people, etc. Our first President, George Washington, was aided by a cabinet of four- Jefferson, Hamilton, (Henry) Knox, and (Edmund) Randolph. It was a different animal back then. Things were a bit more awkward, far from the well-oiled machine that cranks away today. Inevitably, what began as a pretty good idea spiraled out of control and grew into the monstrous affair we now know- fifteen (many potentially superfluous) positions accountable to the citizens only through confirmation by the Senate.

Today, one member of our esteemed cabinet, Secretary of the Treasury Tim Geithner testified before the Congressional Oversight Panel (full video here via C-SPAN). According to panel member Damon Silvers, it is the first time a Treasury representative has testified before the panel. I suppose that's fair. Geithner's got a lot on his plate. So much, in fact, that it's perfectly understandable that he didn't have time to correctly file his tax returns. I'd like to say that our founding father, Alexander Hamilton, the first Secretary of the Treasury, would have disagreed with Geithner, or at least with the goings on of late. But alas, I don't know that that'd be the case, considering his Report on Public Credit.

Anyway, Geithner testified before the COP today, defending his policies that he's implemented to help save the economy. He attempted to explain his brilliant plan of a public-private partnership (using the Treasury, the Fed, and private investors) that could dig us out of the hole we're in. Or, at least spend $2 trillion in the process. Considering the current national debt is rapidly approaching $12 trillion dollars, that seems a bit extravagant.

Now, I don't profess to know that much about economics. Even as I decry the overbearing taxation levied against the citizens of this country, I realize that I have no supplemental plan to use instead. But I do believe in taking responsibility for my consequences. For some reason, it doesn't sound quite right to me that our federal government has taken upon itself to solve the economic woes of our country (and tacitly, the world), by handing out money to corporations, by subsidizing loans, by nationalizing banks. That seems counterproductive to me.

If only there was some type of measure by which our legislators were held accountable to the citizens and taxpayers, some way to make them answer for their actions. Oh, wait...

Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it. – Ronald Reagan