I base the title of this posting on my observations from her interview with Newsweek.
The first question asked will TARP be enough to provide relief to consumers. Her reply was, "Yes, it will. But I'm worried that it won't be enough". She's concerned that not enough will be done help consumers. Well duh! The goal of TARP is to keep banks sufficiently capitalized.
The next question posed was, "What else can you do"? Representative Watters thinks Congress needs to regulate lending to weed out predatory lending. Lets keep in mind, this is the same Maxine Watters who appeared in this video and was against regulating Fannie Mae & Freddie Mac any further, when her good buddy Frankin Raines was running things into the ground. Without the GSEs buying up these bad mortgages, sub-prime never gets off the ground.
Honestly, what ever happened to the idea that the best and brightest are the ones who ascend to the leadership roles? The glow from Washington DC is almost out and there is nothing convincing me that the new crop of leaders who were sworn into office last month are going to be markedly better than those who were ushered out the door.
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