This is Argyn's blog. I comment on topics of my interests such as software, math, finance, and music. Also, I write about local events in Northern Virginia, USA and all things related to Kazakhstan

Friday, November 14, 2008

Neel vs Sheila.

FDIC, U.S. Treasury clash on anti-foreclosure plan
By Karey Wutkowski and Patrick Rucker
Fri Nov 14, 2008 6:00pm ES

The dispute over housing policy during the administration's final weeks spilled into the public as a the President George W. Bush administration renewed its opposition to using money from the $700 billion bailout fund to support such a foreclosure-prevention program.

"The FDIC proposal at the end of the day is a spending proposal," Treasury Interim Assistant Secretary Neel Kashkari told a Congressional hearing on Friday.

Kashkari said the Troubled Assets Relief Program (TARP), which the Treasury controls, was designed for making investments in the financial system, not giving aid.

FDIC Chairman Sheila Bair spent weeks lobbying Bush administration officials to fund her plan through TARP before announcing the initiative.

I want some drama! "Neel and Sheila" - sounds almost like an Indian movie title. I love it. I'm rooting for Sheila. She seems to have a better idea of what's going on than Mr Paulson and his Goldman Sachs gang in Treasury.

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