Another aspect that disturbs me is that the only regular “oversight” will come from the people most at fault:
(b) MEMBERSHIP.—The Financial Stability Over5
sight Board shall be comprised of—
6 (1) the Chairman of the Board of Governors of
7 the Federal Reserve System;
8 (2) the Secretary;
9 (3) the Director of the Federal Home Finance
10 Agency;
11 (4) the chairman of the Securities and Exchange Commission; amd
13 (5) the Secretary of Housing and Urban Development.
Repeat after me...The Fix Is In.
The bailout is so scary, like something out of a nightmare.