Its somewhat of a local US issue I know - albeit with the potential to impact the global economy, but if you have been following the discussions surrounding the release of the next $350 billion dollars of financial rescue funds to the banks, you may (or may not) be amazed to know that nobody in Congress yet has any idea what the banks did with the first $350 billion. In fact all the evidence appears to support accusations that that banks are just hoarding the funds rather than using them for the purpose the taxpayers intended, that is lending to businesses and consumers.
Perhaps more amazing is that some financial analysts (yes, no prizes for guessing what sector these guys come from) actually argue that demanding to know what happened to the first $350 billion represents "micromanagement" by Government - and must be avoided. Dick Morris, from Realclearpolitics.com argues that Congress needs to quickly approve the remaindr of the bail out funds but limit its "muscle-flexing" in terms of oversight. In fact he implies that such muscle flexing would represent a move towards socialism and away from the free enterprise system. Excuse me???? If the free enterprise system were allowed to run its course, there wouldn't be any any bail out on offer....give me a break!!
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