For the most part, in Europe, they are much more interested in appearing to do the right thing than are the Treasury and Fed here in the U.S. In a nutshell, Germany and France want tighter regulations while the U.S. and somewhat the British want to focus on bailing out the bankers and Wall Street gamblers with few strings attached and little to no transparency.
Federal Reserve Chairman Ben Bernanke and U.S. Secretary of the Treasury Timothy Geithner are burning down the U.S. economy. They are consuming Main Street with the Wall Street fire.
Now, Ben (via his Term Asset-Backed Loan Facility or TALF) and Tim are working for the monied interests on Wall Street. They are working for the benefit of those who complain about regulation, transparency, accountability, responsibility, stress tests, compensation caps, and the like.
One response to Kovacevich - and other executives like JPMorgan's Jamie Dimon who've complained about TARP-related restrictions - is simple: If you don't like it and don't need it, just return the money.
But the reality is bank executives do have a point about onerous government intrusion. The funny thing is this doesn't happen when the government puts insolvent banks under full FDIC receivership, as it did last year with WaMu and IndyMac; that it is happening now suggests yet another peril of the partial nationalization that's occurred for so many others. (Source: "," by Aaron Task. Yahoo! Finance. March 16, 2009.)
The mundane view: The people must take over. Main Street must take over. We must stop the arsonists. Proper Risk Management demands no less. We the people have already been committed to spending some $9+ trillion of our tax dollars going forward. We've spent (not the right way, but spent nevertheless) some $2 trillion. We have a right to control what we've purchased. Those entities are no longer private. They are public assets. We own them collectively. We have a right to put in place whatever management policies and practices we want. We are the sovereigns in a democracy.
Despite this, 75% of American voters say they oppose nationalization of U.S. banks. They don't understand what nationalization is because the banks don't want them to know. The bankers on Wall Street don't want the people to know that nationalization happens all the time under the FDIC. If it weren't for such temporary nationalizations, banks would be failing all over the place leaving investors without recourse. Nothing prevents the government from running a bank for a longer timeframe other than scare tactics drummed up by those who crashed the system last year. Crashes would not occur under government run banks that were allowed to function without outside meddling by those who would want them to fail for selfish reasons.
The Fed recently announced that it is conjuring up another $1.5 trillion to go with the other $1.5 trillion they've already conjured up. They are going to buy $1.5 trillion in bond and dodgy mortgage-backed securities (securities that a mingled with bad debt and haven't been sorted out). This is just printing money out of thin air, driving up the National Debt, to bailout the bad managers some more and to cause more debt owed to the Fed at interest to be paid by more income taxes from the people.
Please don't misunderstand the RLCC'S position. We are not mundanely opposed to deficit spending under these circumstances. We are simply concerned about where the money is spent (on what). Consider this post that shows that deficit spending is proper: CONTRARY TO LAISSEZ-FAIRE LIARS, NEW DEAL SPENDING WORKED.
Of course, none of this is remotely close to the real right answer, the solution, that is real Christianity, not the garbage that has been pawned off as Christianity since nearly immediately after the first generation many members of which saw Jesus with their own eyes.