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NBC's White House correspondent Chuck Todd shifted his focus from fiscal stimulus to the next major economic headache facing Barack Obama's financial team, "the crumbling banking and housing sectors." Todd reported that the Treasury Department is preparing to open a so-called Bad Bank, "a government-run entity that will buy up delinquent loans and other bad assets." Such a set-up succeeded during the '80s during the Savings-&-Loans crisis, Todd reminded us, yet the difference was that, back then, the government already owned the bad assets; now it has to decide what price the Bad Bank should pay to acquire them.
Sharyl Attkisson at CBS continues to make the Treasury Department's TARP bailout her beat. Her latest Follow the Money report from Capitol Hill looked into the secrecy surrounding the legal paperwork and auditing of the TARP billions. Contracts have been handed out without competitive bidding, with names and payments redacted. How much is the Bank of New York getting paid to manage the bailout? "Blacked out."
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