TARP Moves Forward With Promises, Not Guarantees, of Improvements

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So it’s confirmed. Chris Dodd, head of the Senate Banking Committee, will do nothing to ensure that there are oversight and executive compensation provisions in the second half of the TARP rollout. He will not legislate in aid for families in foreclosure, either.

The reason? Larry Summers, writing on behalf of the President-elect, wrote him a letter assuring him that the executive branch could and would police itself. Don’t worry, Chris, we got this! As I pointed out before, Dodd is an awfully credulous fellow. Hank Paulson convinced him of the exact same thing. How’d that turn out?

Will Obama and company will do a better job than Paulson? Probably. Should Dodd and the Senate Democrats assume that they can take a hands-off approach to things like TARP because the man in the Oval Office is from their party? Absolutely not.

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Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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