Echoes of Iraq in Bush handling of mortgage crisis News analysis: Another 'trust me' remedy is

[EV_Ares]

WASHINGTON (MarketWatch) --
By Greg Robb, MarketWatch

Fairly or not, some critics say they can't help but see similarities between the Bush administration's hurried approach to the financial market crisis and its headlong plunge into the Iraq war.

"You can draw some valid parallels between the prosecution of the war under the Bush regime and the way the financial sector has operated in recent years," said Tom Schlesinger, head of the nonprofit research group Financial Markets Center in Howardsville, Va.
"It fails the most basic test of democratic accountability," Schlesinger said.

More questions than answers, and rising fear of 'government bungling that will cost taxpayers, big-time.'
On Tuesday, Washington kicks off the first hearings in which top officials will defend their prescription before lawmakers, who also are compelled by circumstances to take speedy action.

Some policy observers point to a "trust us" mentality in the administration's call to obtain sweeping powers that are scant on checks and balances on the executive branch. In addition, the White House is faulted with a failure to raise alarm before the situation spiraled out of control, forcing the mobilization of more troops and untold financial resources.
Outlining the administration's remedy, Treasury Secretary Henry Paulson came up with a three-page plan to spend $700 billion on toxic mortgage debt that was very spare on key details.

It boils down to "give me the money and trust me," Schlesinger said.

rest of the article @ link: http://www.marketwatch.com/news/story/echoes-iraq-bushs-handling-mortgage/story.aspx?guid=%7BEB54967E%2D258D%2D4650%2DBE95%2D2203FCA64AAA%7D&dist=TNMostRead