Commentary: Is there a plan for the bailout?

This editorial appeared in The Miami Herald.

Harvard professor Elizabeth Warren seems like an eminently sensible person. "I don't buy a winter coat without a plan," she says. That's why she's troubled that the Treasury Department won't be more forthcoming about its own plan to spend $700 billion in taxpayer money to rescue the country's banks.

Prof. Warren is not just another concerned citizen. As the chairwoman of a congressional oversight panel on the $700 billion bailout plan, she's the top watchdog named by lawmakers for the rescue package approved in October. The package gave the executive branch a lot of leeway in how to use the money to get the economy back on track, but the administration was also obliged to accept oversight to keep lawmakers informed. The complaint by Ms. Warren that she's being stiff-armed by the Treasury Department adds to worries about what progress – if any – is actually being realized.

She said she doesn't understand why the administration is taking so long to explain its plan, adding that she doesn't want to believe it's because there never was a plan to begin with.

To read the complete editorial, visit The Miami Herald.

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