The BSP makes sure that it reins in the price of credit when it sees the build up of “irrational exhuberance.”

It’s job is made harder with the unprecedented liquidity in worlds financial markets primarily engineered by the G-7 economies of recent years. (No Big Mike and GMA did not have anything to do with it.)

However this government owned utility must also be subject to Congressional oversight as the power to set the price of credit brings with it tremendous opportunities for abuse.

Even the maven of Central Banking Greenspan was still subject to Congressional oversight.

Fiscal and monetary policy is still under Congressional powers to delegate and must be subject to Congressional oversight.

You do not give the power to create assets out of nothing to men without some form of accountability.

i would never have believed the extent of the abuses reported in the news until i saw it firsthand during the last elections.in my district, one town had the incumbent mayor’s posse point a gun to the head of one of the baranggay captains because the kapitan was campaigning for a new admin. in another town the former mayor was imprisoned (his son was running for mayor) under false allegations, released on the 15th. a gun was pointed to the head of my driver the night of the 13th – my driver, not even from my province, clean, and totally new to politics, was shaken in fear. no explanation was given for this action except that they thought he was carrying money – funny enough he didn’t even have enough money for gas to get home.

it came to a point where the people, in fear of the government, of the police AND the military, called me begging to send media over to protect them, saying it was the only way they would not be harassed.

and i heard the fear in their voices even if they were trying to maintain a brave front.

this administration cannot, CANNOT, be given any more power than it already has. the audacity at which they abuse … it’s just too much now. too much.

and when you see for yourself how the common farmer is afraid to talk because he is afraid of what those in power – those upon whom the PUBLIC TRUST was given – might do to him …

this law CANNOT fly man. it’s just bad news.

naalala ko si serge osmena. after he got elected under admin’s party, nag over da bakod kaagad right after he was proclaimed in 2001.

context number one: all the fight in the senate shows is disunity, but one based on the fact that the opposition is full of presidents-to-be, while the admin has no real candidates for now (except the vp, who doesn’t really influence anything; gilbert teodoro being dangled this early on, is still untested). this underscores how much of a lame duck the president could be.

context number two: much more discouraging and vicious is the infighting going on over the speakership, and considering it’s a bulwark of admin support, the president’s been very quiet about who she will support. meanwhile, due to her silence, the fight’s getting more and more vicious.

context number three: an opposition-administration alliance might end up selecting the next president, and save some important committees for the administration. blue ribbon, for example, might stay with joker. but every committee gets to be joined by every senator, and when an administration senator sets the agenda for a committee, others can challenge it or even derail it. what it will do, is make it harder to investigate things, but not impossible.

context number four: even if there is a new admin-oppo (or to be precise, admin-ex-oppo) bloc, it will solidify the new minority and simply transfer the problems of holding together to the new majority.

context number five: party loyalty isn’t involved here, an opposition coalition was what was elected so some senators will try to say that they can make whatever deals they want, for the leadership of the chmber, but they will remain opposition in terms of investigations, etc. they can try, though personally i think the public mood is less tolerant of this kind of politics as usual. but we’ll see, maybe those senators are right.

as for kiko, he does have a temporary advantage but as 2010 increasingly calls for party solidarity, he runs the risk of being perceived as someone who should simply stop pretending to be an LP, show his cards and become an NP already.

And its very sad to say that, people were fooled by the opposition in the last election!

There’s a long way to go and Villar has even commented that whatever ill will what’s happening today will be handled through the media. It’s interesting.

i hate to say “i told you so” but i have said time and again that loyalty is a rare commodity in the senate, and that the opposition’s 2007 senatorial election “victory” is a hollow one. wait and see it unravel more when the presidential wannabees tear at each other like hungry lions. now, my score is beginning to look like 10 out of 10 for PGMA! sorry guys.

Senate opposition rift breaks wide open. This is why the President keeps winning.

You’re right, MLQ3.