Nearly one year after Congress approved the
$700 billion financial bailout, it was attacked by
Republicans and fiscal watchdogs as an expensive failure that
has not stopped home foreclosures or jobs from disappearing.
"This has been a failed program," Sen. Mike Johanns, R-Neb.,
said at today's
Senate Banking committee hearing. "The very promises made
to the taxpayer of what was going to happen with this money, in
my judgment, have not been kept."
Johanns cited what he called "very damning" testimony by the
bailout's
Special Inspector General Neil Barofsky that said it is
"extremely unlikely" that American taxpayers will get a full
return on their $700 billion investment. Moreover, Barofsky
observed, the
Troubled Asset Relief Program has failed to increase bank
lending, stop rising unemployment, or stem the rash of home
foreclosures.
"In the last year," said the Congressional Oversight Panel's
Elizabeth Warren, "the apprehension that pervaded this country
has turned into something else: frustration and anger. Today's
fragile stability has come at an enormous cost to the American
people." Barofsky noted
that "a lot of this frustration and cynicism and anger comes
out of the lack of transparency in the TARP program." This, he
said, was his group's "biggest frustration" with the Treasury Department and "one of
the great failures of the past year."
STOP, REPEAL the remaining unfunded portion, We did not want the
TARP Bill, we said NO, it was done anyway. It should be repaid to
the taxpayer whose money was used against advice, instead it
probably has gone or will go to some crooked Liberal politicians!
Wesley Mouch| 9.25.09 @ 9:50AM
Larson, this is not a left vs right thing. This is the elite vs
the common man. We got took. The point of the left vs right
paradigm is to keep you confused while you are being robbed. Snap
out of it & make preparations so it doesn't happen again.
S.L. Toddard| 9.25.09 @ 10:53AM
Hear, hear.
Kerry Marvin| 9.25.09 @ 11:56AM
Beutiful Morning, Beutiful Day, My-Oh-My, Will we Get Our
Pay?
Zipity_Do-Da? Zipity-Yea!
" Ain't No Way" Does the Tarp Baby Pay!
Ole' Bre'r Wabbit Sure Got Stuck with That one Didn't "WE?"
J W Larson| 9.25.09 @ 8:12AM
STOP, REPEAL the remaining unfunded portion, We did not want the TARP Bill, we said NO, it was done anyway. It should be repaid to the taxpayer whose money was used against advice, instead it probably has gone or will go to some crooked Liberal politicians!
Wesley Mouch| 9.25.09 @ 9:50AM
Larson, this is not a left vs right thing. This is the elite vs the common man. We got took. The point of the left vs right paradigm is to keep you confused while you are being robbed. Snap out of it & make preparations so it doesn't happen again.
S.L. Toddard| 9.25.09 @ 10:53AM
Hear, hear.
Kerry Marvin| 9.25.09 @ 11:56AM
Beutiful Morning, Beutiful Day, My-Oh-My, Will we Get Our Pay?
Zipity_Do-Da? Zipity-Yea!
" Ain't No Way" Does the Tarp Baby Pay!
Ole' Bre'r Wabbit Sure Got Stuck with That one Didn't "WE?"