TARP, One Year Later; No Accountability, Lies and Waste

[saganista]

Originally Posted by sanrene

Fortunately, the democrats own this one.

By what you try to pass off as a form of calculus, the Democrats own EVERYTHING that went wrong during the Bush administration. Which was pretty much everything. Never has a party so out of power managed to exert so much of it after the fact....

[saganista]

Originally Posted by HappyTexan

Remember Pelosi's scathing speech..blaming the Republicans for not passing that bailout bill ?

Is that the one Republican leaders complained cost the vote? Then admitted that it was a lie and they'd made the whole thing up?

Originally Posted by HappyTexan

Pelosi fought to get that bailout passed. Last time I looked Pelosi was a Dem.

What was the Republican leadership doing again? Which side were they on? Come on...you remember...

[Wapasha]

Originally Posted by HappyTexan

AND..Bush couldn't have done that without your Dems in Congress saying "YES". Your man Obama voted YES.

They can't complain when they gave Paulsen/Bernake a "blank check".

How convenient you forget that a President cannot act on his own without the approval of Congress.

From ten months ago concerning TARP:

Jan. 12 (Bloomberg) -- President-elect Barack Obama asked the Bush administration to notify Congress he plans to seek the remaining $350 billion in financial-rescue funds, White House spokeswoman Dana Perino said.

Obama, who takes office on Jan. 20, called President George W. Bush this morning about 20 minutes after Bush said in his final White House news conference that he was willing to act on the president-elect’s behalf if asked.

“President Bush agreed to the president-elect’s request,” Perino said. “We will continue our consultations with the president-elect’s transition team, and with Congress, on how best to proceed in accordance with the requirements of the statute.”

Larry Summers promised the administration will give a full and public accounting of how the money is used, including repayments from financial institutions that get assistance. Obama will ask his Treasury Department to enact “strict and sensible conditions” on executive compensation until tax money is repaid, and direct more money to community banks and small businesses as well as individuals and homeowners, Summers wrote.

Representative John Boehner of Ohio, the House Republican leader, and Representative Spencer Bachus, the top Republican on the House Financial Services Committee, have already signaled their opposition to releasing more money for the bailout. “Boehner said yesterday on CBS’s “Face the Nation” program that it would be “irresponsible” for Congress to release additional money.

Obama Asks Bush to Seek TARP Funds From Congress (Update3) - Bloomberg.com

[HappyTexan]

Originally Posted by saganista

Is that the one Republican leaders complained cost the vote? Then admitted that it was a lie and they'd made the whole thing up?


What was the Republican leadership doing again? Which side were they on? Come on...you remember...

Both the Dems and the Repubs passed that bill.
I'm neither so I have no skin in the game to go down defending one party or another. I was commenting on one poster who put the whole blame of TARP on Bush. It was more than Bush and it involved Dems.

BOTH were responsible for passing TARP.

Here's Pelosi's little "speech" right before the vote.
Speaker Nancy Pelosi Floor Speech Before Bailout Vote - Politics Channel • Politics.videosift.com

[delusianne]

Originally Posted by sanrene

http://www.gao.gov/new.items/d1016.pdf
Examiner Editorial: Uncovering the bull under the bailout | Washington Examiner (http://www.washingtonexaminer.com/opinion/Uncovering-the-bull-under-the-bailout-8426220.html - broken link)

How long before the WH mounts an attack on the IG overseeing TARP? He has raised the alarms, he has exposed the lack of accountability, he has exposed the cover-up and lies.

Millions were crying foul and "NO BAILOUT", but the politicians again didn't listen.

Bolded para: What are they talking about? I dont see anything about "less-than-accurate" in that GAO report or in the "sigtarp" report. It is true that TARP needs to be a lot more transparent but there are no accusations of lying or deliberate obfuscation that I see in either report.

The GAO report gives TARP about a grade "C". Lots of outcomes "remain unclear" because they havent concluded yet, etc. IOW it's still early.

The "sigtarp" quarterly report: http://www.sigtarp.gov/reports/congress/2009/October2009_Quarterly_Report_to_Congress.pdf (broken link)

a quick "good news-bad news" summary of the GAO report: The Project On Government Oversight (POGO) Blog

This summarizing testimony from TARP on its one-year anniversary a month ago gives background to the reports -- Senate Committee on Banking, Housing and Urban Affairs | The Gov Monitor (http://thegovmonitor.com/world_news/united_states/senate-committee-on-banking-housing-and-urban-affairs-7136.html - broken link)

Interesting information, though, thanks for posting it.