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Old 10-24-2009, 08:20 PM
 
Location: Chicagoland
41,325 posts, read 44,796,546 times
Reputation: 7118

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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)

Quote:
"Measuring the effectiveness of TARP's programs has been an ongoing challenge," the GAO report said, adding that "any changes attributed to TARP could well be changes that would have occurred anyway" -- due to policy interventions, the actions of financial regulators or even natural market corrections. In other words, a year after Congress burdened present and future taxpayers with a debt of immense magnitude, government auditors still can't say for sure that TARP accomplished anything toward preventing a financial collapse.

So there you have it: Treasury officials lied to Congress and the public, and refused to demand even a basic level of accountability from TARP recipients while borrowing hundreds of billions of dollars that taxpayers will eventually have to pay back, plus billions in interest. Incredibly, just Wednesday, President Obama announced a new TARP-like program for small businesses and community banks.
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.
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Old 10-24-2009, 08:29 PM
 
Location: Great State of Texas
86,052 posts, read 84,141,708 times
Reputation: 27718
Trillions under the bridge as they say.
Don't worry though. Uncle Ben has a printing press and he's not afraid to use it.
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Old 10-24-2009, 08:32 PM
 
Location: Sierra Vista, AZ
17,531 posts, read 24,601,871 times
Reputation: 9975
Problem is, you can't give the money away and then come along later and say how to spend it. Bush just gave the money to Wall Street with no strings
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Old 10-24-2009, 08:34 PM
 
Location: Great State of Texas
86,052 posts, read 84,141,708 times
Reputation: 27718
Quote:
Originally Posted by Boompa View Post
Problem is, you can't give the money away and then come along later and say how to spend it. Bush just gave the money to Wall Street with no strings
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.
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Old 10-24-2009, 08:38 PM
 
Location: Chicagoland
41,325 posts, read 44,796,546 times
Reputation: 7118
Ben is busy deliberating how to take a trillion out of the economy.

Bernanke's trillion-dollar decision - Eamon Javers - POLITICO.com
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Old 10-24-2009, 08:40 PM
 
Location: Chicagoland
41,325 posts, read 44,796,546 times
Reputation: 7118
Quote:
Originally Posted by Boompa View Post
Problem is, you can't give the money away and then come along later and say how to spend it. Bush just gave the money to Wall Street with no strings
You mean the Congress. Congress spends the money, doles it out and supposedly had criteria in place along with accountability.

I'm not surprised you want to blame Bush - that is your rote answer.

Fortunately, the democrats own this one.
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Old 10-24-2009, 08:47 PM
 
Location: Great State of Texas
86,052 posts, read 84,141,708 times
Reputation: 27718
And, if you recall that bill failed to pass the first time.
You can thank the Republicans for that.
Remember Pelosi's scathing speech..blaming the Republicans for not passing that bailout bill ?

Pelosi fought to get that bailout passed. Last time I looked Pelosi was a Dem.
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Old 10-24-2009, 08:56 PM
 
19,198 posts, read 31,378,135 times
Reputation: 4013
Quote:
Originally Posted by sanrene View Post
Millions were crying foul and "NO BAILOUT", but the politicians again didn't listen.
Who can blame them? By the way, the anniversary of TARP enactment was October 3...
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Old 10-24-2009, 09:02 PM
 
1,747 posts, read 1,947,151 times
Reputation: 441
Quote:
Originally Posted by saganista View Post
Who can blame them? By the way, the anniversary of TARP enactment was October 3...
Holy crap, Batman!
It's been a year........plus 3 weeks!
Happy.....belated Anniversary, TARP-supporters!
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Old 10-24-2009, 09:07 PM
 
19,198 posts, read 31,378,135 times
Reputation: 4013
Quote:
Originally Posted by sanrene View Post
Ben is busy deliberating how to take a trillion out of the economy.
Geeez. He already has the means and is under no time constraints at all. He'll wait until he has near 100% confidence of zero-risk. Nobody wants to be sent back to Square-1 at this point, you know...
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