A Treasury watchdog group has now come out with a 256 page report on the government’s handling of TARP (Troubled Asset Relief Program), and shocker of shockers, the government flubbed it. It may be hard to believe that our bloated and incompetent federal government could have mishandled $700 billion in taxpayer funds, but there you go.
And to all of the smartest people in the room who said we simple folk could not possibly understand the nuances of the financial system and why TARP was needed right then, within a 48 hour period or the world financial system would collapse…WHY DOES ANYBODY BELIEVE A WORD YOU IVORY TOWER INTELLECTUALS SAY? YOU ARE ALWAYS WRONG!!!
From USA Today:
A Treasury Department watchdog is warning that a key $700 billion bailout program has damaged the government’s credibility, won’t earn taxpayers all their money back and has done little to change a culture of recklessness on Wall Street.
“The American people’s belief that the funds went into a black hole, or that there was a transfer of wealth from taxpayers to Wall Street, is one of the worst outcomes of this program, and that is the reputational damage to the government,” said Neil Barofsky, special inspector general of the Troubled Asset Relief Program (TARP), in an interview.
“We don’t even know where the money went,” says Rep. Daniel Lipinski, D-Ill., who recently called for TARP assistance to end in December, when it’s set to expire. The Treasury has the authority to extend the program until next October…
However, Barofsky says, the repayments and TARP’s role in stabilizing the financial system have led to a rebound in bank stock prices, which has removed the urgency of fixing problems with regulation of the financial system. JUST GREAT. Please watch Schiff video next.