Inspecting the Murky Bailout

[4dsc]

Unfortunately for taxpayers, we’re still in the dark about our balance sheet. Special Inspector General for TARP, Neil Barofsky, testified to Congress that, Treasury “has repeatedly failed to adopt recommendations that … are essential to providing basic transparency” in TARP. He listed several recommendations ranging from reporting on the valuation of the assets in the TARP portfolio to requiring banks to report how they are actually using funds.

http://taxpayer.net/search_by_category.php?action=view&proj_id=2695&category=Wastebasket&type=Project

[Truth Talks]

1. T'ain't murky to me.

The economy is a wreck because of specific problems, like deregulation, privatization, job outsourcing and corporate welfare. The idea that we can spend our way back to fiscal health through some stimulus program - even while we're still outsourcing jobs, handing out corporate bailouts and on and on - is insanity.

Not only will Obama's stimulus program not fix the economy, I don't think it was ever meant to fix anything. In fact, I think it may make things worse.

[truedelphi]

2. Now, now - you sound hopelessly old school. Reagonomics

And Supply Side proved that everything works out great without having any local jobs being created, or laying out even the most minute regulations for banks.

And what could possibly be wrong with offering 11 to 24 Trillion bucks to those banks deemed too big too fail?

It will all work out just fine and dandy.

Unless of course, you aren't in the upper .05 %.

In which case, you should be pulling on those old bootstraps real hard.

[notesdev]

3. Shhh

don't tell anybody, but all the money went to Goldman Katz