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Thread: TARP: We don't know where the money went

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    TARP: We don't know where the money went

    Quote Originally Posted by 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.
    LINK 1

    Bad huh? Bad like all of us who were against these bull**** bailouts from the beginning said they would be. Why? Because that's what government does with money - pisses it away. But wait... it get's better...

    Quote Originally Posted by "USA Today"
    Special Inspector General Neil Barofsky, who is in charge of overseeing the Troubled Asset Relief Program (TARP), [B
    said Treasury's failure to provide more details about the use of TARP funds has helped damage "the credibility of the program and of the government itself, and the anger, cynicism, and distrust created must be chalked up as one of the substantial, albeit unnecessary, costs of TARP."[/B]

    Barofsky has made 41 recommendations to better implement the program, of which Treasury has executed 18 and partially adopted seven.

    One proposal calls for Treasury to require all of the hundreds of TARP recipients to report how they use the funds, which the Treasury has applied to only three of the largest recipients —American International Group, Citigroup and Bank of America.

    Barofsky also describes at least nine unimplemented proposals, saying their adoption "could help bring greater transparency to TARP and answer some of the criticisms of the program."

    Several recommendations dealt with the Making Home Affordable program, which has access to $50 billion of TARP funds.
    LINK 2

    So let's summarize... TARP was a fiasco. They don't know where the money went... there's still a belief it helped avoid a depression but there's no evidence in my opinion, to substantiate. And the "transparency" is transparent - in fact so transparent it doesn't exist at all. Sounds great. 700 billion down the ****ter, little to no return expected on any of it (remember all the nonsense about how we're all going to make our money back and then some!? ) and not only do we not know where the money went, but for all we know, it was spent on hookers, a lot of blow and Vegas trips to the Bunny Ranch.

    Well, at least some working stiffs are making out on the deal.

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    Re: TARP: We don't know where the money went

    I want to be shocked but I had a big feeling that this was going to happen.
    Jackboots always come in matched pairs, a left boot and a right boot.

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    Re: TARP: We don't know where the money went

    It went to every Liberal wet dream and entitlement program from the last 30 years.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: TARP: We don't know where the money went

    Quote Originally Posted by apdst View Post
    It went to every Liberal wet dream and entitlement program from the last 30 years.
    You would think Bush would have vetoed it then. Oh, and you can show some evidence that it went to those things, right?
    We became a great nation not because we are a nation of cynics. We became a great nation because we are a nation of believers - Lindsey Graham

    Quote Originally Posted by Fiddytree View Post
    Uh oh Megyn...your vagina witchcraft is about ready to be exposed.

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    Re: TARP: We don't know where the money went

    Quote Originally Posted by Redress View Post
    You would think Bush would have vetoed it then. Oh, and you can show some evidence that it went to those things, right?
    It was out of his a couple months after it passed, so it's no wonder things went to ****.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: TARP: We don't know where the money went

    Such a shame that two posts into the thread there is already partisan bickering. When are people going to wake up and see that reckless spending is a bipartisan issue that is ruining your country? Your debt is at the level it's at because of successive governments that don't know the definition of the word conserve.

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    Re: TARP: We don't know where the money went

    Quote Originally Posted by apdst View Post
    It was out of his a couple months after it passed, so it's no wonder things went to ****.
    So you want to prove your statements? Or is that just something you want others to do?
    We became a great nation not because we are a nation of cynics. We became a great nation because we are a nation of believers - Lindsey Graham

    Quote Originally Posted by Fiddytree View Post
    Uh oh Megyn...your vagina witchcraft is about ready to be exposed.

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    Re: TARP: We don't know where the money went

    Quote Originally Posted by Orius View Post
    Such a shame that two posts into the thread there is already partisan bickering. When are people going to wake up and see that reckless spending is a bipartisan issue that is ruining your country? Your debt is at the level it's at because of successive governments that don't know the definition of the word conserve.
    I was responding in kind. I have commented frequently that I think the level of deficit spending is something that needs to be fixed, and that the first step is spending cuts across the board, nothing too sacred to cut.
    We became a great nation not because we are a nation of cynics. We became a great nation because we are a nation of believers - Lindsey Graham

    Quote Originally Posted by Fiddytree View Post
    Uh oh Megyn...your vagina witchcraft is about ready to be exposed.

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    Re: TARP: We don't know where the money went

    Quote Originally Posted by Orius View Post
    Such a shame that two posts into the thread there is already partisan bickering. When are people going to wake up and see that reckless spending is a bipartisan issue that is ruining your country? Your debt is at the level it's at because of successive governments that don't know the definition of the word conserve.
    Most people know this, but we hate each other.
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    Re: TARP: We don't know where the money went

    Quote Originally Posted by Redress View Post
    You would think Bush would have vetoed it then.
    You would think dear leader wouldn't have voted for it. The corporatists aka the DNC currently running the show own TARP.

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