Posted on 07/01/2010 10:55:32 AM PDT by Nachum
WASHINGTON — While testifying on Capitol Hill last week about the government’s bank bailout program, Treasury Secretary Timothy F. Geithner likened the hearing to a eulogy for the initiative.
The comment, which at the time seemed like wishful thinking, now appears prescient.
In an 11th-hour maneuver this week, the Obama administration and Congressional Democrats abruptly proposed phasing out the deeply unpopular bailout program, enacted in the depths of the financial crisis. Spending authority under the Troubled Asset Relief Program, as the bailout is called, would be redirected instead to pay for the financial regulation legislation nearing the finish line.
(Excerpt) Read more at nytimes.com ...
The list, ping
However...the remaining HUNDREDS OF BILLIONS will be siphoned off for political campaigns and other illegal activities....
Oh, sure spent all the money, tax payers are still on the hook. and add in the billions that fanny and freddie have gotten and the billions more they will get. We are really doing great. What pure bovine waste.
I thought that TARP money could NOT be diverted for any other purpose...
“Spending authority under the Troubled Asset Relief Program, as the bailout is called, would be redirected instead to pay for the financial regulation legislation nearing the finish line.”
So they’re gonna move the money on over to another program. One ostensibly aimed at “regulating” Wall Street, but which has as its real object the funding of future (and perpetual) bailouts. What’s the difference? Oh, right, it won’t be called TARP anymore. Which should pacify the mob for a while.
“I thought that TARP money could NOT be diverted for any other purpose...”
What do you mean, like how new spending has to be covered by new revenue? Or how the federal government is only supposed to do what the Constitution says it can do? Did you travel here from back in time, or what?
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