Draft Report by Oversight Panel Alleges That TARP Won’t Help Average Americans, Won’t Stem Foreclosures, Has No Comprehensive Strategy, and No Clear Explanation for Actions; Panel Calls for Clear Strategy; GAO Raised Similar Concerns

Analysis and Discussion with Marvin Barth of Tennenbaum Capital Partners

Category: Bailouts, Video

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

4 Responses to “Treasury Slammed Over TARP”

  1. Bruce N Tennessee says:

    Many think the TARP banks and China are the ones buying treasuries (and still not lending)…and so prolonging the crisis…but when Hank says he doesn’t want any oversight…well, ok with me…can’t we all just get along?

  2. ByteMe says:

    Why does this make me think of the line “Fool me once, shame on you; fool me twice, shame on me”?

    Didn’t we give this Administration a blank check to attack Iraq and wonder why the outcome turned to crap?

    NO MORE BLANK CHECKS!

  3. VoiceFromTheWilderness says:

    oh goody, more posturing from congress, and more industry shills telling us how proud we should all be that the US government is in the business of ‘propping up the stock market’. Somehow these statements are supposed to be some kind of answer to the issue of whether or not the US governments use of funds supports the general welfare of the society.

    The plain fact is that Congress knew full well that there was no plan — we all knew there was no plan. A 5 page document is not a plan for spending 700 Billion dollars. A 5 page document one of whose major points is absolute immunity from oversight is not a plan to spend taxpayer money wisely. It is a blatant power grab, and since money is involved, not just power, a blatant rip off.

    That no aspect of this plan has ever actually addressed the real issues, rather has *at best* been an attempt to ‘re-start’ the game of lending madly, this plan has always been a boondoggle. Everyone knew it from congress on down. Unless of course they knew some ‘real’ secret plan to whic h we are not privy.

    Nonetheless, all this noise on TV amounts to is an attempt by congress to look good in front of voters. They have already approved the bill, and will not be changing it before the new admin. The new admin has made clear that it has it’s own fantasy football game it wants to play, and so certainly is not going to be pointing out that the current game is fantasy football. The fact that the new admin’s econ team is entirely composed of insiders who have profited off the status quo ante, and want it to return, as well as their own involvement in the current plan, all further suggest… no change.

    This is posturing pure and simple, to keep the rubes confused. Enjoy the heck out of it.

  4. Jojo99 says:

    ByteMe said Why does this make me think of the line “Fool me once, shame on you; fool me twice, shame on me”?

    Didn’t we give this Administration a blank check to attack Iraq and wonder why the outcome turned to crap?

    NO MORE BLANK CHECKS!

    While I am no fan of Bushco, we need to bear in mind that the blank check bailout appropriation was massaged and pushed through by Congressional Democrats despite the huge hue and cry against it from constituents.