First Bailout: Still Building A Mystery
Remember the first bailout? The one that effectively ended capitalism as we know it and set the United States of America on its current course toward full-blown socialism?
The one that former President George W. Bush and Speaker Nancy Pelosi ramrodded through the U.S. Congress to save us from “economic Armageddon?”
Yeah … according to a report scheduled to be released tomorrow by the U.S. inspector general’s office we still have absolutely no clue where all that money went …
From Bloomberg:
Existing Treasury surveys of TARP banks’ lending don’t show enough about what the banks are up to, said the report by the independent inspector general, which is scheduled for public release (Monday).
The Treasury’s approach “fails to recognize that TARP recipients do far more with their TARP funds than simply originating loans: They have also used these funds in a broader array of interrelated activities, as demonstrated in this audit, such as making investments, acquiring other financial institutions and simply maintaining the capital as a cushion against future losses,” the report said.
You’ll recall that back in December of 2008, the Associated Press attempted to find out how banks were spending their bailout billions – only to be stonewalled by every single bank its reporters contacted.
Here’s the bottom line, people – tax dollars should never go toward picking winners and losers in the marketplace. Rather, taxpayers should be allowed to keep more of their own money so that they can pick the winners and losers.
Oh, and nobody is “too big to fail.” Nobody.
Additionally, taxpayer dollars should never go ANYWHERE without a down-to-the-dollar accounting of how that money was spent.
Both the former and current administrations have failed us miserably on both counts.
Comments
By BC on July 19th, 2009 at 6:25 pm
I must respectfully disagree with your assessment of the current administration. In fact, I know several state agencies and state governments that are using special accounting codes and software to account for the ARRA funds. To include all federal agencies responsible for some portion of the ARRA funds have increased their Inspector General staff and auditors. The previous administration failed to put into place any mechanisms to account for these funds. Plus, the idea of the federal government to do nothing is foolish and amateurish in solving such a complex problem. If nothing was done at all there would be no free-market system to operate in because the market would dissolve under the weight of disenfranchisement and absolutely no lending. Taxpayers would be frighten to spend due to an insecure job market and forced savings (hording) behavior.
By 1+1=3 on July 19th, 2009 at 10:54 pm
Oh, and nobody is “too big to fail”.
God says Mark Sanford is…
By W on July 20th, 2009 at 9:09 am
Barrett and his cronies in DC swayed the appropriate ammount of people to pass the TARP…..
WE WILL NEVER FORGET Gresh!
By dirtbogger on July 20th, 2009 at 10:46 am
all this is being done on purpose, it is called debasing the economy. they are running the value of the dollar into the ground and the Amero will be the solution, I know it sounds crazy just take a mental note of this post and get back to me in a few years. the real ID is another peice of the puzzle, with it RF chip. all this is being planed by the international bankers such as our Fed, Real ID is the first step but the next step is the RFID chip that will go in your for arm or hand. The technology exist now. It will be used to track Felons, sex offenders, alzhimers patients, and children first then every one else, just like pets are now. You will not be able to buy or sell goods without reciveing this chip!
By Darth on July 20th, 2009 at 11:53 am
Dirtbogger, you’ve been listening to Jack VanImpe and Hal Lindsey way tooooooo much. Remember Obama may be one of the false prophets, but he’s not the AntiChrist…
By dirtbogger on July 20th, 2009 at 4:11 pm
Darth, I have never heared the folks you mention but what part of what I said can you prove is wrong? The people who run our country will scare people into submission the same way they used 9-11. First they create a problem, you react, and they provide a solution. Yes I know what I post sounds crazy, I would have thought the same thing a few years ago. But I kept seeing all these post about how 9-11 was an inside job and the towers were brought down with controlled demolition, I did not buy into it at first hell I even voted for GWB. But after researching the collapse their was no doubt in my mind that this was an inside job. I mean how convienant for GWB to be reading to children at the time of the attacks, and how convienant that the plane hit the side of the pentagon that was renovated at the time so no one got hit, how in the hell did a plane manage to get past the most heavly defended building in the United States and where is all the footage from the pentagon attack and the twin towers falling at the rate of gravity turning into dust? So I wanted to know why things are the way that they are. The alternitive media maks alot more since than the mainstream media you should try it some time. Sorry I make refrences to the Bible in the first post, but I do that to get Bush worshiping, Bible thumpers thinking- you know the pro-life pro-war hippocrites thinking. I know Obama is not the AntiChrist, but I do believe he is as evil as Bush was. I stand by my claim that the technology exist and the infostructure is being put in place to suport the Bibles end time predictions, and the people at the helm are the international bankers (the Rothchilds).
By K Trane on July 20th, 2009 at 4:58 pm
I’m not 100% against the stimulus.
I think if they had spent the money infrastructure we at least would have invested some in the future of America.
Why not have built mass transit system in some of the rust-belt cities? It would eliminate the need for cars, increase real-estate prices, and decrease urban sprawl.
Instead they created jobs which, when the stimulus money runs out, will cease to exist. Way to go Dems! They’re hanging themselves with their own rope.
By liz on July 21st, 2009 at 8:09 am
All Bail out and TARP money went to Fidelity Management and Research. If anyone would listen, I can explain the entire crisis.
That’s because I sit here day after day telling people that Social Security was privatized here in South Carolina around 1987.
I HAVE THE DOCUMENTS THAT SHOW AN INTERNATIONAL ACCOUNT PAID ON ME FOR FIFTEEN YEARS. I have evidence of other people’s accounts left in pay as well, up to twenty years of stolen Social Security money is documented at my house.
As a result, I am being profoundly abused by the leadership of this state, the Social Security Administration and anyone else that wants to hurt me.
It’s been going on for four years and I WILL NOT SHUT UP>
FIDELITY MANAGEMENT AND RESEARCH IS THE COMMON DENOMINATOR.
FIDELITY MANAGEMENT AND RESEARCH IS DESPERATE TO REPLACE THE MONEY IN THE US TREASURY because the fed is going to get audited.
So Fidelity has dispatched their ” workers” off of C STREET to go fix the books. COOK THE BOOKS>
FIDELITY MANAGEMENT AND RESEARCH GOT ALL THE BAILOUT AND TARP MONEY> they beneficially own every business that crashed since ENRON. They owned every bank requiring capital infusions
AND PEOPLE THEY OWN EVERY INSURANCE COMPANY TOO