Buried within this article is a brief statement that says words to this effect:
No one knows what happened to the first $350 billion TARP money.
This is Bush's last F.U. to the American people. Yet there seems to be no concern or care about it at all.
Recapping - the first $350 billion payment on the recession is lost.
Reuters: Obama bringing "strong message" to ailing banks
There would have to be more transparency. "No one can really tell you where the money went," he (Axelrod) said. "We have to make sure the money doesn't go to excessive CEO pay and dividends when it should be going to lending."
(Larry Summers said) "There's no question, almost no question, that the economy is going to decline for some time to come."
3 comments:
Whose surprised? That's why Paulson was in such a hurry wasn't it? Oh well nobody in either so called party seems to care. The same thing will happen to the next $350 billion and to the Obama Stim. By next yr. this time my guess is we will have little to show for all this cash being thrown around. Why? because the problem is structural not monetary. U can give banks money but they don't have to loan it or loan it to anyone in this country. You can give Gov't bureaucracies money and again they don't have to create jobs, do they? They can do just the opposite and keep the money to further feather the nests of those that still have what's left of the "real" jobs. The wall between those with secure jobs and the rest of us will grow larger due to all this $$ is my guess. The wealthy and the those that have secure private or public jobs ( the surviving middle class or the "new middle class") is in no hurry to create anything but walls and moats and private armies to protect themselves. This is the America of BV$Hworld and it's not going to go away just because Obama was elected to try and change it. To the contrary, it appears he is trying to romance these groups into going along with his plans. My guess is in their private salons they're laughing about how things have turned out here at the end. They've won and they have little intention of spreading the wealth around, that's for damn sure. Hell, they didn't even make any effort to put a guy like Madoff behind bars did they? Instead, they let this guy hang out with his millions and his lawyers while lots of others rot in jail waiting for charges on possession of pot or some other minor crime. This is the twisted sense of justice we've come to accept as "normal" these last 45 yrs. The hole were now in wasn't dug over night and it won't be filled over night.
When I read this I just thought it was part of the Bush agenda. When Bush 1 was in office they got away with billions in another bank scandal. Its part of the program.
Yes, they're bank robbers on a grand scale aren't they? Well as Willie Sutton once said, That's where the $$ is." U gotta hand it to these folks they knew what they wanted and they weren't at all shy about taking it with both hands.
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