I shouldn't be surprised that the current administration (and congress) failed to foresee what would happen to this money with zero oversight and accountability. They went on task with the auto makers, but that was only $15b.
By then the recipients of TARP, now including American Express, Citi and others, had laughed all the way to the.. well. you know.
We like to joke that politicians are stupid sometimes, but they aren't. Most if not all are well educated, intelligent and are very well aware of the struggles Americans are going through right now. And in spite of all that, they gave $350 billion to the very people who were at the very least. responsible for the mess - no strings attached. What did they *think* would happen? Further, TARP was provided with the understanding that the credit markets would loosen. That hasn't happened. People losing their jobs and homes have seen absolutely no evidence of the TARP funds trickling down.
Wait and see. We'll turn around and elect these shmucks back into office in two years.
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chiming
no subject
Date: 2009-01-17 03:05 pm (UTC)From:By then the recipients of TARP, now including American Express, Citi and others, had laughed all the way to the.. well. you know.
We like to joke that politicians are stupid sometimes, but they aren't. Most if not all are well educated, intelligent and are very well aware of the struggles Americans are going through right now. And in spite of all that, they gave $350 billion to the very people who were at the very least. responsible for the mess - no strings attached. What did they *think* would happen? Further, TARP was provided with the understanding that the credit markets would loosen. That hasn't happened. People losing their jobs and homes have seen absolutely no evidence of the TARP funds trickling down.
Wait and see. We'll turn around and elect these shmucks back into office in two years.