Monday, April 27, 2009

TARP: The Looming Debacle

It seems the $700 BILLION TARP program has grown a bit - say 4 times.  Anyone getting to vote on this??  Any debate before Congress??  Any ability for the common man to have their say through the vote of their representative??  Is that really too much to ask??

TARP: The Looming Debacle

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April 27, 2009 Posted by John at 8:00 AM

On April 21, the Special Inspector General for the Troubled Asset Relief Program Act of 2009--"SIGTARP"--submitted his quarterly report to Congress on his office's activities in relation to the TARP program. The report is a disquieting document that should be read by every American--certainly be every taxpayer.

The Inspector General's report documents the stunning and at least partly illegal expansion of TARP from the $700 billion originally allocated by Congress to what is now a $3 trillion complex of programs. This chart shows the various programs that are now included within SIGTARP's oversight, and how they have expanded from the initial $700 billion. Note that some of the programs are still incipient; $3 trillion is by no means a final number. Click to enlarge:


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