Lack Of TARP Oversight Threatens Long Term Economic Outlook
The use of 700 billion dollars of money our government has borrowed is being done with next to no oversight according to Elizabeth Warren, one of the people who is supposed to be overseeing the TARP program.
Think of that. A check that our children will have to repay for $700,000,000,000.00 is being spent without anyone overseeing that he is spending it on what he is supposed to be spending it on, all in the name of recovery.
The massive programs designed to rescue the nation’s financial sector are operating without adequate oversight, with vague goals and limited disclosure of their details to the taxpayers who are paying for them, government watchdogs told a Senate panel Tuesday.
The Troubled Asset Relief Program, or TARP, was launched in the midst of last fall’s collapse of the nation’s banking system and is designed to get loans flowing to businesses and individuals.
But “without a clearer explanation” about parts of the program, “it is not possible to exercise meaningful oversight over Treasury’s actions,” said Elizabeth Warren, a Harvard Law School professor who leads a special congressional oversight panel monitoring the TARP program. Her comments came in a Senate Finance Committee hearing on the bailout program. McClatchy.
Wasn’t worrying so much about today and not tomorrow what got us into the mess we are in now? What truly scares me is that the average person started the process and our federal government is finishing it.
My mom told me to put the statue in the ground, just seems wrong to me but I did it. ...
What about RE/MAX Commercial? Where this classification came from?
I am pretty sure RE/MAX Commercial in volume sales must be above ...
Well Tom, once again you have said it much better than I could have. Unfortunately the folks at Move, ...
It certainly does not bode well for a fast recovery in the economic climate. This will affect all real estate ...
I HAVE 25 YEARS EXPERIENCE IN TELECOMMUNICATIONS..HOW DO I APPLY AT KAI. 
Definitely not a fan of Move Inc.!!! 
A lot of you really need to go back to kindergarten and learn to spell correctly. If you cannot spell ...
In 2008, there was an extension to push first-time home buyers to purchase their homes quickly since the program did ...
I also need HELP and don't know what to do about my problem. I have a garden apartment off ...
I have the same situation. I sold my home in July and am scheduled to to close in a few ...
Comment by lance shutter on 1 April 2009:
I have heard Ms. Warren speak and she may be the only rational voice involved. Not only is theor no oversight on TARP but there has been no oversight at all on those Banks already receiving bailout funds and more particularily the Mortgage Loan officers at those banks. If a home owner who has never missed a mortgage payment has a credit score below 700 ( average is 660) they do not qualify for refi inder the FREDDIE and GINNY new guidelines (750 or above) so they are telling their clients NOT to pay for at least 3 monthes then they hit the “in danger” status and qualify for refi and public payolla. Who needs over sight?????
Comment by Portland Real Estate on 1 April 2009:
Thank you Mr. Bush for that one. At least these new packages with the new administration make an attempt at transparency.
Comment by Jim on 1 April 2009:
We had like 10 months to go before G.W. was out, 10 months!!! I say 10 months because I’m referring back to March ‘08 with Lehman and Stearns. All you could do was pray G.W. and his cronies would not fudge anything else…oh how silly we were for doubting G.W.’s tenacity and persistence when it comes to complete and utter disaster….all he had to do was bail them out then, but nooooooooo, we have to try our right wing conservative back assed Republican philosophy and not intervene, just to see if the market could handle such a bankruptcy and if it would naturally correct itself….Welcome the Herbert Hoover of the 21st century, this of course has turned the Republican Party into the Whigs of the 21st century or as I like to call them, the Whig 2.0 Party….
Comment by Mike on 8 April 2009:
Hey Jim, you should have listened closer to what Ms. Warren had to say. Her stock advice was to NOT OFFER BAIL-OUTS and let capitolism work its way through – take a look at the “Dan Rather Report” where she was interviewed from April 7. Therefore, Bush and CO did absolutely the right thing in waiting. In addition, she said that there was “little change” between the current administration and the previous – so you can now blame “B.O. and his cronies.”