Video: The TARP clusterfark
posted at 5:40 pm on December 19, 2008 by Allahpundit
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A new one from the American News Project. Nothing here you don’t already know, especially if you read Michelle’s site, but it’s a succinct complement to my post earlier about McCain’s sudden interest in conditioning bailout money on industry concessions. Where was that prudence when he and The One were voting to greenlight a Wall Street rescue package that’s ended up as a de facto slush fund? The two of them had the good sense to co-sponsor the transparency bill in 2006 that made federal spending projects searchable online, but not to demand that banks receiving a $700 billion taxpayer handout let people know what they’re doing with the money? Or better yet, to require that the banks actually use the money for lending to ease the credit crunch? How’d that happen?
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But but but then we could see how they blew our tax dollar’s and we the people couldn’t handle the stress of it don’t ya know its done for our own good? /sarc
tee866 on December 19, 2008 at 5:47 PM
Looking down at the toilet bowl, so I am.
Hog Wild on December 19, 2008 at 5:49 PM
“An inconvenient fact: Congress, when writing the bill, didn’t require the treasury to follow the money”.
Isn’t that special. When that comment was made, they panned directly to Bawney Fwank.
tru2tx on December 19, 2008 at 5:59 PM
We’re being raped, volens, in the open.
We deserve it.
Entelechy on December 19, 2008 at 6:04 PM
Predictable.
TexasDan on December 19, 2008 at 6:12 PM
What would you expect in a country that doesn’t even demand that the candidates produce their long form birth certificates to prove their eliglibilty to occupy the highest office in the land?
I blame this development on the Ed Morriseys of this world.
Basilsbest on December 19, 2008 at 6:12 PM
We can hit a rat in the eye with a missile nowadays, but we can’t keep track of $350 billion of taxpayer dollars. Oy vey.
amerpundit on December 19, 2008 at 6:13 PM
This is all just ridiculously disgusting.
The question no one wants to ask — You can build Volgas, but can you sell Volgas.
tarpon on December 19, 2008 at 6:16 PM
No freaking shite. The banking industry wears suits – no oversight. The auto industry wears jeans – HUGE concessions and conditions! It’s sickening. I’m turning into a Communist. The rich capitalists must be overthrown and the workers must take back the means of production!
I’m vomiting with rage.
Viscount_Bolingbroke on December 19, 2008 at 6:18 PM
FlusterCluck may be more fitting.
TeeJay on December 19, 2008 at 6:21 PM
Kashkarry = cash carry : Ironic name dontcha tink?
Kini on December 19, 2008 at 6:25 PM
Yeap………… elections do have consequences, don’t they.
Only one Republican on the Banking Committee, and who is that sitting at the head of the table……………
………… Barney “Banking Queen” Frank himself, who was instrument in causing this whole problem in the first place.
……………. and you see this all over the MSM?
8 Trillion and counting………….. good bye America.
Seven Percent Solution on December 19, 2008 at 6:31 PM
We try, but the trail is well hidden.
Corsair on December 19, 2008 at 6:36 PM
Discover Financial Services is now asking for TARP funds…and they turned a profit in Q4 ‘08!
Mike Honcho on December 19, 2008 at 6:38 PM
#@$@$!!!!!!!
NorthernCross on December 19, 2008 at 6:39 PM
Shoots…. and I just got my last cash back
Kini on December 19, 2008 at 6:48 PM
Silver Lining? This is all going to fall into Obama’s lap next month. Good luck, Newby.
anniekc on December 19, 2008 at 6:56 PM
Fred Thompson on the economy
FloatingRock on December 19, 2008 at 7:00 PM
Over at powerlineblog, John Hinderaker posted this absolutely fabulous squib:
onlineanalyst on December 19, 2008 at 7:05 PM
It’s just taxpayer’s money.
Johan Klaus on December 19, 2008 at 7:06 PM
Rape me once, shame on you…..etc etc.
angelat0763 on December 19, 2008 at 7:06 PM
Fox Business recently filed a lawsuit to get disclosure on where the TARP funds went. Unlikely they will hear back.
jcheney on December 19, 2008 at 7:11 PM
Maybe we shouldn’t tell the guvment either… what we make, I mean.
T J Green on December 19, 2008 at 7:44 PM
That’s the silver lining and dark cloud all in one. Or so to speak.
InCali on December 19, 2008 at 8:07 PM
Well, I don’t like anything about this. But I don’t want a Law Prof from Georgetown Law or B. Franks telling the banks where to spend the money either.
The government told banks what to do in the first place. Maybe we should let banks lend the money the old fashioned way, make sure that they can be paid back. If they are sitting on the money they will get no return. I belive that these are combinations of loans and preferred shares that pay interest/dividends.
This means that the banks will be losing $$$ on every dollar they hold.
Not a good business strategy. I say let’s calm down, let the banks be banks (the old-fashioned way)
r keller on December 19, 2008 at 9:07 PM
Sounds like every bank should sign up twice…..just use a diff. email address, that is probably enough to confuse the USA Govt at this point….
sbark on December 19, 2008 at 10:56 PM
It seems that the job of congress these days is to take the money out of our pockets and put it in the pockets of their friends.
boomer on December 19, 2008 at 11:41 PM
I think cash and carry got a little cute in claiming they were simply following the letter of the law. They can voluntarily tell congress what they are doing.
But then that would expose the incompetence of congress, so maybe they are just saving congress from themselves.
and the person we elected accomplished nothing in this august body?
Lonetown on December 20, 2008 at 3:54 AM
This is why the mainstream news media will die, and we’ll all be better off for it.
This is huge and of the utmost importance. And they have been absolutely derelict.
The Fairness Doctrine? Crap.
What we need is a responsibility doctrine.
drjohn on December 20, 2008 at 8:36 AM
HOw do we go about holding hearings on why accountability wasn’t written into thi bill?
How do we go about dragging the asses of those in Congress who wrote this bill and voted for this bill in front of us to explain this monumental stupidity?
drjohn on December 20, 2008 at 8:41 AM
I dont know why some of you folks are insisting that Congress gave your money to the banks.
The Govt is bankrupt. It has no money. They went overseas and borrowed money and then gave it to the banks.
VinceP1974 on December 20, 2008 at 9:06 AM
This cashcarry guy reminds me of Pharaoh in the movie “The Ten Commandments”.
And the US tax payers said unto Pharaoh, “Let my money go.”
Does anybody know how to send a frog plauge to this guys house?
infidelgranny on December 20, 2008 at 10:24 PM
HOw do we go about holding hearings on why accountability wasn’t written into thi bill?
How do we go about dragging the asses of those in Congress who wrote this bill and voted for this bill in front of us to explain this monumental stupidity?
drjohn on December 20, 2008 at 8:41 AM
infidelgranny on December 20, 2008 at 10:28 PM
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