The lack of control over the spending of the first tranche of the TARP has been its hallmark. It appears that all we've done is given money to banks without any control and without the funds having much of an effect on the general economy. Granted the Obama administration should be different than the Bush, but there is no certainty of this.
The House put some meat in their consideration of tranche 2. Barney Frank, chair of the House Financial Services Committee, said, “We intend to trust, but verify." The Senate did not feel the same way. It just gave the money to the Obama administration to do with as it sees fit. This is not a good sign.
1 comment:
Like me, you always resist the temptation to resort to vulgar language, but like me, there are times when alternatives are just not adequate.
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