Treasury Inspector General: Bailout "A Mess"

Discussion in 'Current Events' started by DavidS, Nov 13, 2008.

  1. DavidS
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    DavidS Anti-Tea Party Member

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    Bailout Lacks Oversight Despite Billions Pledged

    In the six weeks since lawmakers approved the Treasury's massive bailout of financial firms, the government has poured money into the country's largest banks, recruited smaller banks into the program and repeatedly widened its scope to cover yet other types of businesses, from insurers to consumer lenders.

    Along the way, the Bush administration has committed $290 billion of the $700 billion rescue package.

    Yet for all this activity, no formal action has been taken to fill the independent oversight posts established by Congress when it approved the bailout to prevent corruption and government waste. Nor has the first monitoring report required by lawmakers been completed, though the initial deadline has passed.

    "It's a mess," said Eric M. Thorson, the Treasury Department's inspector general, who has been working to oversee the bailout program until the newly created position of special inspector general is filled. "I don't think anyone understands right now how we're going to do proper oversight of this thing."

    Link here.
     
  2. del
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    del BANNED

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    from the link:

    "Lawmakers from both parties have criticized the White House for not moving more quickly to name an appointee."

    "For their part, lawmakers have yet to nominate the five-member Congressional Oversight Panel, though leaders of both parties said they hoped..."

    bohica, squared.
     
  3. DiamondDave
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    DiamondDave Army Vet

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    Duh!!!!!!!!!!!!
     
  4. editec
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    editec Mr. Forgot-it-All

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    Given that the very struture of the "FIX" is flawed from the onset, the fact that it's entirely also mismanaged doesn't really surprise me one damned bit.

    Giving the very people who screwed up carte blanche to do whatever the hell they want with trillions of dollars that require no accounting or oversite?

    Come on, folks, do you think nobody but us could see that was a mistake?
     
  5. KMAN
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    KMAN Senior Member

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    Does this really suprise anyone!!!! Our government is full of idiots! And half of the country just voted for a party who is going to vastly expand it!!!! The Republicans were bad enough at expanding government! Pathetic!
     
  6. Toro
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    Toro Diamond Member

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  7. xsited1
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    xsited1 Agent P

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    Didn't Bush and the Democrats (including McCain) say the bail-out was absolutely necessary? Now it's a big mess.

    Seriously, did anyone not see this coming??? I just can't believe Americans are so stupid.
     
  8. DavidS
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    DavidS Anti-Tea Party Member

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    When the original bailout bill was rejected and the DOW dropped 800 points in a day, Americans got scared and with a knee-jerk reaction, started supporting the bill.

    Well, if GM, Ford and Chrysler failed, I will sleep well at night knowing AIG can continue to have its junkets anywhere in the country with limos and fine food at our expense. That's welfare for you... right up the ass... we're paying for their salaries and their meals and their travel expenses and their luxury suits and everything else. Meanwhile, millions of Americans will lose their job soon if we don't do anything about the automakers.
     
  9. editec
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    editec Mr. Forgot-it-All

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    The only stupid thing about most Americans is that they BELIEVE that the masters of our universe aren't doing exactly what they want to do.

    Come on now, do you think these guys didn't KNOW what the outcomes of their policies would be?

    Hell folks, over thirty years ago I had steel workers telling me that this nation was destroying itself and how, too.

    Were those guys who stood in the steel mills smarter than our leadership?

    What is happening, contrary to what our leadership is telling is, is NOT something they didn't foresee happening.

    This destrcution of the nation states that's happening world wide is NO ACCIDENT.
     
  10. Ravi
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    Ravi Diamond Member

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    Ouch. If that banker is correct, we are being ruled by incompetent boobs.
     

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