Dragynn's Lair

[Dragynn]

Bailout cop: TARP's not working

http://money.cnn.com/2010/01/31/news/companies/tarp_report/

NEW YORK (CNNMoney.com) -- The watchdog charged with monitoring the government's $700 billion bailout unleashed one of his harshest criticisms of the program to date, questioning its overall effectiveness.

In his latest quarterly report to Congress, special inspector general Neil Barofsky said that the Troubled Asset Relief Program, or TARP, has failed to boost bank lending as well as halt the spread of foreclosures -- two key aims of the sprawling program.
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<rant>

Yeah, no s**t it's not working, the whole concept is BEYOND moronic, when will government finally realize, that 'trickle-down" economics, has NEVER worked, and never will? What possible good would giving bankers more money do? OF COURSE lending is down, who are they going to lend to? The unemployed? Give loans to those with no job/inadequate income?

The bankers, took the TARP money, paid just enough debt/bad loans off to stay afloat, and GAVE THEMSELVES THE REST.

This has either been an exercise demonstrating the complete and utter stupidity of people who are SUPPOSED to be "experts" in economics, or simply another conspiracy between government and big business, to steal more money from the American worker/taxpayer.

To contrast (and here is where the "experts" would claim I have no idea of the "complexities" of the economic sytem, the mantra of those who are made wealthy by the continuance of the status quo), "Trickle-up" economics, would actually WORK, to wit:

750 BILLION dollars in "bail-out" money, could have been used more productively. Giving a very modest salary of 25,000.00 a year, that much TARP money, would have paid a YEAR'S SALARY, to 30 MILLION PEOPLE. Read that again and let it sink in, 30 MILLION PEOPLE.

Many of them could have been employed in public works projects, repairing and replacing aging infrastructure in the U.S.

Much of it could have been used to pay the salaries of employess at small businesses, so that those companies could have delayed or even eliminated layoffs, perhaps it would have been just enough to get them over the hump of bad times.

Many of the foreclosures and abandonments, could have been staved off, and re-negotiated with perhaps better terms, had there been at least SOME income coming in for those homeowners.

And in short order, ALL that money would have gone back IN to the economy, as the people SPENT that money, on supporting themselves and their families, spurring even further solidity in the GDP, as opposed to simply adding to the hoard of DEAD money being piled up in off-shore accounts, by Dimon, Blankfein and all their ilk. That money, may NEVER "trickle-down", if it does, it will take DECADES, many dozens of them possibly, to do so. The collective wealth of the Rothschild family, estimated to be in the TRILLIONS of dollars, has been amassing for over 200 years, these guys make Smaug, look like a spendthrift. The world will never see the majority of that money back in circulation again, ever.

Obama bashing the bankers, is a bulls**t smokescreen, he and his crew made the decision to give it to them.

Bottom line: Offering "booty" to pirates, with the stated expectation of them using it to further the public good, is the act of an idiot, a madman, or what's MOST likely, another pirate.

</rant>