CHESSNOID

I am amazed the truth has come to light.  Why?  I always get the feeling the government is lying to us.  Under President Bush, he tried to intimidate the American population with WMDs and terror alerts.  Now, under President Obama, he is trying to intimidate us with theories of financial collapse and spending more is necessary to stave off another Great Depression.

The truth is the TARP programs or the government’s $700 billion bailout is a failure.  That’s according to the Bailout Cop Neil Barofsky who is assigned to monitor TARP.    I think we need to start holding people responsible by firing them or arresting them.  I think there is corruption here that is being caused by negligence or stealing.

CNN.Money:

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.

…

When Congress enacted TARP, the hope was that injecting capital into hundreds of banks would spur lending and keep the economy from spiraling even deeper into recession.

But since then, lending to both consumers and businesses has continued to decline.

Earlier this month, the Treasury Department reported that the 22 banks that got the most aid from the government’s various bailout programs have cut their small business loan balances by $12.5 billion since April.

…

Barofsky, whose office has been closely tracking the evolution of TARP, also criticized the Obama administration’s Home Affordable Modification Program.

Even as Treasury allocated $35.5 billion towards that foreclosure-prevention program as of the end of last year, only 66,500 homeowners have received permanent modifications, with another 787,200 homeowners in trial modifications.