Friday, October 30, 2009

TARP On Steroids

Congressman Bred Sherman is pointing out that a proposal from the White House to bailout banks directly (without going to Congress) would come with an unlimited dollar amount and would be a permanent grant of power to the Executive Branch. TARP (Troubled Asset Relief Program) was a horrible idea, and a stab in the back to the American taxpayer, but at least it had a spending cap, an expiration date, Congressional oversight (for what little good it does) and some pay limits for executives at the firms requesting the funds. This bailout authority from the Executive Branch would have none of those provisions.

When Sherman asked Treasury Secretary/bank flunky Geithner whether he would accept a $1 trillion limit on the new bailout authority (if the White House wants more, they would have to come to Congress and ask for it), Geithner refused this and insisted that the White House should not have to ask Congress for permission to bail out more banks.

Where do these idiots think all this money is going to come from? China? The taxpayers (who are already spent due to the previous bailouts)? Or are they trying to crash the U.S. dollar on purpose? Well, I have read that in case of a total collapse of society, toilet paper can be quite useful. I have a few thousand pieces of it in the bank; if I can get to it in time, at least I'll be covered.

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