Obscene Government Waste ($78 Billion!) with the TARP Bailout, and Stimulus is Now On Deck
Elizabeth Warren, head of the Congressional Oversight Panel for TARP, testified today that the Treasury overpaid for toxic assets by as much as $78 Billion (see Bailout watchdog: Treasury paid too much). Her full report will be out tomorrow.
Well, no in depth commentary is necessary for this. Instead we have a staggering and inexcusable waste of money already! And now Congress is about to approve $900 Billion more in spending. Let’s do the math: 78 [the waste] /350 [the distributed TARP funds] = 22% of distributed TARP wasted. If we have the same Stimulus waste ratio, that will be: 22% * 900 Billion = $200 Billion (approximately) to be wasted there. Something is serious wrong if the Government in a matter of a couple of months already wasted 22% of a Program, especially when we are talking about Billions and Billions. President Obama and Congress should be on notice: if your Stimulus turns out include a huge waste of money and time, the voters will toss all of you out as you will deserve.
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February 6th, 2009 at 3:31 pm
Why would you expect the US Government to “get it right?” The federal government could not even defend its military headquaters “The Pentagon” from a terrorist attack, and it took the passangers to save the Capitol from attack.
Now you want the government to get the TARP Bailout money not to be wasted? Have you been smoking crack again?
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MJK
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February 6th, 2009 at 4:20 pm
Ha ha ha very funny! If you were to educate yourself by reading my bailout and stimulus articles, you would have noticed that warned against all this potential Government waste.
Regardless, I am still quite shocked at how fast the $78 billion was wasted! I mean all in 4 months (or less), that’s just beyond belief.
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