"Oversight panel questions use of bailout money; Treasury official says system is 'more stable' now" by Associated Press | December 11, 2008
WASHINGTON - A congressional panel reviewing the government's $700 billion rescue of the financial sector questioned how the money is being spent and whether it's helping homeowners avoid foreclosure....
We already know the answer; it is NOT: The Help Homeowners Got
**************
Gene Dodaro, acting comptroller general of the United States, told lawmakers that the GAO concluded that the government must toughen its monitoring of the bailout fund to ensure that banking institutions limit their top executives' pay and comply with other restrictions. The auditors said the Treasury Department had no mechanism in place to track how institutions are using taxpayer money.
WTF?!! This just HURTS, readers!!! After they shoved that monstrosity of a giveaway through, the Congress came out and assured us they had safeguards, blah, blah, blah!! Their lies are worse than Bush's; at least I expect it of him!
This is why I don't cover Congress much; hot air fart mist!
The tough reviews also come as the Bush administration is considering whether to seek access to the second half of the $700 billion fund.
And they are going to GET IT, too, can you believe it?
Barney Frank Says Bush Will Get Rest of Bailout Funds
Obama to Let Bush Have Rest of Bailout Loot
Neel Kashkari, director of the Treasury office that oversees the bailout program, told lawmakers that Paulson has made no determination about whether to request tapping the remaining money. He defended the work of the program in the face of tough questions from lawmakers.
"The system is fundamentally more stable than it was when Congress passed the legislation," he said. Still, he cautioned that economic anxieties are not helping ease the credit crunch. "As long as confidence is low, banks will remain cautious about extending credit, and consumers and businesses will remain cautious about taking on new loans themselves," he said.
Then how about using the money to BUY UP all the MORTGAGES then? Wouldn't that make everybody happy, save for the banks which would be missing out on the double (or triple, or whatever it is) interest?
Btw, that liar has lain low, 'eh? Press has protected him, too; I keep waiting for a puffy profile on the guy, yet none are forthcoming.
--more--"
