Tuesday, December 2, 2008

Bilking the Bailout

From Yahoo!Finance:
The Treasury Department has no mechanism in place to track how institutions are using $150 billion in taxpayer money that the government injected into the banking system as of last month, the Government Accountability Office concluded in its report to Congress.
But the 72-page report was bound to feed congressional concern that banks and other institutions are not being properly monitored and are not using the money to increase lending.
You mean a hastily thrown together government money spigot into Wall Street might be bilked for billions of taxpayer dollars, and nobody can keep track of where the money is going? Really? Who'd have ever guessed? And here I thought the problem was that too many people were borrowing too much money in the first place... but if the answer to too much debt is even more debt, why did Bernanke slow down the Fed gravy train in the first place? We are entering Great Depression II and this is the best we've got. We are all freakin' doomed.

No comments:

Post a Comment