Let’s stop calling it a “bailout of the financial system.” Instead, let’s call it something like “Irresponsibly throwing precious taxpayer dollars at feckless and devious financial institutions who arrogantly and defiantly refuse to be transparent to the taxpayers.”
If getting money “into the system” is the plan, and it’s done without ANY accountability, why would throwing money at banks be any more productive than spending that money to blow up more of our bombs overseas? Why is it more helpful for the average American than handing it to rich people so that they can buy bigger yachts? Why is it more worthy than starting a National Candy Fund, so that all children can eat as much candy as they can stand?
In short, why is it that spending money in a mysterious and untraceable way is any better than spending money in a foolish way or an irresponsible way?
Consider today’s report by the WSJ [1]:
The U.S. Treasury has failed to reveal its strategy for stabilizing the financial system, not answered questions asked by a government watchdog, and has done nothing to help struggling homeowners, a report being released Friday charges.
In the most scathing criticism yet of Treasury’s implementation of the $700 billion financial-rescue package, a draft report being issued by the five-member congressional oversight panel said there appear to be “significant gaps” in Treasury’s ability to track hundreds of billions of dollars of taxpayer money.
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