TARP Money…
TARP Funds were created for the purpose of removing caustic assets from the balance sheets of major lenders. The idea being if these liabilities were removed then these lending institutions would free up capital to reinject liquidity into our troubled economy. While the premise held promise, the reality turned out to be a false hope. The same leaders that stood up before the American people describing how this effort would save our country from a deep depression only later to acknowledge this process won’t work.
What has happened with the first installment of TARP funds? 350 billion hard earned tax-payer dollars unaccounted for. Money that was initially provided to lenders to re-loan back to the American people to jump start the stalled economy has not returned. It’s been co-mingled into these banking institutions without a shred of accountability for its use. Banks have used these funds to grow themselves by buying other banks. Taxpayers have been swindled again.
Now the same people who said the program wouldn’t work in its present form are requesting the second installment of 350 billion dollars. Why aren’t people up in arms over this news? Our tax money is now being used to sponsor College football games (Rose Bowl) and Baseball stadiums (CitiField – NY Mets). This is an atrocity that needs to be stopped.
If we don’t hold our leaders accountable – who will? This must be addressed now.
