Tuesday, December 8, 2009

Using TARP Money As A Slush Fund

Obama wants to take $200 billion from TARP for "job creation." according to this CNN story:

"Congress in October 2008 authorized President George W. Bush's plan for $700 billion for TARP to bail out the nation's largest banks and financial institutions. But the banks have been repaying their loans faster than
expected, so the government finds itself with untapped TARP money that it potentially could use for other domestic programs. Congress is split over whether this is a good idea, with many Republicans preferring to use the bailout money to reduce the federal deficit."

Obama still doesn't get that the government can't create jobs.  And his use of TARP funds to try it again - money that was supposed to be used solely to stabilize the financial system on an emergency basis - is an outrage.  When will we hold our leaders accountable for their failure and deceit?

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