Bailing Out Banks, Not Main Street: Part 2


	Bailing Out Banks, Not Main Street: Part 2

baydawg

1-19-2009 4:23 PM

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tags:

financial crisis, banks, tarp, failure

baydawg says:

a program to transfer funds to the financial sector, sort of a Halliburton in Iraq version 2.0?

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/138965da-d9dd-4b99-b476-9b7be0d8ce37/B63F42A3-F685-4BD3-926F-209075FCA499/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.nakedcapitalism.com/2009/01/how-to-waste-350-billion.html" href="http://www.nakedcapitalism.com/2009/01/how-to-waste-350-billion.html" style="font-size: 11px;">www.nakedcapitalism.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nakedcapitalism.com/2009/01/how-to-waste-350-billion.html"> we have been skeptical of the TARP from the get-go. As the program ricocheted from one high concept to another, one had to wonder: were Paulson and the Treasury truly that incompetent, or was the seeming cluelessness, as some have suggested, a cover for a program to transfer funds to the financial sector, sort of a Hailiburton in Iraq version 2.0?</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nakedcapitalism.com/2009/01/how-to-waste-350-billion.html">Tonight's New York Times article, "<A href="http://www.nytimes.com/2009/01/18/business/18bank.html?_r=1&hp">Bailout Is a Windfall to Banks, if Not to Borrowers</A>,"  not only indicates that banks are using the government largess for pretty much anything but lending, but even worse, the fund has provided money to banks in no need of government assistance.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nakedcapitalism.com/2009/01/how-to-waste-350-billion.html">The damning <A href="http://www.house.gov/apps/list/hearing/financialsvcs_dem/cop121008.pdf">Congressional Oversight Panel report</A> on the TARP's activities to date, and the <A href="http://www.ustreas.gov/press/releases/reports/123108%20cop%20response.pdf">lame Treasury response</A>, are instructive. </blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/B63F42A3-F685-4BD3-926F-209075FCA499/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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