Monday, April 27, 2009

The TARP Scheme

TARP is a scheme. It is a way to steal money legally from the taxpayers who have put up $700 billion dollars to the Troubled Asset Relief Program. It is a way for Barney Franks, who help to create the financial meltdown in our economy to write a provision in the bill for his beloved OneUnited bank. It is a way for confusion to reign for the banks who received the monies and now for New York Attorney General Cuomo to gain political leverage from it. TARP was supposedly set up to buy bad or troubled assets from the banks which were having financial problems in order to help them recover. It has turned into a political free for all with the government wanting to buy shares of stocks in the banks, and to also give financial aid to GM and Chrysler. And the list of earmarks on this program grows day by day.
TARP is a mess and continues to be a mess. It is now a colossal waste of taxpayers monies with absolutely no accountability to the program itself. I am truly amazed that in an economy with many brilliant economic minds we rely upon the economically illiterate to run this program and to turn it into a political gain. What a waste of taxpayers monies once again.

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