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February 6, 2009
Our lesson in why legislators shouldn't rush to pass Obama's phony "stimulus" package
Topics: Political News and commentariesWe need only look at what happened with the rushed-through Tarp:
Elizabeth] Warren, head of TARP's Congressional oversight panel, told the banking committee that after three months on the job, her panel was still not getting enough answers from Treasury. She described the bailout as "an opaque process at best."If we lost $78 billion out or $254 billion, imagine what we loose out of Obama's proposed trillion dollar boondoggle.Ms. Warren said she plans to release a report on Friday that calculates Treasury put about $254 billion into financial institutions in 2008, but got only $176 billion in value.
"That's a shortfall of about $78 billion," she said, adding that Mr. Paulson "was not entirely candid" in his description of TARP's bank capital injection program.
Posted by Hyscience at February 6, 2009 9:22 AM
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