Report: Taxpayers’ Entire TARP ‘Investment’ Lost in Bailout of United Commercial Bank
by Laura Rambeau Lee
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The Quarterly Report issued in October 2011 by the Special Inspector General of the Troubled Asset Relief Program (TARP) reveals the utter lack of oversight and mismanagement of funds in excess of $700 Billion Dollars.
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The housing and mortgage crisis was a direct result of the increasing deregulation of the mortgage industry enabled by the Community Reinvestment Act of 1977 and the federal government’s ideological philosophy that everyone should and must be afforded their dream of home ownership, regardless of their credit worthiness or their ability to repay the mortgage. The federal government, through coercive threats of lawsuits for discriminatory lending practices, forced these lenders to make these risky loans.
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The programs offered by the administration have not produced any positive results for the people of this country. The SIGTARP report clearly reveals the arrogance of the Treasury Department in refusing to heed its recommendations to help struggling homeowners. It is Big Government that created this problem. It is time We the People got our bail out.
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No, “We, The Sheeple” should cut out losses.
Along the way, the State authorities should investigate fraud and prosecute.
We should return to a “simpler” time of life — along with “too big to fail” is “too big to exist” — and pass a Constitutional amendment to prevent bailouts, subsidies, and other corrupt practices.
The sad thing was that “tarp” was supposed to buy toxic assets and was perverted silently without discussion into bailouts.
Why are we still permitting bailed out companies to pay “bonuses”?
Why are we still funding Fannie and Freddie?
Why are we still allowing this to go on?
The Gooferment has no business “investing” in anything!!!
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