Hank Paulson – FAIL
From the WSJ:
The U.S. Treasury has failed to reveal its strategy for stabilizing the financial system, not answered questions asked by a government watchdog, and has done nothing to help struggling homeowners, a report being released Friday charges.
In the most scathing criticism yet of Treasury’s implementation of the $700 billion financial-rescue package, a draft report being issued by the five-member congressional oversight panel said there appears to be “significant gaps” in Treasury’s ability to track hundreds of billions of dollars of taxpayer money.[...]
[...]The report faults Treasury on a variety of fronts: having no ability to ensure banks lend the money they have received from the government; having no standards for measuring the success of the program; and for ignoring or offering incomplete answers to panel questions.[...]
[...]“Treasury needs to be clear as to what, if anything, it has done, and if it insists on taking credit for private sector efforts, it must explain what ‘help’ means,” the draft report said.[...]
This report is blatantly biased. Did they ask any of Hank’s buds on the Street if it helped them???
I haven’t done the math, but couldn’t we have just sent a check to pay off many, if not most, homeowners in foreclosure directly? Instead, we give this money to campaign contributors and the Washington elite. Putting that money directly in the hands of homeowners would have gone straight to the banks and mortgage companies holding this paper and solved both problems in one fell swoop. When does the tea party begin?
noeo