The American people knew it was down right stupid for Congress allocate $700 billion (TARP) of their taxpayer money to bailout the failed financial, insurance and mortgage institutions.
They knew it was more than stupid to give Henry Paulsen, Secretary of the Treasurary the lone person to administer the funds, using ability to blindly spend half the money, ($350 billion) where he wanted, without any oversight, at his descretion and his spending cannot be challenged. A sane person has to ask, "Why did congress give this power to one man who came from the same financial industry that he's trying to bailout?" Because he is a loyal Republican and a member of the Bush cabinet?
Are there any reports advising the citizens how much good the money had done? I have not heard any. Those prized institutions on Wall Street are still having problems. Now that Obama is president, the Republicans are fighting not to release the balance of the $350 billion (TARP) funds. Good luck, Obama will get thebalance of the funds and put to good work helping the middle class saving their homes and mortgages. But after the Republicans have done their bloody damage.
Incidently, those institutions that did receive some of the $350 billion did not put them into the economic system. They were very busy putting the money in uncheckable off shore tax havens. Not to mention, the very nicely paid CEO's and CFO's who brought us this crisis were given $18 billion and some chump change as bonuses for a job well done. It is shameful to reward such failure with huge multi-million dollar bonuses for a job well done.
Now who is stupid?
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