Will RogersCongressmen used to carry home suitcases stuffed with cash, but today it’s all done electronically. So much money is flowing out of Washington, it like a dam burst and flooded the entire valley.
There’s a $700 billion wall of money roaring down the valley covering the countryside with cash. The original allocation was designed to rescue the banking industry. About 3 months after passage, almost $300 billion of TARP funds had been spent.
There’s a tiny little problem with the program – nobody actually knows how the program is being run and where the money is going. Of over 300 banks receiving funds only two were required to detail how the money was to be spent.
Another tiny little problem is that instead of banks lending the money (the original intent), banks are hoarding cash and tightening lending because of market uncertainty.
It turns out that to run a program that massive, you need to hire more accountants, financial analysts, managers and hog callers by numbers greater than all the head of cattle in Oklahoma.
Let’s summarize. We don’t know where most of the money went. The money we do know about isn’t being used for the purpose intended, and oh yes, there is concern about fraud.
Well I guess we just need to trust these great statesmen on the banking committee and at the treasury. They are smart people and I just know they are putting all that taxpayer money to good use. As a statesman, it’s all about good intentions.
Well, the dam has burst and there’s no money left in reserve. It’s all gone, but we sure have a bunch of statesmen, by Will Rogers definition.
Reference: Where’s all the TARP Money? Forbs.com
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