Whose Money Is It Really?
A Hill hearing dust up the other day got a bit testy
Some people really do live and die by the adage that a dollar is not useful until it is spent, and on Capital Hill, tapping unused TARP money is proving more fun than finding spare change under a couch cushion.
A little background, White House budget director Peter Orszag went to The Hill the other day with outstretched hands and a few choice suggestions on what to do with the remainder of the unused TARP slush fund, notably, to skim some off the top to fund Obama’s new business credit legislation. We should remember, this is not Stimulus money, money set aside to put the economy on better footing with new job creation, this is TARP money, money set aside to prop up a failing financial sector and free up credit. Some could argue that the banking system still needs assistance and is not where it should be, but most bank loans have been paid back, with interest ,so that catastrophe has been averted.
I’m not real big on congressional hearing grandstanding, showing the folks back home that their pit bull is on the job, but some of these clowns need to be chastised.
And did everyone catch the significance of the ending? The guy at the end that says ,“That is how laws are made, congress passes them”, I think that was Bernie Sanders, he is telling everyone that congress can give Orszag the authority to go against the TARP provisions of paying down the debt with unused or re couped funds. Essentially, nothing is binding, in any legislation if congress decides to make a switchero. It really is their money, and don’t you forget it.


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