Elizabeth Warren Goes to Washington: Where exactly is all of the bailout money going?

[Amerigo Vespucci]

Run time: 08:50 https://www.youtube.com/watch?v=lTb7tnlM_pI   Posted on YouTube: August 07, 2009 By YouTube Member: Views on YouTube: 0   Posted on DU: August 10, 2009 By DU Member: Amerigo Vespucci Views on DU: 433

 

Where exactly is all of the bailout money going? Today, McClatchy addresses growing concerns over the lack of true oversight in government's enormous bailout of the banking industry. Here's how McClatchy put it:

"Although hundreds of well-trained eyes are watching over the $700 billion that Congress last year decided to spend bailing out the nation's financial sector, it's still difficult to answer some of the most basic questions about where the money went."

McClatchy also relays some damaging assessments from members of Congress: "Ten months into the Troubled Asset Relief Program, some members of Congress say that some oversight of bailout dollars has been so lacking that it's essentially worthless."

Read the entire story at McClatchy: http://www.mcclatchydc.com/329/story/73212.html

To coincide with McClatchy's piece, the Huffington Post Investigative Fund also tagged along with Elizabeth Warren, the chair of the Congressional Oversight Panel charged with monitoring the bailout. Warren's nothing if not busy -- the video features a behind-the-scenes look at her hectic Washington schedule and her wrangling with members of Congress.

http://www.huffingtonpost.com/2009/08/10/where-is-the-bank-bailout_n_255570.html

[DJ13]

1. The government (except for Warren) doent want anyone to know

With a true accounting of the money would come a responsibility by those banks to use more of their bailouts in funding consumer and small business loans.

That would hurt the "green shoots" BS where these banks are booking their TARP funds as profits to reinforce the illusion that the economy is improving.