Friday, January 9, 2009

Your taxes NOT at work; panel finds bailout of Wall Street by Feds lacked penalty, accountability

Congressman Barney Frank is a liberal, arrogant bozo.

George W. Bush is lame duck who forgot that conservatism comes with principles.

House Speaker Nancy Pelosi is power hungry.

So here's the bottom line from the $350 billion of your money that has been spent so far in the bailout of the nation's financial fatcats: Taxpayers got screwed.

A Congressional Oversight Committee, which is a contradiction of terms, issued a report today that found the following.

* Treasury has not come up with key standards to track the success of the bailout from month to month.

* The Feds are not monitoring compliance with bailout requirements by Wall Street fatcats, like with executive compensation.

* Treasury is not working hard to make bailout information accessible to the public; no transparency. Taxpayers are not getting information they need, said former U.S. Sen. John Sununu.

* One requirement in the bailout statute requires Treasury to develop a plan to limit home foreclosures, the senator said. That has NOT been the focus of Treasury. It has not allocated funds for this purpose.

* Treasury has no system to punish firms out of compliance. Fatcats have gotten our money without any strings. Try getting the same from the IRS on April 15 after you pay your taxes.

Sununu says the big positive from the bailout is that the financial system is more stable than in October. True. But that stability is simply a ruse. It is keeping people in the stock market, and thus at risk to lose another 25 percent of their declining assets.

Yes, the great lie of "I'm from Washington, and I'm here to help" has proved true once more.

Before one more cents is spent on this bailout, which would be $350 billion, the Feds should be required to fix the disaster they created while claiming they were doing good.

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