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"TARP on Steroids"

October 29, 2009 - by Donny Shaw

Rep. Brad Sherman [D, CA-27] has big problems with Rep. Barney Frank’s [D, MA-4] “too big to fail” bill:

Let’s not Adopt TARP on Steroids

The new Resolution Authority, set forth in Treasury’s 253-page legislative draft of October 27, 2009 provides permanent, unlimited bailout authority. This means:

(1) Unprecedented powers for the executive to decide spending and taxes, without congressional approval; and

(2) Depending on the desires of the Executive Branch from time to time, the greatest transfer of money from the Treasury to Wall Street in U.S. history.

The Executive Branch may loan an unlimited amount to any solvent financial institution “if necessary to prevent financial instability” (§1109(a)), or to a troubled financial institution, the default of which would “have serious effects on economic condition in the United States (§1603(b)(2) and §1604©(1)). As to troubled firms, the bailout can also take the form of purchasing assets from the institution (§1604©(2)) or investing in the institution (§1604(b)(4)).

To Read the Full Statement please click here.
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Comments

dartcanyon 10/30/2009 8:55am

10/30/09

About 650,000 jobs have been saved or created under President Barack Obama’s economic stimulus plan, the White House said Friday, saying it is on track to reach the president’s goal of 3.5 million jobs by the end of next year.

If this is true where the hell are these jobs. Another BS line from Washington.

dartcanyon 10/29/2009 4:16pm

The whole government is on steriods. That is why their heads are all screwed up and they are out of touch with reality. The Senate/Republicans, and now the Democrats, need to be in rehab….on how to properly run a country and treat American citizens with some dignity seeing as we make their paychecks happen.

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