December 25, 2008

A Follow-Up to What's Wrong with America...

Rachel Maddow, who I've recently discovered (apparently, I'm a little behind the times), once again lays out how absurd this bailout has been.

In summary, have you ever filled out forms for a loan? Maybe filled out a FAFSA application? Dealt with, say, your insurance company? I'm sure when you did, all you had to do was fill out two pages, one of which was nothing more than contact information. Right? HA! FAFSA, for example, has been widely regarded as very difficult, if not impossible, to fill out.

Now let's say you're a bank that needs federal assistance from the $700 billion TARP program funded by taxpayers. How long is your form? Yep, two pages, one of which is simply contact information. And, as Rachel Maddow says, the other half is basically "How much money do you want? Is there anything else we should know?"

Don't believe me? Google "TARP Application" and visit the first hit.

Meanwhile, attempts by the Associated Press to figure out where all the money has gone have been rebuffed. Could you imagine getting a loan from a bank, then when they ask why you haven't paid it back yet, you simply say "I don't want to tell you what happened to the money?" Not going to work. Unless, once again, you're a bank getting taxpayer funds.

Seriously, $700 billion would be better spent on things like universal health care, job creation, and infrastructure improvements. Rather, we're giving it away to banks with no accountability. Less accountability than the banks use to loan it to us, because when they loan it to us, you're damn sure they're coming after you.

1 comment:

Emma said...

that's just astonishing. please keep these coming.

i shared the first one on facebook, but i can't figure out how i did it with this one...