Not long ago, folks,we were told Congress had to act immediately-- spend almost a trillion dollars-- to shore up banks, orthe economy would crumblebecause credit markets would remain frozen. So almost a trillion dollars of taxpayer money was sent to the banks. Not long ago we were told Congress had to act immediately-- spend another trillion in stimulus money-- to repairour infrastructureto create new jobs. The president said unemployment would peak at 8 percent. He claimed we had turned the corner;prosperity was in sight.
Well, now the special inspector general who oversees the TARP program reports how banks have used the money that Congress rushed to them. Of 320 banks surveyed, 110 used the money for investments. Another 52 repaid their own debts. Fifteen used your money to buy other banks. I guess the frozen credit markets weren't important, after all.
The Obama stimulus plan is a joke. There are hundreds of criminal fraud investigations already underway. States have used the money to shore up their own budgets. And communities in the worst financial shape haven't seen a dime. Unemployment,by the way,is 9.5% and soaring.
And now we're told thatObama and his Democrats must pass their massive health care takeover in three weeksbecause... because...we just can't wait.
How many times are these swindlers in Washington going to use the same storyand hit pay dirt? It's time to put a stop to this nonsense before more money-- and more freedom-- is looted, and the country irrevocably changed.