$787B Toxic Asset Relief Program never bought any Toxic Assets

[TraderZones]

last fall, purchase of toxic assets had to be done ASAP or things would fail. Well, what happened?

http://abcnews.go.com/Business/story?id=8296946&page=1

Watchdog Warns Toxic Assets Remain a Major Danger to Financial System
Report by Congressional Oversight Panel Says the Troubled Asset Relief Program Never Bought Any Troubled Assets

Signs abound that the worst of the recession is over: Stocks have been surging, the rate of job losses has slowed, so it seems that the economic apocalypse has been averted.

Elizabeth Warren, chairman of the Troubled Asset Relief Program Congressional Oversight Panel,...
Elizabeth Warren, chairman of the Troubled Asset Relief Program Congressional Oversight Panel, testifies at a hearing on Capitol Hill, in this July 2009 file photo. A report by the panel warns that toxic assets still present a serious threat, especially for small banks.
(Brendan Hoffman/Getty Images)Government programs such as the $787 billion stimulus and last fall's $700 billion Troubled Asset Relief Program have so far been successful, the Obama administration says.

Except, the Congressional Oversight Panel warns in its August report, TARP never actually bought any troubled assets.

"It is likely that an overwhelming portion of the troubled assets from last October remain on bank balance sheets today," the panel's report says.

 

[texrex2002]

Remember how critical it was at the time to approve the $ right away, without any review or understanding of the problem, other wise we'd all be in an earthshattering depression in a week? "Nevermind the due diligence, approve it now!!!"

And then they were all patting each other on the back, smiling like hell about their teamwork and non-partisanship, coming to a great compromise by making it $780B instead of $800B. Each and every one of those rascals should NEVER be allowed to hold public office ever again.

really, really frustrating...

Joe voter (Jose voter) isn't smart enough to know what's being done to them (well, not really to them, but to the taxpayers).

 

[Renegen]

Remember Hank Paulson saying that he doesn't see any problem to change his actions when the facts change? Yeah, that was him changing his promises after the TARP was voted in. Some of it went for equity purchases in banks, great deal..

 

[TraderZones]

Quote from Renegen:

Remember Hank Paulson saying that he doesn't see any problem to change his actions when the facts change? Yeah, that was him changing his promises after the TARP was voted in. Some of it went for equity purchases in banks, great deal..

The same banks that are paying huge bonus money to retain the leaders that oversaw the banks' collapse, driving up fees on any consumer account they can since they got slapped on credit card fees, etc.

Think if they had put $787 billion into building and researching realistic alternative energy. Which would have had more longterm beneficial effect to the economy?