Elizabeth Warren

COP Report on AIG and Congressional Hearing with Geithner

The Congressional Oversight Committee released a report on AIG last week. But before we get into those damning facts, check out the below video clip of Elizabeth Warren trying to confront Timothy Geithner on the failure of HAMP. Notice how 1 million people losing their homes goes in one ear and out the other as Treasury Secretary Geithner rambles on in response.

 

 

COP TARP Assessment Report for December 2009

The Congressional Oversight Panel has released their latest TARP report, Taking Stock: What Has the Troubled Asset Relief Program Achieved?

The Panel concluded that TARP was an important part of a broader government strategy that stabilized the U.S. financial system. It is apparent after 14 months, however, that significant underlying weaknesses in the financial system remain.

[TARP]created an implicit guarantee for major financial institutions that distorts pricing for capital and encourages excessive risk-taking. Unwinding this guarantee poses a difficult long-term challenge.

Some facts outlined in the overview:

  • 1 in 8 homes is in foreclosure
  • Unemployment is at the highest levels in 25 years
  • Banks still not lending
  • Small business & consumers not borrowing

TARP COPs are back - Report Assesses Treasury Strategy & Actions on Financial Crisis

The Congressional Oversight Panel has released a new report, Assessing Treasury’s Strategy: Six Months of TARP. First, the $$$:

Over the last six months, Treasury has spent or committed $590.4 billion of the TARP funds. Treasury has also relied heavily on the use of the Federal Reserve’s balance sheet which has expanded by more than $1.5 trillion (not including expected TALF loans) in conjunction with the financial stabilization activities it has undertaken beyond its monetary policy operations. This has allowed Treasury to leverage TARP funds well beyond the funds appropriated by Congress.

More Fluff, No Stuff - Joint Economic Committee Meeting

When is our Congress going to kick those lobbyists to the curb and do the right thing? Don't hold your breath! The Joint Economic Committee held a hearing on July 23, entitled, How Much More Can American Families Be Squeezed By Stagnant Wages, Skyrocketing Household Costs, And Falling Home Prices?

 

Now from the title, one might wonder if the question is poised to Wall Street wondering just how much money is left to pilfer from the pockets of the middle class. Still, there is always good information and rhetoric in these hearings.

 

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