A year ago, as our nation stood on the brink of economic collapse, Congress decided that to stabilize our financial system, we should spend $700 billion to bail out Wall Street banks. I opposed this move. Some now claim that since our banking system averted collapse, the Troubled Asset Relief Program — TARP — must have been the right approach. Unfortunately, the results show the opposite.
When America spends taxpayer money, we need to make sure it is being spent right. But after sending hundreds of billions of taxpayer dollars to Wall Street with little accountability or oversight, we still haven’t seen an increase in lending, we still face a massive foreclosure crisis and no one can say exactly where all the money went. Read more about TARP…
