Saturday, April 02, 2011

Why Geither & Obama Econ Policies Aren't Progressive

Neil Barofsky was the inspector general of the Troubled Asset Relief Program from 2008 until March 30, 2011. Barofsky declared TARP a "failure." Barofsky accused Sec. of Treasury Tim Geithner of refusing to protect homeowners and reform financial institutions. These accusations are coming from someone who was in charge of oversight of TARP.

Treasury Secretary Timothy Geithner has acknowledged that the program "won't come close" to fulfilling its original expectations, that its incentives are not "powerful enough" and that the mortgage servicers are "still doing a terribly inadequate job." But Treasury officials refuse to address these shortfalls. Instead they continue to stubbornly maintain that the program is a success and needs no material change, effectively assuring that Treasury's most specific Main Street promise will not be honored.

The "Main Street" promise is to keep Americans from losing their homes. Geithner and President Obama won't lift a finger to help homeowners. They will support the Federal Reserve buy toxic mortgages from banks. Americans are being forced into homelessness by banks setting up rocket docket courts around the country.

Geithner has also allowed banks to repay meney owed to TARP by tapping into the small bussiness fund. Banks are repaying money owed with taxpayer money meant to be used to give loans to small businesses. Small businesses end up not getting the loans they desperately need.

The Obama administration is a DINO administration. Americans are suffering and their only priority is protecting financial institutions responsible for the 2008 crash.

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