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April 08, 2009

Great News!

Not surprisingly, the government feels it hasn't spent enough money that it, er, doesn't have

Though some economic measures are improving, the financial crisis "is far from over" and "appears to be taking root in the larger economy."

This, despite the government's commitment to spend trillions of taxpayer dollars on a massive bailout of the financial system.

These were the findings released in a report today by the Congressional Oversight Panel, the body charged with overseeing the government's Troubled Asset Relief Program, the $700 billion plan aimed at bailing out the country's financial sector.

...The panel reported that the government has spent, lent or set aside more than $4 trillion through the Troubled Asset Relief Program, the Federal Reserve and the Federal Deposit Insurance Corporation.

...The panel criticized the Treasury Department for failing to identify what measurements it will use to determine whether its rescue programs are working.

"If you don't articulate what the metrics are going out ... you can't know if anything succeeded or failed," Warren said.

Gee, ya think?

When has the government ever said "You know, throwing more money at this isn't the solution"?

Posted by Mr. Bingley at April 8, 2009 06:15 AM

Comments

Saying that is our job, since it's our money.

Throwing money at problems is job security for the government.

Posted by: Retread at April 8, 2009 07:55 PM

The government has a credit card with no limit on
it.It will only max-out when unemployment keeps rising and no stimulation of the economy happens.
They will start to falsify the numbers, and the
media will begin a propaganda campaign of good news.
But, remember all of Roosevelt's spending did little
good.Unemployment hit 19 percent again just before
WW2.The fallacy of Roosevelt's New Deal has now become Liberal Gospel-sacrosanct.Much like the fallacy of the Rosa Parks story,totally media photo-op.

Posted by: greg newson at April 8, 2009 10:56 PM