Word: tarps
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...Representative Jeb Hensarling, a Republican from Texas, said he thought the Treasury Department had overstepped its authority when it used TARP funds to help the auto companies. Richard Neiman, who is the superintendent of the New York State Banking Department, said it looked like the administration was unlikely to meet its goal of modifying as many as 3 million mortgages...
...front of an oversight panel reviewing the government's financial rescue efforts, faced a raft of questions about the effectiveness and the use of those funds. Elizabeth Warren, a Harvard professor and chairperson of the panel, said the average American has seen little or no benefit from the TARP spending. Damon Silvers, associate counsel for the AFL-CIO union, questioned whether TARP had really restored some of its biggest recipients, namely Bank of America, Citigroup and Wells Fargo, to health...
...part, Geithner responded that he thought the TARP program has largely been a success. "The nation's financial system is in better shape today than it was three months ago, six months ago and even on the eve of this recession," Geithner told the panel. He said adding capital to the banks was the right move. "Had we just gone and guaranteed all of the banks debts, I don't think we would have been as successful," he said...
...result of declining revenue - people are making less money so they're paying less in taxes - and increased spending. So far, the government has spent $530 billion more this year than it did last year, a number that includes $169 billion for the Troubled Asset Relief Program (TARP), $125 billion for the American Recovery and Reinvestment Act and $83 billion to bail out Fannie Mae and Freddie Mac. And that doesn't even account for the spending scheduled for next year. Add to this the projected $1 trillion price tag of Obama's proposed health-care plan and things begin...
...drive down a residential street in Miami Gardens, Fla., and not see two, three, four houses in foreclosure. Some have been on the auction block since last year; they are once handsome, pastel-colored ranch houses that are now surrounded by waist-high weeds or boarded-up windows. "The tarp on that busted roof is about to disintegrate, it's been there so long," says Andre Williams, a Harvard-educated real estate attorney and Miami Gardens city councilman, pointing at one of the houses and shaking his head at the state of the solid middle-class, African-American community...