I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.
Thomas Jefferson (1743 – 1826)
So the TARP Program (original) was supposed to “purchase or insure up to $700 billion of “troubled” assets. “Troubled assets” are defined as “(A) residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before March 14, 2008, the purchase of which the Secretary determines promotes financial market stability; and (B) any other financial instrument that the Secretary, after consultation with the Chairman of the Board of Governors of the Federal Reserve System, determines the purchase of which is necessary to promote financial market stability, but only upon transmittal of such determination, in writing, to the appropriate committees of Congress.”
That didn’t happen, did it? Instead he money went to let banks buy other banks. Nothing was used to buy securities to help the banks out so that they would have money to make loans…
So NOW the new secretary of the treasury has a NEW PLAN that will do what the original $700 BILLION was supposed to in the first place…and didn’t.
So $1trillion plus the original $700+billion…All to make things better again, again. WHo is running things, the government or the bankers?
I’m waiting for the next “bait and switch” .
Perhaps Jefferson was right.