FILE: Neil Barofsky, special inspector general for the Trouble Asset Relief Program (TARP) (AP).
And apparently, it is not enough by a long shot.
Watchdog: Bank Bailouts Created More Risk in System
Once again there come the reports from those who ought to know. And they are saying that all the hocus pocus that our POTUS has put on the table since his inauguration? Simply isn't true and it isn't working.
And in another report today?
Roubini Calls U.S. Growth ‘Dismal and Poor,’ Predicts Slowing
Roubini says that he believes that we are in trouble.
“The headline number will look large and big, but actually when you dissect it, it’s very dismal and poor,” Roubini told Bloomberg Television in an interview at the World Economic Forum’s annual meeting in Davos, Switzerland. “I think we are in trouble.”
So.....who to believe. Those who predicted the recession and the collapse of the sub prime mortgage industry and the continued failure of banks? And the fact that we can't borrow and spend our way out of depression? Or a no longer so populist president who's only plan seems to be to continue to shake the curtains and pump smoke while uttering "the great Oz has spoken!"
And what does Mr. Barofsky have to say when he reads the tea leaves of our economic indicators?
The problems that led to the last financial crisis have not yet been addressed, and in some cases have grown worse, says Neil Barofsky, the special inspector general for the trouble asset relief program, or TARP. The quarterly report to Congress was released Sunday.
A few simple deductions are in order IMO. The first being that the economic "climate" in America is not improving. Scratch that......it has not improved and all the glowing numbers that Geitner and Volcker are putting out are nothing more than the meringue covering over the fetid reality that America's apple pie is rotting.
It's actually no big secret to those who care to look at the facts and read and listen to what those in the know and outside of the Obama Washington beltway have said about it. While the pied piper of change and the latest new deal of progressive socialism was giving us his vision in the state of the union last Wednesday night, the reality that our future collapse is bearing down on us like a runaway locomotive continued toward us like a Juggernaut.
We are continuing to bleed two million jobs a month with no end in sight and foreclosures and bank failures are maintaining a steady pace.
And today? Our dear president has supposedly identified 20 billion dollars in budget cuts and savings that he intends to cut from his proposed 3.8 trillion dollar budget for the coming year.
So let's see now, what does all that actually represent. 20 out of 3800 Billion? Or looked at another way? This is what many in Obama's former Chicago machine digs would call chump change. But true to form, just pitch some seeming red meat on the table and watch the Pavlovian dogs of progressive liberalism and their dumb mass followers feast on that for a while. Never seeing the jackals that are approaching them and licking their chops at the thought of feasting on the great beast of capitalism about to fall.
Meanwhile, others are watching and taking note. Our enemies as simply watching as the great beast is bled, before theyy make their moves.
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