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Taking Away your Right to Payments (TARP)

Ben Bernake

The O’Bama administration recently announced that before the Troubled Asset Relief Program expires in October some $30 billion of the $700 billion in the fund is to be used to promote consumer and small business lending.

Now, I may be reading too much into this, but by setting aside just a fraction of the fund, this late in the game, and only after bailing out the financial industry, the Feds are sending the unmistakable message that consumers continue to be a low priority despite the fact that unemployment remains at 10% nationwide, the number of homes lost to foreclosure continues to rise, and new mortgages are an endangered species.

All of which begs the question – what the hell has the administration been doing thus far? I mean besides lobbying for a Nobel Prize …

Source: Huffington Post

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