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Monday, July 20, 2009

The U.S. Treasury Follies Continue

The Special Inspector General Neil Barofsky wants the Treasury Department to publish regular, detailed reports on how the banks that got your dollars used that money. Remember, after the first objective for TARP funds-buying "toxic" mortgages failed-the TARP was re-tooled to increase lending by banks. It is now nine months into this boondoggle and lending by those banks has actually DECREASED!

But here is today's beauty story. The U.S. Treasury Department flatly refuses to report on how the money was actually used!! Their reason is that money is fungible, which means one dollar looks pretty much like any other dollar. As of today, the score is Stupidity 100 and Transparency 0!

You also receive and spend fungible money, but you have no trouble knowing how much you spent for food, gas, taxes, etc., etc. Sure, you can do what the U.S. Treasury Department cannot do. Amazing!

Is it just possible that the Treasury Department simply does not want you to know how much of your money went directly to Goldman Sachs to fund their record breaking profits and incredible bonuses? Naw..........what government would allow that to happen?

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