Congress Has Misplaced Their Lunch Money
News broke tonight that 78 billion dollars is missing from the first stimulus package. The money was released, and now no one is sure of where it went. 78 BILLION!!!! Lost in freaking America. Pelosi should start by asking all 500 million citizens that were laid-off in this month alone. Maybe they know.
…to be continued when I get more facts. This is a newborn story. I’ll get it to you ASAP.
[UPDATE] 2/6/09 10:30am:
The TARP (Troubled Assests Relief Program) is no longer “missing” the 78 billion. They know where it is. Apparently, they overpaid for some
of the TARP assets. I’m not sure which is worse; Losing 78 billion taxpayer dollars, or handing out the 78 billion to failing banks in excess.
Everything seems okay, though. At least, Elizabeth Warren seems to think so. To her, it’s a lot like buying paintings.
It’s as if Treasury was looking at 10 paintings and promised to pay $1 million for each, even though “one is a Picasso, one is a Rembrandt” and the other eight are not.
“There may be good policy reasons for overpaying,” Warren said, “but without clearly delineated reasons, we can’t know that.”
Look how calm, cool, and collected. As it were her ice cream money.
At the congressional hearing, Republicans questioned how this could have happened. Warren said she didn’t know.
Hooray for Congress!