The Troubled Asset Relief Program (TARP) and foreign aid.

August 12, 2010

What do these two things have in common? Popularity ratings that would make even Congress blush. Foreign aid is among the first things U.S. taxpayers would cut from the federal budget (see discussion from today’s “Morning Joe” here); and less than half of Americans polled believe TARP actually helped the economy.

Today the Congressional panel overseeing the TARP bailouts will issue a new report noting that while U.S. taxpayers shouldered the entire financial burden, foreign banks received significant funds from the TARP. Take the case of AIG (the American International Group), which received at least $70 billion in TARP funds:  The Associated Press reports 43 of the 87 banks and financial entities that “indirectly benefited” from the U.S. bailout to AIG were foreign.

A larger issue is transparency. Elizabeth Warren, chair of the congressional panel overseeing the bailouts, said, “The point we make forcefully in this report is that there were no data about where this money was going, no information about where this money was going.”

According to The Washington Post, the panel’s report “urges regulators to gather more information about the international … flow of rescue funds.”

We couldn’t agree more.

Tags:, , , , , , , ,

9 Responses to The Troubled Asset Relief Program (TARP) and foreign aid.

  1. Jeff Sauro says:

    I agree that presently ALL foreign aid should be stopped!!!!!

  2. Jeff Sauro says:

    I agree that presently ALL foreign aid should be stopped!!!!!

  3. Jeff Sauro says:

    I agree that presently ALL foreign aid should be stopped!!!!!

  4. Carl W. Coleman says:

    According to what’s considered to be reliable news journalism, Mexico has it’s gold ‘locked up,’ claiming if they open it up & spend it, they’ll lose U. S. aid.

    There might be a good reason, like the gold would be gone in a year, and they’d have nothing to fall back on, being TOTALLY dependent on us. Also, If Chicano economy gets real bad, imagine the border!

    As pointed out when Hillary Clinton visited Pakistan, some U. S. aid is not only taken for granted, some countries feel it’s expected of us.

    I say make it clear that U. S. aid DIRECT must come w/ proof that efforts to not need it again are being made. Also, stick more w/ U. N. programs. Be a part of a ‘community’ effort, not so much an independent source.

  5. Carl W. Coleman says:

    According to what’s considered to be reliable news journalism, Mexico has it’s gold ‘locked up,’ claiming if they open it up & spend it, they’ll lose U. S. aid.

    There might be a good reason, like the gold would be gone in a year, and they’d have nothing to fall back on, being TOTALLY dependent on us. Also, If Chicano economy gets real bad, imagine the border!

    As pointed out when Hillary Clinton visited Pakistan, some U. S. aid is not only taken for granted, some countries feel it’s expected of us.

    I say make it clear that U. S. aid DIRECT must come w/ proof that efforts to not need it again are being made. Also, stick more w/ U. N. programs. Be a part of a ‘community’ effort, not so much an independent source.

  6. Carl W. Coleman says:

    According to what’s considered to be reliable news journalism, Mexico has it’s gold ‘locked up,’ claiming if they open it up & spend it, they’ll lose U. S. aid.

    There might be a good reason, like the gold would be gone in a year, and they’d have nothing to fall back on, being TOTALLY dependent on us. Also, If Chicano economy gets real bad, imagine the border!

    As pointed out when Hillary Clinton visited Pakistan, some U. S. aid is not only taken for granted, some countries feel it’s expected of us.

    I say make it clear that U. S. aid DIRECT must come w/ proof that efforts to not need it again are being made. Also, stick more w/ U. N. programs. Be a part of a ‘community’ effort, not so much an independent source.

  7. Jim B says:

    So what can we do about this? I know that I have read that over $8.5 trillion is missing from the US Treasury toward the TARP but what can I do to change all this?

  8. Jim B says:

    So what can we do about this? I know that I have read that over $8.5 trillion is missing from the US Treasury toward the TARP but what can I do to change all this?

  9. Jim B says:

    So what can we do about this? I know that I have read that over $8.5 trillion is missing from the US Treasury toward the TARP but what can I do to change all this?

Leave a Reply

Your email address will not be published. Required fields are marked *