Taxpayer Ass-Reaming Program
From David Sirota:
At a recent hearing, Rep. Brad Sherman, D-Calif., called the language “TARP on steroids,” noting the provisions would deliberately let the executive branch enact even bigger, more unregulated bailouts than ever — and by unilateral fiat.
Whereas the original TARP included some oversight language and power to limit Wall Street bonuses, TARP on steroids includes no specific oversight or executive pay constraints. Whereas TARP permitted the government to underwrite both small and large banks, TARP on steroids allows taxpayer cash to go only to the behemoths (which, not coincidentally, tend to make the biggest campaign contributions). And whereas TARP limited the Treasury secretary’s check-writing authority to two years and $700 billion, TARP on steroids would let him spend as much as he wants for as long as he wants.
Back during the Reagan era, we referred to such things as a “reverse Robin Hood,” as social spending and industry regulation was hacked and slashed to funnel cash to defense contractors, friendly Cold War dictators, and giant tax cuts for the wealthy. Glad to see those Big Gubmint Socialists have rectified all that.
For more on Rep. Sherman’s objections to Rep. Barney Frank’s “Too Big to Fail” Bill, his statement is here.