Congress not listening to the people or watching where the money goes
Published 10:16 am Thursday, August 19, 2010
We suspect that if Congress had asked, American taxpayers would have emphatically explained they don’t want to pay to bail out failing companies. Nevertheless, Congress approved $700 billion in late 2008, ostensibly to stabilize the financial system by injecting tax money into banks and other financial institutions.
Most Americans likely, would have had even greater reservations about this massive redistribution of their wealth if they understood their taxes were to be deposited not only in the vaults of American financial institutions, but, to a large extent, would have a far greater impact overseas, compared with how foreign governments’ bailouts affected the U.S.
The $700 billion TARP fund sent billions to banks in France, Germany and other nations, according to a report based on calculations from a congressional watchdog.
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… The congressional report said that if the U.S. had known more about which foreign banks would benefit, the government might have asked those countries to share costs.
We agree. However, we also believe most Americans would just as soon keep their money as turn it over to the government, let alone distribute it around the world. It’s prudent to know where money is headed before cutting the checks. But before that, the government should consider whether taxpayers like the idea at all.
The Lima News