We all knew that the $700 billion bailout bill otherwise known as TARP was never intended to buy up troubled, assets it was a scam from the start. Congress was lied to the American people were lied to by the Bush administration and Paulson and you can bet that Obama will pick up the baton and run fast. Democrats or Republicans liberal or conservative pick your tag, but if you still don't believe that your guys are lying to you, then you are true blind believers."
Watch Darrell Isa make Kashkari squirm like a whining little worm that he is. Below are some comments by Karl Denninger.
Not the kind you buy on an exchange.
The kind you put in the public square.
This morning on CSPAN I watched Kashkari be asked repeatedly (under oath) whether or not there was an active person or group inside Treasury who was working on alternative plans to buying "distressed mortgage assets" prior to the plan's passage.
Kashkari never directly answered the question.
It was the most important question of the morning, because if that plan was in place before the bill was passed then what was represented to Congress by Paulson, Bernanke (and now we learn Cheney was in those meetings too) was less than truthful.
Paulson just skewered himself and Treasury on CNBC - he said that "by the time the bailout was passed buying distressed assets was no longer viable." (approx: 1:00 PM CT)
But Paulson did not come to Congress and tell them he inteneded to rip out entire portions of the bill and substitute other intentions before the bill was passed - even though he just said on national television that he knew that his original claimed strategy was not viable before the passage of the bill.
Congress, there's your answer to whether or not you were lied to.
We are left with one and only one question: are you going to act on this and protect the American people or not?