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  • TARP: It Couldn't End Thune Enough

    In an era when legislation routinely exceeds 1,000 pages, the bill introduced by Sen. John Thune yesterday — at seven lines — doesn’t look like much. But looks can be deceptive. If adopted, those seven lines would guarantee the end of the Troubled Asset Relief Program (TARP), a critical first step toward putting federal finances, and the economy, back on the right track.

    Under current law, TARP, which provided up to $700 billion to support troubled financial institutions, is scheduled to expire on December 31 of this year, but can be extended until October of next year if Treasury Secretary Tim Geithner call for an extension. Geithner hasn’t made any final decision yet, but all indications are that he will so request. The Thune bill, S. 2787, would take away this authority, ensuring that the program will end this year.

    The Administration has argued that more time would be useful, giving them the flexibility to extend taxpayer support to troubled financial institutions (and auto manufacturers) if necessary. That’s not good enough. The economic crisis that led to the adoption of TARP is over. Rather than a necessary tool to avoid an systemic collapse of the financial system, TARP has become at best just another source of stimulus spending, and at worst a slush fund providing ready cash, with little or no accountability, to whatever industry or firm the Treasury Department
    chooses to support.

    It should be ended.

    Posted in Economics [slideshow_deploy]

    23 Responses to TARP: It Couldn't End Thune Enough

    1. Freedom of Speech, T says:

      FINALLY – a voice of reason!

      However, get ready to add the disapproval of Thune's proposal to the list of grievances when considering the 2010 and 2012 candidates.

      These people are too arrogant.

      Like a tick clinging tenaciously to your blood supply, trying to get ANY taxpayer money returned can only be accomplished by holding them accountable.

      The economic and fiscal insanity will continue to grow.

      Do not forget and say NEVER again.

      These leftists and Maoists should never be entrusted with upholding our "Republic" again.

      This re-invention scheme is going to cost America dearly.

    2. Tyler Durden says:

      This feels like it will happen. The public hates TARP so much even Democrats can sign this and get some "street cred" for opposing rising deficits. That's a joke, but that's how they will spin it.

    3. Stirling, Huntingdon says:

      It would be great to see the tarp (and all bailouts for that matter) cease to exist, but this is obama land where everday is annother excuse to spend what we don't have. The administration doesn't even flinch when the chineese government drops a hint that we can't afford what the administration is doing. So short of the 2010 and 2012 elections it's hard to see things changing except more debt in the future.

    4. Judy Herrington, Nev says:

      STOP THE BLEEDING OF OUR NATIONAL DEBT! I'M WORRIED THAT IT IS ALREADY BEYOND REPAIR. I BELIEVE THE TARP

      HAS NOT DONE WHAT THE SO CALLED "EXPERTS" PROJECTED IT WOULD DO. ON TOP OF ALL OF THIS, THERE HAS BEEN LITTLE ACCOUNTABILITY OF THE MONEY SPENT.

    5. S. Cimo, Charlotte N says:

      I've had enough of both parties. Furthermore, I think our "reps" in both houses are OUT OF TOUCH – mostly because they love their fat paychecks. We need to figure out how to reform their pay so that they don't want to stay in govt forever. Politicians should make no more than the average pay of their constitiuents – excluding government workers. Raises should be based on criteria like voter turnout & unemployment levels. With congressional pay reform we wont need term limits, and it wouldn't be so expensive for regular people to get their name on the ballott.

    6. Nancy S. Roa, SD says:

      Thank you,Senator Thune, for your courage and wisdom!!!

    7. Cheri, Las Vegas says:

      This will go the way of the healthcare bill. The politicians all know how the majority of the voting public stands, but choose to ignore us as though we are ignorant children. Whatever Geightner wants Geightner will get. All we can hope for is to vote EVERYBODY out in 2010 and 2012. It won't help us avoid the travesty being forced on us now, but maybe we can find someone to help us out of it at that time. Just watch how everyone votes and make sure everone you know is informed as well. We need INFORMED voters in 2010 and 2012.

    8. Cheri, Las Vegas says:

      This will go the way of the healthcare bill. All the politicians know how the majority of the voting public stands, but choose to ignore it. Whatever Geithner want Geithner will get.

    9. jim sardis,ms says:

      TARP,is like the stimulus bill.all the financial people that the feds wanted to keep got billions and now are making billions on taxpayer money.all the financial losers who sunk the institutions are now relocated in the Goldman Sax network and lining their pockets.the stimulus billions are being distributed to all the activist groups that got obama elected.the money being 'accounted' for on the recovery act website is a joke.i can't believe that $18 million was paid for the website when $600 thousand could have brought it up.i wonder who got the $18 million? also,who is investigating where all the money is going that is being reported as jobs created in fake districts? this administration has to be the most corrupt of all time. i guess,they should be pros since, they are all from the mob state of IL.

    10. Carol Doucet says:

      We the People need to stay focused and realize what is ahead of us. This administration is so far to the left, just to get back to the center will be a task in itself. The Thune to this song is a start, but like Cheri in Las Vegas says, we need to vote them ALL out in 2010 and 2012. The time for career politicians is over and the time for some good ole American ingenuity and men and women who want this country to be put back on track with what our founding fathers wanted for this country is now. The Constitution needs to be read first and taken seriously by those who intend to take the oath.

    11. Susie C, IN says:

      There's only one way to cure this ill: throw them out, flip that House of ill-repute and put in new people with the mission of term limits….and KILL all previous bills, especially removing their retirement and medical plans that we pay for and are killing the nation. Just getting rid of their post-service salaries (full as if they were still in office) would save us billions.

    12. Daver Ft. Worth says:

      Thank you Senator Thune!

      The purpose is over. Retire the program. It might begin to restore the slightest hope of credibility to a government that desperately needs some.

    13. Ben C, Ann Arbor says:

      Maybe the money saved from TARP can be spent in New York for security – about $75,000,000 – so Obama can say, "see the trial hasn't cost the taxpayers any additional money because the money had already been spent." Government logic at its best.

    14. June Bates says:

      We were so happy to vote John Thune in and to see Tom Dascle go when we lived in SD. He is a man with a real burden for the people and I hope the rest of his party will take note of his bold but needed move to end some of the ridiculous spending DC is doing. Thanks Mr. Thune and those who support this bill.

    15. Sandra, Texas says:

      TARP became a tool of the far left foster to their agenda of Gov't control. Accountability was non-existent and Congressional oversight was lost when responsibility was bestowed upon the Treasury. Bless Senator Thune. It is time for TARP to expire.

    16. Bill, Kansas City, M says:

      We need to demand term limits and limits on campaign contributions.

    17. Tim Az says:

      If the TARP money is being used to buy votes then I would'nt expect this den of theives to seperate themselves from their plunder. The exception being a last desperate act to save themselves assuming they can grasp the concept in spite of their blind evil.

    18. ACE SEZ says:

      Hope some expert reads this and responds—What would it take to add to the 2010 ballot an absolute 'recall' of Obama and Biden–to be replaced by write-in names by voters?

      We know we can't allow poor old demented Pelosi to gain any more status than she already has— so if write-ins were elected by popular vote–would that help fix things?

      It really dosen't matter if voters wrote in the name of their golden retrievers or whoever–anyone would be a 100% improvement over who is runnin' things now?

      Given the number of months between now and the 2010 elections a few good names might come forward

      for voters to seriously consider.

    19. Susan, KY says:

      This sounds like a great idea-but what's wrong with this picture? No one talks about doing anything that makes sense anymore in our government. I keep waiting for the other shoe to drop….This would be just the beginning and then we could build from there. We're way overdue to take our country back from the politicians we elected to do our "bidding". They've all become too big for their britches. And, don't want to leave out a health care comment – I'll sign up for the health care reform myself, right after all our Senators sign up for it, first! Why should they get a much better health care package than we get and then we get no say so when it comes to our health care? We can't even say NO…

      I"m saying NO to all of it. Let's go back to basics, vote someone in who is honest and has character, like Reagan or Palin. Why hasn't anyone called for an impeachment for false campaign promises, lying, you name it? We need to take our country back before it's too late.

    20. Mrs S C Thompson, Al says:

      End this mess and stop spending!!!It is disgusting

      the way the government is pending money it does not have!!!

      No More Tarp!!Thank you

    21. Professor Pinch says:

      This is great. And on the heels of the Grayson-Paul bill making its way through the House Fin'l. Services Committee to boot.

      The TARP to cover the sins of the financial industry did anything but. $700Bn committed and most of it is still outstanding, Chrysler and GM's part won't get paid back, and here we sit with 10.2% unemployment and a currency that will be showing up in your grocery store under the Charmin brand.

      Hank, Tim, and Ben I have to hand it to you: if it wasn't so tragic and if there wasn't so much at stake, I'd laugh at you three stooges.

      But sadly, it is what it is – a total tragedy – and there's an incredible amount at stake.

    22. Elgee says:

      Thank you Senator Thune. Don't give up on this we're all pulling for you on this issue. We can only hope we all wake up by 2010.

    23. Ed, New Jersey says:

      It's interesting how this administration thinks,spend,spend,spend.

      I wonder if that's how I could handle my money matters. If I spend and I don't have the money to cover my debts will the spending like our administration is doing, will that clear my debts and make me finacally secure. Oh well, I guess common sense isn't what is use to be,and I'll believe it when it works for me. ya right.

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