Bailout cop Barofsky says TARP still not working

[brentspeak]

(Barofsky's wrong: TARP is working -- it's working like a charm. Just look at the http://www.huffingtonpost.com/2010/01/15/jpmorgan-profit-4q-bank-p_n_424421.html">unbelievable profits rolling in for big bank executives; these people are richer now than at any time before. Your taxpayer money at work.)

http://money.cnn.com/2010/01/31/news/companies/tarp_report/index.htm?section=money_mostpopular&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_mostpopular+%28Most+Popular%29

Bailout cop: TARP's not working

By David Ellis, staff writerJanuary 31, 2010: 11:06 AM ET

NEW YORK (CNNMoney.com) -- The watchdog charged with monitoring the government's $700 billion bailout unleashed one of his harshest criticisms of the program to date, questioning its overall effectiveness.

In his latest quarterly report to Congress, special inspector general Neil Barofsky said that the Troubled Asset Relief Program, or TARP, has failed to boost bank lending as well as halt the spread of foreclosures -- two key aims of the sprawling program.

snip

When Congress enacted TARP, the hope was that injecting capital into hundreds of banks would spur lending and keep the economy from spiraling even deeper into recession.

But since then, lending to both consumers and businesses has continued to decline.