Monday, January 12, 2009

So now we know what went wrong with the bailout

One word in The Washington Post's Geithner Preparing Overhaul Of Bailout explains what went wrong:
"That challenge is underscored by a report from a congressional oversight panel scheduled to be released today that hammers the outgoing Treasury Department for its handling of the financial rescue, including 'what appear to be significant gaps in Treasury's monitoring of the use of taxpayer money.' The report, moreover, faults the Treasury for failing to properly measure the success of the program or establish an overall strategy and skewers the department for not using any of the funds on foreclosure relief as Congress had directed."
Strategy requires a plan which then requires ideas. When has the Bush Administration shown any of these talents in any sphere other than in gaining power and using it for their cronies?

Which then raises a question about Congress - why did they expect anything better from Bush?

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