Bush's Bailout Full Of Lies

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Bush's Bailout Full Of Lies

October 5. 2009

The inspector general for the Troubled Asset Relief Program stated, via his investigation, which revealed, the Treasury officers of former President George W. Bush, lied to the nation and the world, regarding the condition of the U.S. banking system, painting a "rosy picture" that was a complete lie.

From 2007 to the present, the Judiciary Report insisted in numerous articles that the U.S. economy, including the banking sector was in very bad condition, despite the government's proclamations declaring the opposite in 2008. In 2006, the Judiciary Report's sister site, The Sound Off Column, began declaring there is a problem with the economy.

Therefore, if this site knew from then, so did they, but they were lying to you, as Bush hoped to leave office and let the house of cards collapse on the next President.

However, it began collapsing on the non-math wiz, during his last year in office, where the dire monetary mess became so visibly apparent, he was rightfully slapped with the blame for the financial fiasco that was of his own making.

U.S. Lost Credibility by Saying Banks Were Healthy, Audit Says

Oct. 5 (Bloomberg) -- The Treasury Department “lost credibility” when it said its first capital injections from the $700 billion financial rescue were for healthy banks, the inspector general for the Troubled Asset Relief Program said...

Barofsky said that the Treasury should have been more open about potential financial problems with the biggest banks when it began the TARP a year ago.

“Treasury may have created unrealistic expectations about the institutions’ condition and their ability to increase lending,” he wrote. “Treasury and the TARP program lost credibility when lending at those institutions did not in fact increase and when subsequent events -- the further assistance needed by Citigroup and Bank of America being the most significant examples -- demonstrated that at least some of those institutions were not in fact healthy.”

http://www.bloomberg.com

Bailout cop: Treasury fibbed to save economy

Last Updated: October 5, 2009: 4:31 AM ET - WASHINGTON - A government watchdog says federal officials weren't entirely honest with the public about the health of the first 9 financial firms that got federal bailouts, according to a report released Monday.

Bailout special inspector general Neil Barofsky says in an audit that Treasury Department officials painted an overly rosy picture, creating "unrealistic expectations," when they called the first bailout banks "healthy" institutions that would be able to lend more with government help.

"It is not our intent to suggest that government officials should make public their concerns over the financial health of individual institutions, but rather that government officials should be particularly careful, even in a time of crisis, of describing their actions (and the rationales for such actions) in an accurate manner," the report stated...

http://money.cnn.com