Bob Ballard's Blog – November 2009 Archive (1)

The TARP program's Inspector General finally revealed the secret of what has been happening, and it really is quite simple. The Treasury gives money to banks to compensate them for loans (read home mortgages) that have "gone bad" (i.e., are not being repaid). This is the nice, sanitized wording they use - a "troubled asset." What these really are is our god damn homes!



What is REALLY happening here is the Treasury pays off the bad mortgages with our tax dollars (and our great… Continue