Senator Gregg Gets Angry With Obama’s Chief Budget Bureaucrat Over Using TARP Like A Piggy Bank

  •  February 4, 2010

I missed this rather heated exchange between Senator Judd Gregg and White House OMB director Peter Orszag yesterday:


Judd Gregg is no hero of mine, but he’s right to rake Orszag over the coals on this one. We can’d debate about whether or not TARP should have ever been created (it shouldn’t have been), but we should all agree that the money was spent to rescue the banks. And as it was paid back, the money was to go back into the budget.
Not be used as a slush fund for every economic rescue scheme the President and his administration wants to fund.
Good on Gregg for calling Orszag to the carpet on this one, but shame on Gregg and every other member of Congress who voted for TARP in the first place.

Tags: , ,


«
»
  • http://Array Brent

    If Gregg was honest, he'd only blame himself. He constantly promotes corporate welfare and bailouts in the name of economic progress, then he throws a temper tantrum when the predictable results occur. I just can't believe that he is sincerely surprised that a massive government program isn't being un-winded the way it was "supposed to be". Why isn't he mad that the IG for the TARP says,

    "Many of TARP’s stated goals, however, have simply not been met. Despite the
    fact that the explicit goal of the Capital Purchase Program (“CPP”) was to increase
    financing to U.S. businesses and consumers, lending continues to decrease, month
    after month, and the TARP program designed specifically to address small-business
    lending — announced in March 2009 — has still not been implemented by
    Treasury. Notwithstanding the fact that preserving homeownership and promoting
    jobs were explicit purposes of the Emergency Economic Stabilization Act of 2008
    (“EESA”), the statute that created TARP, nearly 16 months later, home foreclosures
    remain at record levels, the TARP foreclosure prevention program has only
    permanently modified a small fraction of eligible mortgages, and unemployment is
    the highest it has been in a generation. Whether these goals can effectively be met
    through existing TARP programs is very much an open question at this time."

    ?

  • sayanything-5721

    gregg is trying to keep his ass out of the fire. Well at least he gets it now, put the money back where it came from.

  • sayanything-43

    Guys like Gregg are part of the problem as well.

  • I don't like to

    Was that Barney Frank that made Gregg look like an even bigger a$s at the end? Whoever it was, it was quite appropriate. Gregg hates small business, like most Republicans.

  • Brent

    "Gregg hates small business, like most Republicans."

    I think this is probably true for senate republicans like Gregg (i.e., most of them). But like democrats, they would vigorously deny this and point to how they "help" small businesses by throwing a few billion at the worthless SBDC of some such similar program every once in a while.

  • sayanything-203

    GOP Congressman Paul Ryan has been far more forceful and far more articulate about the Obama administration's illegal misuse of TARP than has Senator Gregg.

    (http://www.realclearpolitics.com/articles/2010/02/03/interview_with_rep_paul_ryan_100161.html)
    (http://www.politico.com/news/stories/0210/32456.html)
    (http://captkarl.blogivists.com/2010/01/21/remarks-by-congressman-paul-ryan/comment-page-1/)

    Ryan has also been on this issue a lot longer than Gregg.

  • sayanything-2

    I love how the WH a$$wipe kept chattering that there had to be "legislation" and Gregg kept kicking his teeth in with the fact that there ALREADY is "legislation" governing this, and pointing out the Obama Admin is violating the law set forth in said "legislation". Just priceless, when these anti-American c**ksuckers start turning on each other!

Create a SAB Readerblog


Recent Comments

Powered by Disqus

Blog Advice and Support
Installs and Upgrades
Theme Modifications
Custom Plugins
Theme Design
Conversions and Relocations
Hacked Site Recovery
Mobile Apps Development