Back on Capitol Hill Thursday for his second hearing in two days, Treasury Secretary Tim Geithner continued to defend his department's plan to take taxpayer money repaid to the government by bailed-out banks and then use it to help struggling community banks.On Wednesday, Senate Banking Committee Republicans like Jim DeMint, R-S.C., had expressed concerns that Geithner might use the $700 billion Troubled Asset Relief Program "permanently." The ranking Republican on the House Appropriations Subcommittee on Financial Services echoed those worries on Thursday.
"Is the TARP going to go on forever?" asked Rep. Jo Ann Emerson, R-Mo., wondering if the recycling of TARP funds could eventually lead to the nationalization of banks. - ABC News Story
Basically what the Obama Administration wants to do is....take the Billions of Dollars approved for the Bailout and keep a never ending fund available at their discretion? When a bank repays it's loan to the Government, they want to put that money back into a pool and loan it out again at their will?
All of this while we have record deficits in the Government Spending. Good Plan Obama!
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