Released: November 20, 2008

Treasury’s Bailouts Are Getting Us Chumped

Source: Michelle Singletary, Washington Post (Free Registration)

I usually don’t enjoy watching congressional hearings. They are often packed with blustering, long-winded, self-serving speeches that are nap-inducing. But a recent hearing before the domestic policy subcommittee of the House Oversight and Government Reform Committee was riveting. In part, it was because of remarks by Rep. Elijah E. Cummings (D-Md.).

The subject of the hearing was whether the Treasury Department was using bailout funds to increase foreclosure prevention, as Congress intended. It was Cummings’s questioning of Neel Kashkari, the interim assistant Treasury secretary for financial stability, that had me hollering.

During the hearing, Cummings said what I’ve been feeling for months. In straight-from-the-’hood vernacular, Cummings captured what has been done to American taxpayers. 

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