posted on Mar, 11 2009 @ 10:40 PM
Today on C-SPAN, during the House of Representative Oversight Subcommittee on Domestic Policy,
While testifying under oath, in "explaining" the "new plan" of public/private funding, Interim Assistant Treasury Secretary for Financial
Stability, Neel Kashkari, stated,
that the "private funds" would consist of retirement plans, employee investment plans, mutual funds, etc..., and that this private investment would
basically be from the American People.
These funds would be spent side by side as investments along with tax payer TARP (and additional funds) to give confidence, and promote healthy
banking practices since the private sector would lose or gain from these investments hand in hand.
This was during the first panel question and answer session, yet, it seems not one representative on the panel questioned this response.
It seems to me that, if the TARP (and additional funds) are to be more secure knowing that any losses or gains would be shared with private
investments, that, in reality,
what he (Kashkari) is stating is that,
if these funds lose value or become worthless, the tax payer funds will have been lost, as well as the tax payers retirement and other invested
This is like pilfering all the TARP funds and all of the retirements and other employee vested funds at the same time, or alternately, gain of. -
(hmm..I guess it could happen)
How much faith can be put on matching TARP with other "private investments" that are basically from the same pool, by other names?
The way Kashkari's response was voiced, it would be a shame if no panel members was to
decipher this smoke and mirrors dog and pony show of a response.
Correct me if I'm wrong, but I heard what I heard.