If the banks are paying back the bailout money, then why is the program being extended thru next year? I thought Obama claimed that about $200 billion of the bank bailout money was still available and that he (along with fellow Democrats) was going to use the money for job growth programs??
WASHINGTON – Treasury Secretary Timothy Geithner announced Wednesday that the administration will extend the government's financial bailout program until next fall.
In a letter to House and Senate leaders, Geithner said the extension is "necessary to assist American families and stabilize financial markets."
Money from the $700 billion taxpayer-funded bailout program has helped rescue big Wall Street firms, auto companies and others. That's angered many Americans, who feel the government hasn't provided them with relief from high unemployment and rising home foreclosures.
Geithner said the Troubled Asset Relief Program that Congress passed in October 2008, will be extended until Oct. 3, 2010. He has the authority to extend the TARP simply by notifying lawmakers.
"The recovery of our financial system remains incomplete," Geithner told lawmakers. "And, near-term shocks to that system could undermine the economic recovery we have seen to do."
zap....So that "recovery" they keep trying to get me to believe in was BS after all??
