Articles
Newsletters
| The Debate Over TARP |
 |
 |
 |
| Written by Kristy Sinsara |
| Wednesday, 16 December 2009 10:02 |
|
In 2006, when the subprime lending market began to implode, it sent shockwaves throughout the U.S. economy and eventually lead to a global economic decline. The effects of this financial catastrophe are still being felt today. In an attempt to bolster the economy and promote lending, even in the face of this disaster, the U.S. government created the Troubled Asset Relief Program to supply lenders with needed funding. "The point of TARP", says Kristy Sinsara, President of the Consumer Advocacy Group, "was to 'stimulate the economy' by giving money to 'big businesses'." But has the Troubled Asset Relief Program succeeded in its aim? However, groups like the Consumer Advocacy Group claim that TARP has been anything but successful in achieving its aim. "We believe," says Kristy Sinsara, "that the lenders have proven that they can NOT be trusted with the Troubled Asset Relief Funds set aside by the Obama Administration." Kristy Sinsara and the Consumer Advocacy Group have spoken out against TARP, claiming that lenders such as Bank of America have demonstrated an unwillingness to use TARP funding as it was intended. "The lenders (Bank of America especially) have proven that they will only use the money for their own personal gain and have absolutely no individual homeowners' needs in mind," says Kristy Sinsara. "These lenders have essentially been given a blank check by our government that we as tax payers must pay for." If this funding has not been used to the benefit of suffering homeowners, how has it been used? Kirsty Sinsara and the Consumer Advocacy Group claim that TARP funds have been used to retain stability within the financial community at the expense of homeowners and taxpayers. These financial entities, says Kristy Sinsara, are using TARP funding to bail out or buy up crumbling financiers such as Meryl Lynch and Countrywide, rather than to benefit individual homeowners. To sharpen the blow further, many of the executives of these failed institutions are receiving sizable bonuses or severance packages. These are the much discussed "golden parachutes" being handed out to the very individuals who's poor decision making created this global economic crisis in the first place. It is this gross misuse of taxpayer money that has caused concerned groups like Kristy Sinsara and the Consumer Advocacy Group to stand up and voice their disproval. "There are specific guidelines that must be met by each participant of the TARP program," states Kristy Sinsara, "and these guidelines are NOT being adhered to... Bank of America used MILLIONS of dollars from government funding (that WE are all paying for) and gave it directly to the 'chosen few' they selected to receive 'bailout' funds. And now, if you as a homeowner call them for help, they will tell you why they 'can't' help you." Kristy Sinsara and the Consumer Advocacy Group have raised a battle cry, along with others across the county. These concerned groups hope to raise awareness about the Troubled Asset Relief Program and to spur the government into reassessing the TARP program to come up with a way to help those who really need it, the homeowners. About the Author: To find out more about the Consumer Advocacty Group you can visit Our Blog . Or you can get more information about Kristy Sinsara and her work. Kindly provided by MoneyHunter.org You are welcome to use this article on your own website, if you include the link just before this text. |
Members : 2604
Content : 2687
Web Links : 1
Content View Hits : 253291
Content : 2687
Web Links : 1
Content View Hits : 253291