The Madness Is Only Beginning

Well, this is just awesome.  Not only has Washington already spent almost $6 trillion dollars -- over $5 trillion in just the past two months -- but now we're being told that's not nearly enough (emphasis mine):

Though some economic measures are improving, the financial crisis "is far from over" and "appears to be taking root in the larger economy."

This, despite the government's commitment to spend trillions of taxpayer dollars on a massive bailout of the financial system.

These were the findings released in a report today by the Congressional Oversight Panel, the body charged with overseeing the government's Troubled Asset Relief Program, the $700 billion plan aimed at bailing out the country's financial sector.

"We still have a long way to go. A very long way," Elizabeth Warren, the Harvard Law School professor who chairs the panel, said in an interview today with Bloomberg News.

The panel reported that the government has spent, lent or set aside more than $4 trillion through the Troubled Asset Relief Program, the Federal Reserve and the Federal Deposit Insurance Corporation.

Today, the "credit markets no longer face an acute systemic crisis in confidence that threatens the functioning of the economy," the report said.

But, it said, the economy now faces an "apparently prolonged period of weakness" with regard to financial firms and lending.

It noted, for instance, that Citigroup and Bank of America received multiple injections of capital from the government while borrowing costs remain high for businesses and individuals. The panel also cited increasing numbers of home foreclosures and lower home prices as reasons for concern.

The panel criticized the Treasury Department for failing to identify what measurements it will use to determine whether its rescue programs are working.

So, here's the situation.  TARP started out as $700 billion, but now we find out that it's final [cough, cough] price tag will be over $4 trillion!  My grasp of the obvious tells me that means they're planning to dump an additional $3.3 trillion (at least) on top of what they've already done.  Naturally, they are continuing to use the panic button to sell this idea, and they're doing it all without even bothering to determine if all this 'rescuing' is even working!

This is your federal government in action.  I seriously think that they are the most dangerous group of people in this country right now.  The only time America remains safe nowadays is when Congress is in recess.  Tea party, anyone?

There's my two cents.