TARP REPAYMENTS: SO WHAT?

BANZAI7 NEWS--This week Obama and his posse of Wall Street charlatans are hailing the repayment of TARP monies. BAC had paid back its TARP handout and CITI and Wells Fargo are clamoring to follow. Is this good news for America?

Lets see what has transpired since September 2008.

We have a handful of giant banks that are 2bigger2fail than they were at the start of the whole subprime fiasco.

Those banks are not lending money and see no reason to use TARP money for that purpose.

Instead they are all looking for ways to deploy capital to increase profits speculating in the markets.

Last week we heard what we already suspected, the mortgage modification program has been an abysmal failure.

Moreover, the toxic assets (remember those?) were never purged from the banks since Timmy G's PIPP program has also been an abysmal failure thanks to foot dragging by, you guessed it, the banks. The toxic asset turds are hidden in an opaque twisted tangle of restated bank financial statements that even star analyst Meredith Whitney can't seem to decipher.

Any new laws to speak of? Zippo!

Now, the TARPed welfare queens want to be able to compete with Goldman Squid in in the holiday bonus game show. They are eager to get rid of their TARP cushions for this purpose, leaving themselves in a more precarious state than ever if the markets reverse.

So what have we achieved with TARP? We saved the banks by postponing their much deserved judgment day. And bankers will be celebrating their biggest bonus season ever.

Have we created a stronger more resilient economy? Have we devised a strategy for competing in the new world economic order?

Now there is talk of taking the newly found TARP money to build more highways. Just what America needs, more flagmen.