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George Stephanopoulos reports on events in politics, Congress and the White House for ABCNews, on the air and online. He interviews top newsmakers, discusses the events of the week and looks to the week ahead each Sunday on 'This Week.'
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Obama Has New Plans for TARP
January 09, 2009 7:34 AM
As questions swirl today about where $350-billion of taxpayer TARP money was spent, President-elect Barack Obama is preparing to take control -- or at least a request for control -- over that second $350-billion in the TARP rescue fund.
And the Obama team wants to change the program dramatically.
I spoke with two Obama aides this morning who said that they expect that much more of the second $350-billion will go toward preventing home foreclosures, consumers, small businesses, and municipalities.
The president-elect also wants to put new controls in on the funding that is going to the banks.
The Obama administration is going to try to get a lot of the answers about how that first money was spent.
The Obama team believes that the first $350-billion was essential, but that it could have been better spent.
So there will be a pretty dramatic change to the program.
I'm going to be talking to Obama about this and more in our exclusive interview airing Sunday morning on "This Week."
--George Stephanopoulos
January 9, 2009 in Barack Obama | Permalink | Share | User Comments (18)
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George, There are quite a few Vietnam era veterans out here that need help and with our current wars, we are being pushed back to the curb. In the last few years support from the government has gotten better but I'm afraid That Mr. Obama is not aware of many of the past sins committed against "us" old guys!
Posted by: Larry Thomas | Jan 9, 2009 7:56:36 AM
To Whom it May Concern: I retired from g.m. in 1991 with 32 years service. As soon as the people in Washington relize than the way to fix America is to stop the ceo's from sending job's overseas. put a heavy tax on companies than send jobs oversea's, and give tax rebates to the ones who keep jobs in america.
When people have jobs,they spend money.
Also make trade with other countries,not one sided like is now,if you trade with the USA, you buy our product to, at lease half of the value we buy from you. You don't buy from us, we cut what we buy from you.
Posted by: Alvin R Wright Sr | Jan 9, 2009 8:30:13 AM
So the Obama team will essentially revert to the uTARP use approved by Congress.
Posted by: matt | Jan 9, 2009 8:42:47 AM
The spector of Obama's election by an ignorant American population who wants everything given to them, caused this whole fight of capital from the market in the first place. You can blame it on Bush and the Republicans all you want, but the truth is, who would want to put money into a business that will be taxed to death under the socialist Democrats? Add to that our current enormous debt, both nationally and privately, and we have a recipe for disaster. So, now we'll spend even more money that we don't have, to dig the US into an even deeper hole from which, our children's children can't even dig out of. Hurray America! We deserve what we're getting. You want socialism? You got it!
Posted by: Rick | Jan 9, 2009 11:22:44 AM
"The spector of Obama's election by an ignorant American population who wants everything given to them, caused this whole fight of capital from the market in the first place."
I don't think I've ever seen more wrong jammed into one sentence. The spector of a segment of the population who actually thinks that Obama was elected by people "who want everything given to them" is grossly misinformed to the point of provoking embarassment for said population. And, as you obviously can't pay attention, I'll help you out...the economic skid started LONG before November 4, 2008. In fact, it began long before Obama established himself as a realistic threat to win his party's nomination, let alone the general election. Ever heard of Lehman Brothers? January 2008 is roughly about the beginning, though it could be argued that it began sooner than that.
"who would want to put money into a business that will be taxed to death under the socialist Democrats?"
They will not be taxed "to death." You're being melodramatic.
Posted by: Silky | Jan 9, 2009 12:20:19 PM
"We deserve what we're getting."
Well, you deserve what you are getting. Most of us, do not. I love how Obama isn't even in office yet and you want to blame him for the mess he is inheriting. Think about what you are saying.
Posted by: Silky | Jan 9, 2009 12:22:56 PM
You bet Rick! We “ignorant” voters did not notice that last 8 years of tinkle down economics did not create Middle Class jobs and charging Billions every day on two pre-emptive wars had an impact on our economy. Obama should continue the conservative free-market theology that helped get us here: outsource jobs, tax cuts for the rich, hand over Social Security to Wall Street, and promote “small government” deregulation. Wait, that was McCain’s economic platform and he lost.
Posted by: CaliRules | Jan 9, 2009 12:32:04 PM
Good for Obama..it's obvious that wallstreet can't or won't do what needs to be done. Just looking at the latest AIG fiasco and possible bonus handouts from the big banks proves that the greed of these people is too unmanageable for self governance.
Posted by: randy shumaker | Jan 9, 2009 2:09:10 PM
Since when do HIS plans matter? The whole point was that the banks could do whatever they wanted with the cash with NO restrictions. And now they are using taxpayer money to allow weak banks to buy up the good ones, and keep the money without lending a dime; and paying out bonuses for their incompetence. Of course what is government for if it didn't use OUR money to subsidize FAILURE!
Posted by: please! | Jan 9, 2009 5:35:27 PM
The price of oil per barrel is still reportedly declining and the price of gasoline at the gas pumps is going back up. For the last many years the major oil companies have been posting obscene profits and not building new refineries, etc. Does anyone think just maybe they should have stringent governmental controls replaced since they have clearly taken undo advantage of deregulation?
Posted by: Ann | Jan 9, 2009 9:25:12 PM
We could talk forever about ...coulda..woulda...shoulda... Instead of talking and pointing fingers. WAKE UP and pay attention! What's done is done. Now, we need to fix it. Shifting blame won't cut it. Are you willing to sacrifice towards correction the issues, or are you going to stand still, and continue to argue about who did what? Many people waste so much time and effort whining. As Obama stated..."We Must CHANGE".
Posted by: lori | Jan 9, 2009 9:38:45 PM
ALL Congress members SHOULD BE CHARGED WITH TREASON and placed in a stockade, if the Congress should allow the destructive wild bush the other $350 BILLION of the TARP money, so that the destructive devil can WASTE so much of taxpayers monies in the LAST TWO WEEKS of his destructive administration!
Posted by: Patriot | Jan 10, 2009 1:55:12 PM
Rick, you are absolutely right you deserve what you are getting, I don't deserve it at all.. please don't rule out the fact that Mr Bush is still the president and our country was officially in recession since last year when he was the president..
just be careful to chose what you are posting I am sure you know very well that PEBO is not even the president yet but Bush is..
God bless America!
Posted by: Hussein Mberwa | Jan 10, 2009 1:57:40 PM
Where is the accountability?
The American people have the right to know. Did the so called "Bail out or Rescue" bail out the banks, if so why are they still not lending? Did it go to pay off terrorist? Or, to give Israel more weapons?... Where did it go...? Did it go to pay off CEO bonuses?
I don't think GW even cares because he has his own. In his world, the Recession will not touch him. Born with a silver spoon in his mouth, he hasn't a clue about middle class America. Daddy Bush can be very proud...
But, I still want to know, where did the billions go?
The "rescue" was pushed through as a state of urgency as though the economy would crash without it....
I see there are those whose comments that bash Obama as a Socialist and yet turn a blind eye to Bush's lead answer the economic disaster. Wow, what a bunch of hypocrites! blaming without taking any responsibility...
At least,
Obama has plans to put accountability for the Stimulus package on the internet for all to see...
I may not like it, I not agree with it but, I do believe as a tax payer, I have the right to know where my tax dollars are going...
Could it be that the reasons we don't know where that money has gone, is because if we knew, we would be outraged...
People quit blaming Obama before he ever gets into the White House and instead of blogging start writing to the "current" administration as well as Congress, why the Treasury gave away billions to the banks and then have no clue where it all went... Are banks exempt from accountability...not when tax dollars are involved. Why is GW Bush not being questioned or being held responsible for these actions under his leadership...???
Posted by: braith morgan | Jan 10, 2009 4:03:04 PM
bush cheney and all republicans should be put in jail for war crimes and for crimes against the people of america.
Posted by: T | Jan 11, 2009 5:52:10 PM
George S is nothing but a left wing version of Rush Limbaugh. The only difference is that Rush is honorable enough to admit what he is. Come on George, quit passing your opinion off as honest news. It ain’t and we know it.
Posted by: Oonogil | Jan 12, 2009 12:24:09 AM
Obama's not going to change a thing. It's the same old same old. All of these bailouts should have never happened and I suspect they will only grow under Obama. The auto bailout was especially egregious. Now Ford wants money because their forecasts were off. Just another example of why these guys shouldn't get any money.
http://www.autoindustrybailout.com/petition/
Posted by: No More Bailouts | Jan 12, 2009 10:51:52 AM
Many people wining with these troubles. Im supposed to wined for being single parent and just got laid off in the job. I didnt. Were supposed to handle any trials that come along. I handled it and people just so mean to not to helped now a days. They said United States supposed to be a very good and United. Must be or not. I dont know. Must pray and wait.right?
Posted by: carolyn | Jan 13, 2009 6:19:12 PM
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