$700 Billion Wasted

The Treasury Department is having trouble keeping track of the $700 billion of taxpayer money given out by Congress in October. AP reports:

“[T]he officials discussed “the difficulty of isolating the effects” of the bailout program “given the variety of policy actions taken by the U.S. government to support financial stability and promote economic growth.”

The officials also noted the “difficulties associated with monitoring the use of specific funds” provided to individual financial institutions, according to the document.”

Translation: “We don’t know where your money went, and it did nothing to help the economy.”

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