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Treasury's Kashkari Says TARP Has Provided Financial Stability in System

U.S. Assistant Treasury Secretary in charge of the TARP, Neel Kashkari, said that the financial system is more stable now then when the U.S. Congress approved the TARP program.

"First, we did not allow the financial system to collapse," Kashkari said. "That is the most direct, important information. Second, the system is fundamentally more stable than it was when Congress passed the legislation."

Testifying before the U.S. House of Representatives Financial Services Committee, Kashkari said that he fully expects that banks will extend credit as confidence returns to markets.

"[The] Treasury expects banks to continue their lending in a safe and sound manner as a result of these investments and we firmly support the statement issued by bank regulators on November 12 to that effect," he said.

He also agreed with the GAO report for the need for better monitoring and communication on TARP.

"[The] Treasury is committed to an open and transparent program with appropriate oversight. We look forward to continuing to work with the Financial Stability Oversight Board, the Special Inspector General, the Comptroller General, and the Congressional Oversight Panel as we execute this important program," Kashkari added.

By Steve Stecyk and edited by Nancy Girgis
©CEP News Ltd. 2008


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What a LYING POS this guy is ... perhaps we will get lucky and he will end up in an orange jumpsuit like all the rest of those political parasites and financial hyenas deserve ... the best revenge is: ~~ for those of us who get paid by the hour, work less [if possible]; put less income-tax dollars in their parasitic pockets; ~~ drive less; put less gas-tax dollars in their avaricious pockets; ~~ charge less; put less interest-dollars in the parasitic financial industry's pockets; ~~ spend less; put less sales-tax dollars in those parasitic political pockets; ~~ wherever you can ... give those parasitic political and financial hacks LESS money to manipulate us with! MOST IMPORTANTLY: DO NOT GIVE IN TO THE FEAR THEY ARE PROMOTING SO VOCIFEROUSLY!!! If we are smart, and persistent, we can bring all these clowns to their knees!!! Oneward! Thru the Fog!!! ty4ph
 

More From MND

Mortgage Rates:
  • 30 Yr FRM 3.95%
  • |
  • 15 Yr FRM 3.25%
  • |
  • Jumbo 30 Year Fixed 4.15%
MBS Prices:
  • 30YR FNMA 4.5 107-05 (0-01)
  • |
  • 30YR FNMA 5.0 108-28 (-0-01)
  • |
  • 30YR FNMA 5.5 110-22 (-0-02)
Recent Housing Data:
  • Mortgage Apps 3.27%
  • |
  • Refinance Index 5.05%
  • |
  • Purchase Index 1.43%