Obama pledged to create 3.5 million new jobs by 2010, however, with unemployment running at 10.2 per cent, and with 3.5 million jobs lost, the Obama jobs deficit stands at over 7 million.
Shortly after the fracas, Rep. Michael Burgess confronted Geithner on how TARP funds were used to bail out banks in Europe while the American people suffered with spiraling mortgage defaults and unemployment. “We’ve got the TARP, it’s supposed to expire, why won’t we let it die a natural death rather than letting it painfully linger?” asked Burgess, to which Geithner responded, “We are working to put TARP out of its misery,” contradicting reports of a “second stimulus” being planned for early 2010. Geithner’s claim that he was working aggressively to terminate TARP programs was met with Burgess’ response, “Well it looks like money is going out with little or no oversight,” which Geithner denied, despite the fact that Fed chairman Ben Bernanke admitted earlier this year that he didn’t know which foreign banks had received over half a trillion dollars in credit swaps when pressed by Congressman Alan Grayson, who this week introduced an amendment with Ron Paul to secure more oversight on money leaving the U.S. earmarked for foreign banks.
Burgess stressed that small businesses were frightened of adding jobs because they were worried about the potential costs of health care, regulation and the impact of the cap and trade program, stating, “We don’t need another stimulus, we need to provide some tax relief and then get the heck out of the way and the American economy will recover as it has always done."...Cont'd...LINK
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