With his inauguration coming up tomorrow, it is no surprise that Barack Obama is in the news a lot lately. And, recently, he promised to do a better job with the foreclosure crisis than the outgoing administration has done. Most of that promise is aimed at changing the way the second half of TARP funds are spent.
Many lawmakers — and most of the public — have been appalled at how most of the first half of TARP funds has gone to help big banks with no interest in actually loaning money out to help homeowners in danger of foreclosure. The second half of the funds, we are promised, will be used to help consumers and will actually stave off foreclosure.
I guess we'll see whether this really comes to pass when the funds are released and they start being spent.
Technorati Tags: Barack Obama, Foreclosure, foreclosure crisis, inauguration, Money, TARP, TARP fundsAdd to:
I really hope that Obama and his administration will succeed and will fix the crisis but from all the proposed plans I couldn't see that the major focus is on creating jobs. Job creation was mentioned but I think it should be big target.
Posted by: Assaf | January 19th, 2009 9:38 am |
Great point, Assaf! I agree that job creation should be a major focus. Helping us from the bottom up should be the new thing, rather than the same old focus on giving money to the banks and hoping it will "trickle down."
Posted by: Miranda Marquit | January 19th, 2009 9:40 am |