Monday, August 5, 2013

Government programs and the push to waste money

Mish's Global Economic Trend Analysis: Obama's HAMP Program a Stunning Success:  . . .  HAMP is certainly a failure compared to stated goals. However, as government programs go, it's easy to make a case that HAMP was a tremendous success. Here's why. "As part of the Troubled Asset Relief Program, Treasury allocated $19.1 billion to the HAMP program. So far, it has spent $4.4 billion". The typical government program wastes far more than initially allocated. This government program only wasted $4.4 billion out of a projected waste of $19.1 billion. It does not get much better than this! Unfortunately, there is still a big push to waste more money. Christy Romero, the head of SIGTARP says "Treasury pulled out all the stops for the banks, they should do the same for homeowners". This same "two wrongs make a right" genius also says "Treasury needs to research why so many borrowers are dropping out of the program." Really? What's to research? People are underwater in their homes (still), without a job, or struggling in minimum wage part-time jobs. But hey, give a bureaucrat money to waste and they will. . . . (read more at link above)


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