TARP turns one

As the Troubled Asset Relief Program reaches it’s one year anniversary, the incongruity between Wallstreet’s assessment of our economy, and the startling unemployment and Job Loss numbers is glaring.  While the inhabitant’s of New York’s most infamous street smile with optimism, Americans across the country join the droves of unemployed and underemployed citizens seeking federal assistance.

According to the Huffington Post, the federal government has dished out $573.3 Billion through TARP.  Of that amount only $72.8 Billion has been repaid to the taxpayers, leaving an outstanding tab of over $500 Billion dollars.  As the Dow makes a serious push towards 10,000, another number is lurching towards 10.

New unemployment numbers indicate the nation’s unemployment rate has reached 9.8%.  With an additional 263,000 jobs lost in September, the nation is feeling the pinch.  With American belts cinched and the very lending institutions that are sitting on a large portion of the  outstanding $500 Billion,  bailout recipient Bank of America may have released the most astonishing number of the day.

Outgoing Bank of America CEO Ken Lewis will be descending gracefully from his position with a $53 million golden parachute.  What makes that number even more obscene is that it is only a fraction of Lewis’ take.  According to Reuters, Lewis will walk with a total of $125 million in benefits, stock and other compensation.

It shouldn’t take a stand-up comedian to come up with something witty about our current financial debacle.