Virginia Foxx: “last week the bailout watchdog set up by Congress to conduct oversight on the $700 billion megabank bailout concluded…”

“last week the bailout watchdog set up by Congress to conduct oversight on the $700 billion megabank bailout concluded that the government had already overpaid the banks by nearly $80 billion, and only half the money has been spent. According to an investigation by the bailout oversight committee, the Treasury paid $254 billion for assets that are worth about $176 billion. That's a loss of $78 billion right off the bat. The investigation concluded that it was likely that the Federal Government might not have driven as hard a bargain as the private sector would have. Fancy that. Next time someone tries to sell the idea that government bailouts are "good investments," just remember that the Treasury Department lost 30 percent on its so-called investments in just three short months.”