And no surprises.
The "bailout" take 394. ACTION!:
"In this hard-hit corner of the nation's mortgage meltdown and credit crisis, it's hard to find anybody who sees evidence that the Treasury Department's $700-billion rescue plan is working after two months.
In the first public hearing of the Congressional Oversight Panel -- a three-member board mandated to keep close watch on the bailout program enacted in October -- economists, local bankers, beleaguered homeowners and government officials said here Tuesday that the billions of dollars paid out by Washington to the banking industry were not filtering down and that Nevada's desperate condition was growing worse.
Clark County has the nation's highest foreclosure rate. Unemployment has jumped above 7% and lines for free food at charity centers are growing.
"It is a sad day when a child writes to Santa that all she wants for Christmas is food," said Julie A. Murray, who operates the Three Square food bank.
She was one of the approximately 150 people who attended the hearing on the campus of the University of Nevada, Las Vegas.
The government's solution to the crisis was to bolster the nation's banking system by handing out about $250 billion to scores of banks.
But "there is little evidence of what effect these billions of dollars are having on us," said Elizabeth Warren, the Harvard University law professor who chairs the panel.
Warren has repeatedly asked Treasury Department officials for an explanation of their strategy and how the bailout is supposed to help solve the credit crisis, but so far her panel has not received any answers."
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