The TARP Oversight Panel

According to a WSJ article, an oversight panel is prepared to report on the Troubled Asset Relief Program(TARP) which is infamously utilizing the $700 bln dollar package that came out of this economic mess. The article contained much criticism toward the Program, with House Financial Services Committee Chairman Barney Frank (Mass., D) saying that more money should be used to prevent foreclosures.

In short, the panel's reports seems to be a denouncement of the plan on the grounds that the Treasury hasn't specified the program as a "fair-deal" or a "giveaway." This sounds a tad absurd to me, that this panel seems more concerned with whether these companies really "deserve" this money as opposed to the effectiveness of the program.  This is utterly ludicrous, and nearly farcical considering the members of this panel, including the Associate General Counsel of The American Federation of Labor and Congress of Industrial Organizations (AFL-CIO), a law professor from Harvard, the superintendent of NY Banks, along with various House bureaucrats.

Now, upon hearing this list of names, it makes me think about these choices. Of these people, who really knows about Economics enough to make an intelligent decision as to the performance of this plan. Furthermore, the AFL-CIO counsel will only advocate more in favor or labor unions, especially now that the Big Three are getting caught up in the bailout mess. It seems blatantly obvious that people educated specifically in the field of economics needed to be utilized in order to get an accurate view of whether this plan is working. 

Once again, I am absolutely impressed with the outstanding ability of our government to allow important matters to be overseen by the wrong people.