Shocker Of The Year: Watchdog Claims TARP Did Nothing To Stop Reckless Banks

In the biggest "Duuuuuhhh" since we found out that Mark McGwire hit the juice, the Special Inspector General of TARP, Neil Barofsky, stated today that the big bailouts for Big Banking failed to actually, you know, address any of the issues that caused the collapse in the first place.

We have spent over $700 billion in this program to stabilize banks. Even though some banks have paid back their loans with interest, that is beside the point. Barofsky says that even banks that paid back the loans still haven't learned. The financial industry continues to believe in excessive bonuses, a "the government will always be there for me" state of mind, and a staunch opposition to any type of meaningful regulation at all.

Color me surprised.

Most of the blame for the financial collapse, as far as the government is concerned, falls on the government itself for:

1. Failing to oversee the financial structure, and

2. Failing to grow a spine long enough to pass legislation worth the paper it's written on.

Barofsky and others like him who point out the obvious after the fact and even give some helpful tips and tricks are great and all, but what we need is for the government to step up and regulate. Enough of this "the best market is an unregulated market!" idiocy. I think we saw what happened there.

Big Banking has shown that it cannot be trusted. So why should we? Stick it to 'em.