When the Federal Government Is In Charge of Loan Programs, What Could Go Wrong?
When looking at the Fed's accounting of its loan programs, the impression is given that many are in fact producing a profit for taxpayers. That is untrue.
In a recent article, Politico uncovered the loan debacle with the Maritime Administration (MarAd). It was headed for one of the biggest loan defaults since 2001. David Matsuda took the leadership of MarAd, and found himself in the position of "Uncle Sam's repo man" of massive ships scattered around the globe.
This is alarming when coupled with the US's national debt and 100 trillion dollars in unfunded liabilities