Though some economic measures are improving, the financial crisis “is far from over” and “appears to be taking root in the larger economy.”
This, despite the government’s commitment to spend trillions of taxpayer dollars on a massive bailout of the financial system.
These were the findings released in a report today by the Congressional Oversight Panel, the body charged with overseeing the government’s Troubled Asset Relief Program, the $700 billion plan aimed at bailing out the country’s financial sector.
“We still have a long way to go. A very long way,” Elizabeth Warren, the Harvard Law School professor who chairs the panel, said in an interview today with Bloomberg News.