My first impulse was to yell, “YA THINK?”

Lawmakers criticized the Treasury Department’s handling of its $700 billion financial-industry rescue program, saying the effort had been mismanaged, and warned that no additional money would be forthcoming barring significant improvements.

In a hearing Wednesday, members of the House Financial Services Committee questioned Treasury Assistant Secretary Neel Kashkari over his agency’s handling of the Troubled Asset Relief Program, citing critical reports by the Government Accountability Office and an oversight panel appointed by Congress.

Lawmakers faulted Treasury for what they said was its failure to address the record numbers of foreclosures that continue to weigh on financial institutions and the broader economy after TARP was implemented in October in response to a credit crisis sparked by woes in the housing market. They also criticized what they described as the agency’s reluctance to ensure that banks are using billions of dollars in federal funds to lend to consumers and businesses.

Treasury has used or committed most of the money available in the first tranche of funds under TARP, with $15 billion remaining out of an original $350 billion. With financial markets still weak and the broader economy in recession, Treasury Secretary Henry Paulson has been trying to decide whether to seek access to the second half of the funds.

Geez, where were these people when the bailout was being pushed through Congress?  It is a little late to worry about how the money is being spent.  These guys were inept at handling the crisis which was predicted almost a year ahead of the fact.  If they could not see it coming, why would we trust them to fix it once it was broke.