Financial Crisis 'Far From Over,' Panel Says

Govt. May Spend More than $4 Trillion but Economy Faces 'Prolonged Weakness,' Oversight Panel Reports

By CHARLES HERMAN and ALICE GOMSTYN
ABC NEWS Business Unit
April 7, 2009
Though some economic measures are improving, the financial crisis "is far from over" and "appears to be taking root in the larger economy."
IMAGE: Tarp Report
On the six month anniversary of the passage of the bill that created the Treasury Department's $700... Expand
On the six month anniversary of the passage of the bill that created the Treasury Department's $700 billion to bail out the financial sector, the congressional panel charged with overseeing the bailout released a report predicting prolonged weakness for the U.S. economy. Collapse
(ABC News Photo Illustration)

This, despite the government's commitment to spend trillions of taxpayer dollars on a massive bailout of the financial system.

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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.