A lot of people in this country can't wait for January 20, 2009. But perhaps no one is more ready for it today than Neel Kashkari.

Kashkari, who, as the interim assistant secretary of the Treasury for Financial Stability oversees the $700 billion Troubled Asset Relief Program, endured hours of ire today from the House Financial Services Committee. The hearing was held in response to negative reports from the T.A.R.P.'s congressional oversight panel and the Government Accountability Office.

Both watchdog groups criticized the Treasury's execution of the bailout, which was originally intended to buy toxic assets from ailing financial firms but instead has been spent on buying equity stakes in the banks. The hope when the massive bailout was passed in October was that it would help kickstart lending and help stem foreclosures. Instead, foreclosures continue to rise and the banks have not used the money to loan to consumers and businesses. The reports criticized the program's management for its incompetence in even tracking the lending progress.

Member from both sides of the aisle could not contain their fury at some points during the questioning, with at least one congressman calling for Kashkari's resignation.

"People are asking me, 'Is Goldman Sachs running this country?'" said Representative Melvin Watt. "What are we doing giving $700 billion and there is this monopoly on who is controlling it. Nobody is accounting to anybody for it. And the perception, whether the reality is correct or not, the perception is that there is something sinister going on here." Both Kashkari and Treasury Secretary Henry Paulson are former Goldman Sachs executives.

While the criticism is certainly reasonable, it's worth noting that many of these lawmakers are hoping to distance themselves from their responsibility over the bailout, which many of them voted for. While they may not be pleased with the about-face the Treasury took in its execution, Congress approved a bill with the language that allowed them to do it.

So far, the Treasury has spent nearly all of the $350 billion that Congress initially released. It needs congressional approval for the second $350 billion, which is not looking likely under current circumstances.

Of course, after January 20, this will become Tim Geithner's problem. And Kashkari will likely be set free.