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| Political Threads This section is for Political Threads - Enter at your own risk. If you say you don't want to see what someone posts - don't read it :hihi: |
03-31-2011, 01:27 PM
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#1
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sick of bluefish
Join Date: Aug 2003
Location: TEXAS
Posts: 8,672
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Thank you GWB!
yup, all Bush. His watch.
I'll give O's team kudos for administering it but thats all.
Will this be big news? Everyone hates the "we bail out wall st and not main st" blah, blah, blah
I wonder when Obamas stimulus will show a profit?
It’s official: TARP has turned a profit
Washington Post / March 31, 2011
WASHINGTON — The government’s much-maligned bank bailout program, approved by Congress during the throes of the financial crisis in late 2008, officially turned a profit for taxpayers yesterday.
The Troubled Asset Relief Program, or TARP, was the government’s highest-profile attempt at stabilizing the crumbling financial system. Treasury invested $245 billion into hundreds of the nation’s banks in recent years. With a series of repayments this week, $251 billion has now been returned to government coffers, the agency said yesterday.
“While our overriding objective with TARP was to break the back of the financial crisis and save American jobs, the fact that our investment in banks has also delivered a significant profit for taxpayers is a welcome development,’’ Treasury Secretary Timothy Geithner said in a statement. “We still have more work to do repairing the damage caused by the crisis and strengthening the recovery, but today is an important milestone in our efforts to recover taxpayer dollars as we continue winding down TARP.’’
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making s-b.com a kinder, gentler place for all 
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03-31-2011, 02:03 PM
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#2
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Registered User
Join Date: May 2008
Location: Mansfield, MA
Posts: 5,238
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I just came here to post it. I think it's excellent news and initially would have been surprised if we broke even on the bailouts.
However, I can think of half a dozen ways to do better than a 3% ROI over 2 1/2 years.
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03-31-2011, 02:03 PM
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#3
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Registered User
Join Date: May 2003
Location: Easton, MA
Posts: 5,735
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It's all Bush's faul..... Oh, never mind.
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Conservatism is not about leaving people behind. Conservatism is about empowering people to catch up, to give them tools at their disposal that make it possible for them to access all the hope, all the promise, all the opportunity that America offers. - Marco Rubio
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03-31-2011, 03:06 PM
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#4
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Great White Scup Hunter
Join Date: Nov 2006
Location: In the Corner...
Posts: 2,251
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03-31-2011, 03:46 PM
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#5
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Super Moderator
Join Date: Sep 2003
Location: Georgetown MA
Posts: 18,178
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Somebody should tell George.....
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"If you're arguing with an idiot, make sure he isn't doing the same thing."
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03-31-2011, 03:51 PM
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#6
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Mosholu
Join Date: Feb 2007
Location: NYC
Posts: 440
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It is nice that we did not lose any money but we are really no better off or removed from risk of bank failures as a result of this or anything else Mr. Geithner has had a hand in. The large banks are more concentrated than ever and there are no restrictions on credit default swaps or other derivative products that played a big part in the crisis. Also do not forget that the bill for Fannie and Freddie has not come in yet and there is no doubt that will easily consume any profit was made from TARP.
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03-31-2011, 04:08 PM
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#7
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Registered User
Join Date: Sep 2003
Location: Libtardia
Posts: 21,556
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Congrats to bush!!
Posted from my iPhone/Mobile device
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04-01-2011, 11:15 AM
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#8
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Registered User
Join Date: Oct 2009
Posts: 122
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I know they are patting themselves on the back for the profit on the Tarp Program. First didn't the Gov't have to borrow the money to lend it. What about the cost to borrow the money? Guess who they borrowed it from.... the banks.... Look that one up. ..it will really frost ya.. Banks were giving 0% money to prop themselves up and Bought T-bills and reaped the interest ....What about the cost to run the Tarp Program. I'll bet the Gov't found lots of way to spend Admin money.
But like Mosholu said...Fannie and Freddie still haven't been addressed. Look it up...It's not part of Tarp or The new Financial Regulation Bill.... Something like 158 million has been dumped into them and not accounted for....Yet .... another 60-200 million by 2013.... this money is coming from The FED at a 10% premium.
Oh yeah we mustn't forget GM either... that was a Gem... the pensions were left fully funded, the bond holders were good and the shareholders were left out in the cold.....I believe they all should have been left to fail......Banks, Autos the whole lot...... another firm would have taken up the business.
Last edited by sburnsey931; 04-01-2011 at 11:28 AM..
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04-01-2011, 11:44 AM
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#9
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sick of bluefish
Join Date: Aug 2003
Location: TEXAS
Posts: 8,672
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Quote:
Originally Posted by sburnsey931
I
But like Mosholu said...Fannie and Freddie still haven't been addressed. Look it up...It's not part of Tarp or The new Financial Regulation Bill.... Something like 158 million has been dumped into them and not accounted for....Yet .... another 60-200 million by 2013.... this money is coming from The FED at a 10% premium.
Oh yeah we mustn't forget GM either... that was a Gem... the pensions were left fully funded, the bond holders were good and the shareholders were left out in the cold.....I believe they all should have been left to fail......Banks, Autos the whole lot...... another firm would have taken up the business.
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agree and the person responsible is - Obama, Obama and Obama |
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