Amazing - TARP might actually turn a profit

O

Onceler

New member
Remember when this was going to pass massive debt onto the next generation?

http://www.msnbc.msn.com/id/39449834/ns/business-the_new_york_times/

"But the once-unthinkable possibility that the $700 billion Troubled Asset Relief Program could end up costing far less, or even nothing, became more likely on Thursday with the news that the government had negotiated a plan with the American International Group to begin repaying taxpayers. "

“It was probably the only effective method available to us to keep from having a financial meltdown much worse than we actually had. Had that happened, unemployment would be substantially higher than it is now, the deficit would have gone up even more than it has,” Mr. Elliott added. “But it really cuts against the grain for a public that is so angry at banks to think that something that so plainly helped the banks could also be good for the public.”
 
Onceler said:
Remember when this was going to pass massive debt onto the next generation?

http://www.msnbc.msn.com/id/39449834/ns/business-the_new_york_times/

"But the once-unthinkable possibility that the $700 billion Troubled Asset Relief Program could end up costing far less, or even nothing, became more likely on Thursday with the news that the government had negotiated a plan with the American International Group to begin repaying taxpayers. "

“It was probably the only effective method available to us to keep from having a financial meltdown much worse than we actually had. Had that happened, unemployment would be substantially higher than it is now, the deficit would have gone up even more than it has,” Mr. Elliott added. “But it really cuts against the grain for a public that is so angry at banks to think that something that so plainly helped the banks could also be good for the public.”
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remember who it was that said those 'worthless' securities actually had value?

remember who has asked many times.... "with all the money that is being repaid.... WHERE THE FUCK IS IT GOING?" .... the debt is not going down... what are the idiots in DC doing with these funds?
 
Superfreak said:
remember who it was that said those 'worthless' securities actually had value?

remember who has asked many times.... "with all the money that is being repaid.... WHERE THE FUCK IS IT GOING?" .... the debt is not going down... what are the idiots in DC doing with these funds?
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Well, the article states that they're working out a program to repay the taxpayer. Beyond that, it's written into the legislation that they have to recoup the funds for the taxpayer one way or the other, so that the program is ultimately debt-neutral (albeit within a 5-year timeframe).

Good enough?
 
Onceler said:
Well, the article states that they're working out a program to repay the taxpayer. Beyond that, it's written into the legislation that they have to recoup the funds for the taxpayer one way or the other, so that the program is ultimately debt-neutral (albeit within a 5-year timeframe).

Good enough?
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No. Because the bulk of TARP has been repaid. That money is sitting somewhere. The public deserves to know WHERE. If they have the money back, they should be paying down the debt so that we don't continue accruing interest on it.

So much for transparency.
 
As soon as you idiots allow the government to profit off of taxpayer loans, the republic is dead. Government is not here to 'turn a profit'.
 
SmarterThanYou said:
As soon as you idiots allow the government to profit off of taxpayer loans, the republic is dead. Government is not here to 'turn a profit'.
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No offense, but that's a pretty lame attempt at some sort of negative to this.

"Profit" is probably a wrong word, because ultimately, it's just money the banks are paying back for getting bailed out, and will go toward bringing the debt down more.

Small price to pay for not failing.
 
Onceler said:
No offense, but that's a pretty lame attempt at some sort of negative to this.

"Profit" is probably a wrong word, because ultimately, it's just money the banks are paying back for getting bailed out, and will go toward bringing the debt down more.

Small price to pay for not failing.
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profit is definitely the wrong word then. I'll chalk that up to poor representation of the payback and me not making an attempt to read any of the articles. no harm no foul.

on to the failing part....

TARP supporters, left and right, have done nothing more than assuage the fears of big business and big banks that they could possibly go bankrupt or out of business by forcing taxpayers to bail them out. Not that TARP was the first lob in destroying capitalism and free market risk, because it's been done since the wall street crash, but you've certainly made a huge effort in telling the corporate world that as long as they band together to control the country, they need never fear losing that power because your government will fork over billions of the peoples money.

nice going.
 
As Nobel Prize Eonomist Joeseph Stigliz said:

"The too big to fail banks have become even bigger, posing a much greater threat than we had" {paraphrase}. Also, these banks got TARP money and what did they do with it? The didn't make money investing it they made money BUYING GOVERNMENT TREASURIES. Wake up people.....
 
SmarterThanYou said:
profit is definitely the wrong word then. I'll chalk that up to poor representation of the payback and me not making an attempt to read any of the articles. no harm no foul.

on to the failing part....

TARP supporters, left and right, have done nothing more than assuage the fears of big business and big banks that they could possibly go bankrupt or out of business by forcing taxpayers to bail them out. Not that TARP was the first lob in destroying capitalism and free market risk, because it's been done since the wall street crash, but you've certainly made a huge effort in telling the corporate world that as long as they band together to control the country, they need never fear losing that power because your government will fork over billions of the peoples money.

nice going.
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But democrats were in charge, so Dunceler thinks it's awesome. No doubt he would have a different tune if repubs were pulling the strings
 
tinfoil said:
But democrats were in charge, so Dunceler thinks it's awesome. No doubt he would have a different tune if repubs were pulling the strings
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TARP was basically a Bush deal, and I have always given him credit for that.

Don't project your extreme Beck-loving hackiness onto me, please.
 
Onceler said:
No offense, but that's a pretty lame attempt at some sort of negative to this.

"Profit" is probably a wrong word, because ultimately, it's just money the banks are paying back for getting bailed out, and will go toward bringing the debt down more.

Small price to pay for not failing.
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Except, the money never was actually spent, and the recession ended about the time the ink dried on the TARP bill. Ooo... lookie there, someone FAILED!
 
Could we get a better quality of conservative poster here going forward? The trollishness of Yurt, tinfoil & Dixie has become overly predictable & boring.

Thanks.
 
Onceler said:
Could we get a better quality of conservative poster here going forward? The trollishness of Yurt, tinfoil & Dixie has become overly predictable & boring.

Thanks.
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Can we get a better quality liberal buttmunch here as well? The level of gullible stupidity is at an all-time high. They've resorted to posting liberal election time propaganda as if it's credible news.
 
Dixie said:
Can we get a better quality liberal buttmunch here as well? The level of gullible stupidity is at an all-time high. They've resorted to posting liberal election time propaganda as if it's credible news.
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Yeah - you never did like facts.

I don't really care all that much about the election, btw; a GOP takeover would be okay, because, ya know, the Dems HAVE completely controlled Congress for the past 8 years & all.....
 
Onceler said:
Yeah - you never did like facts.

I don't really care all that much about the election, btw; a GOP takeover would be okay, because, ya know, the Dems HAVE completely controlled Congress for the past 8 years & all.....
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Well, at least it's good you're okay with a GOP takeover, that way you won't be too depressed when it happens in about a month.
 
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