PING!
TARP an abysmal failure?
I’m shocked. Just shocked!
I am “deeply offended” that Geithner and the rest of his incompetent, criminal cretins are not in federal prison.
Shove it up your smelly Obama, Geithner. The only place for stellar incompetance such as yours is in government.
It was a rousing Cloward-Piven success.
The list, Ping
Let me know if you would like to be on or off the ping list
I was not in favor of TARP, but the banks did pay TARP back.
However, what we will NEVER see back is the billions and billions and billions of dollars poured down the rat-hole of the government-sponsored enterprises Fannie and Freddie.
The left wants to demonize large banks in the minds of the sheeple in order to politically prepare for nationalizing the banks.
But they don’t want people to look at Fannie and Freddie and what the government was doing, because these are basically giant liberal slush funds who helped the Left destroy our traditional mortgage lending standards in the name of affirmative action.
Stimulus through Government spending: It’s like taking water out of the deep end of the pool, pouring it in the shallow end, hoping to make the shallow end deeper.
The bank recapitalization portion worked great. Cascading bank failures didn't occur. The banks paid the money back, at a profit to the Treasury.
The auto portion will end up costing tens of billions. And we'll never get back the $100 billion plus that TARP gave to Fannie and Freddie. The mortgage giveaway portion was also a waste of money.
TARP locked in $1.4T deficits and is not stopping, and that is why they have not made a budget in 4 years. They would have to go BACK TO the last baseline budget figures of 2008 (+ 6% baseline)
TARP failure is so NOT Bush’s fault
hell half the money ($350Billion) didn’t even get requested until Bush’s’ last 8 days of office
No sir, obama (”office of the president elect”) and Geithner had control of the TARP slush fund, OBAMA called the bankers into his office in early 2009 and doled out the money to them, obama and pelosi doled out TARP money to GM and the UAW (totally NOT what it was requested for in the TARP act) and OBAMA is responsible for how it was wasted
TARP was sold to Congress as a financial aid to the foreclosure crisis. Barofsky’s point it that Tarp would never have been approved if it hadn’t had the promises that the banks would help homeowners.
They didn’t. For the most part, the homeowners under water got zero help from all those banks and mortgage companies.
Instead, The money was used by the big banks and institutions for purposes outside of the original idea. It is just wrong.
TARP “did help prevent financial Armageddon,” he concedes.
That’s all TARP as originally proposed by Paulson was meant to do. Pelosi and the Democrats loaded it up with all the crap that failed.
Ryan on TARP (he voted for it). Pretty accurate as the Dems bastardized it far away from its original purpose.
In his 2013 budget, the House Budget chairman accuses the Treasury Department of having diverted TARP from its original purpose of “providing targeted assistance to unlock credit markets” and turning the program “into an ad hoc, opaque bailout and a slush fund for large private institutions.” Although Ryan’s budget acknowledges that TARP “succeeded in halting a systemic panic,” the budget also concludes that TARP has “morphed into crony capitalism at its worst.”
Government should not save companies from the consequences of their bad decisions.