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Tarp - not as expensive as projected - 12/7/2009 8:42:39 PM   
tazzygirl


Posts: 37833
Joined: 10/12/2007
Status: offline 		Estimated TARP Cost Is Cut by $200 Billion

DECEMBER 7, 2009

WASHINGTON -- The Obama administration, buoyed by a resurgent Wall Street, plans to cut the projected long-term cost of the Troubled Asset Relief Program by more than $200 billion, in a move that could smooth the way for the introduction of a new jobs program.

The White House and leaders in Congress are debating whether to use any of the remaining TARP funds for other domestic efforts, such as a jobs bill. Congress authorized $700 billion for the program during the height of the financial crisis.

The Treasury now estimates that over the next 10 years TARP will cost $141 billion at most, down from the $341 billion the White House projected in August. The reduction stems in large part from faster-than-expected repayments by some of the nation's largest banks, as well as less spending on programs to help shore up the financial sector.

The government's efforts appear to have helped stabilize the financial sector, and banks have already repaid the Treasury about $70 billion. Bank of America Corp. has said it will return its $45 billion investment as early as this week, and the government now expects total repayments to reach as much as $175 billion by the end of next year. Altogether, it invested $204 billion in 690 firms. The Treasury has also collected more than $10 billion in interest and dividend payments from firms in which it has invested.

...............

and true to partisan form

President Barack Obama is expected to raise the idea of using repaid TARP funds for a jobs bill in a speech he plans to give on Tuesday. On Friday, White House press secretary Robert Gibbs acknowledged that repaid bailout money is "certainly being looked at" for a jobs bill.

Many Republicans are opposed to recycling TARP funds for a jobs bill, calling instead for the money to go toward reducing the deficit. House Minority Leader John A. Boehner (R., Ohio), on Bloomberg television Friday, called it "the worst idea" he had ever heard.

_____________________________

Telling me to take Midol wont help your butthurt.
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Duchess of Dissent 1
Dont judge me because I sin differently than you.
If you want it sugar coated, dont ask me what i think! It would violate TOS.
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RE: Tarp - not as expensive as projected - 12/7/2009 9:31:19 PM   
DarkSteven


Posts: 28072
Joined: 5/2/2008
Status: offline 		This pisses me off.  Congress voted for TARP (over taxpayers' strident objections) for $700 bil for TARP.  Now they are claiming that it's free money.

Bullshit!  It was taken unwillingly from the taxpayers.  It's taxation without representation OR justification!

Deficit reduction isn't as good as not taking the money in the first place. But it's the next most appropriate use of it.




_____________________________

"You women....

The small-breasted ones want larger breasts. The large-breasted ones want smaller ones. The straight-haired ones curl their hair, and the curly-haired ones straighten theirs...

Quit fretting. We men love you."

(in reply to tazzygirl)
Profile   Post #: 2
RE: Tarp - not as expensive as projected - 12/7/2009 9:40:48 PM   
tazzygirl


Posts: 37833
Joined: 10/12/2007
Status: offline 		So we take the 200 billion and apply it to the deficit of... 11 trillion. Or we take the money and attempt to stimulate job growth.

Any other options?

_____________________________

Telling me to take Midol wont help your butthurt.
RIP, my demon-child 5-16-11
Duchess of Dissent 1
Dont judge me because I sin differently than you.
If you want it sugar coated, dont ask me what i think! It would violate TOS.

(in reply to DarkSteven)
Profile   Post #: 3
RE: Tarp - not as expensive as projected - 12/7/2009 9:50:32 PM   
AnimusRex


Posts: 2165
Joined: 5/13/2006
Status: offline
quote:

ORIGINAL: tazzygirl

So we take the 200 billion and apply it to the deficit of... 11 trillion. Or we take the money and attempt to stimulate job growth.
Any other options?


My checking account could use a lift.

(in reply to tazzygirl)
Profile   Post #: 4
RE: Tarp - not as expensive as projected - 12/7/2009 9:52:59 PM   
tazzygirl


Posts: 37833
Joined: 10/12/2007
Status: offline 		With that kind of lift, you will be beating the girls off!

~grins

_____________________________

Telling me to take Midol wont help your butthurt.
RIP, my demon-child 5-16-11
Duchess of Dissent 1
Dont judge me because I sin differently than you.
If you want it sugar coated, dont ask me what i think! It would violate TOS.

(in reply to AnimusRex)
Profile   Post #: 5
RE: Tarp - not as expensive as projected - 12/7/2009 9:53:58 PM   
spragueA


Posts: 24
Joined: 8/24/2005
Status: offline 		Do you have a URL link available so I can read more on this subject, please?

(in reply to tazzygirl)
Profile   Post #: 6
RE: Tarp - not as expensive as projected - 12/7/2009 9:55:18 PM   
tazzygirl


Posts: 37833
Joined: 10/12/2007
Status: offline 		The link is on the first post... click on the heading of the article.

_____________________________

Telling me to take Midol wont help your butthurt.
RIP, my demon-child 5-16-11
Duchess of Dissent 1
Dont judge me because I sin differently than you.
If you want it sugar coated, dont ask me what i think! It would violate TOS.

(in reply to spragueA)
Profile   Post #: 7
RE: Tarp - not as expensive as projected - 12/7/2009 10:00:03 PM   
popeye1250


Posts: 18104
Joined: 1/27/2006
From: New Hampshire
Status: offline
quote:

ORIGINAL: AnimusRex


quote:

ORIGINAL: tazzygirl

So we take the 200 billion and apply it to the deficit of... 11 trillion. Or we take the money and attempt to stimulate job growth.
Any other options?


My checking account could use a lift.



Yeah, how's about a "TARP" for the Taxpayers?
That would help out the economy greatly!

_____________________________

"But Your Honor, this is not a Jury of my Peers, these people are all decent, honest, law-abiding citizens!"

(in reply to AnimusRex)
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RE: Tarp - not as expensive as projected - 12/7/2009 10:01:43 PM   
spragueA


Posts: 24
Joined: 8/24/2005
Status: offline 		Thank you, tazzy!

(in reply to tazzygirl)
Profile   Post #: 9
RE: Tarp - not as expensive as projected - 12/7/2009 10:02:00 PM   
Silence8


Posts: 833
Joined: 11/2/2009
Status: offline 		I'm a little unclear on how the 700 billion was originally going to be allocated, spent. Anyone care to explain?

So the banks basically ask for some amount of money, and it's lent to them at, what, no interest?

(in reply to spragueA)
Profile   Post #: 10
RE: Tarp - not as expensive as projected - 12/8/2009 1:00:41 AM   
Fellow


Posts: 1486
Joined: 9/21/2009
Status: offline 		The major banks are still zombies. They are allowed to use accounting tricks to hide non-performing assets (derivatives).
The big hurry to pay back bailout money is for removing the restrictions from the size of year-end bonuses (not sure but I guess so).
US goes down if nothing will be done soon to get rid of this parasitism.

(in reply to tazzygirl)
Profile   Post #: 11
RE: Tarp - not as expensive as projected - 12/8/2009 7:32:02 PM   
UncleNasty


Posts: 1108
Joined: 3/20/2004
Status: offline 		This is akin to Blondie telling Dagwood she saved money because Tudbury's was having a sale. Another indication of the quality folks we have taking care of us.

Uncle

(in reply to Fellow)
Profile   Post #: 12
RE: Tarp - not as expensive as projected - 12/8/2009 7:38:44 PM   
DarkSteven


Posts: 28072
Joined: 5/2/2008
Status: offline
quote:

ORIGINAL: Fellow

The major banks are still zombies. They are allowed to use accounting tricks to hide non-performing assets (derivatives).
The big hurry to pay back bailout money is for removing the restrictions from the size of year-end bonuses (not sure but I guess so).
US goes down if nothing will be done soon to get rid of this parasitism.


Exactly.  Part of the problem is that the basic problem - permitting the banks to create crap derivatives with no real valuations and ignored risk factors - has not been addressed.  Part of the problem is that the money was handed to them with no strings attached - so they are still not lending, which was the idea behind the bailout in the first place.

My ideas are:

1. Indict the banks' CEOs for fraud if their banks sold derivatives while claiming that they had value.
2. Have local governments seize foreclosed houses that have not sold after six months in the banks' hands and sell them at auction.  Subtract the auction costs from the sale price and remit to the banks, and explain that their nonperforming assets just got valued.

Both the Bush and Obama administrations have been ridiculously loose with taxpayer money to bail out crooks...


_____________________________

"You women....

The small-breasted ones want larger breasts. The large-breasted ones want smaller ones. The straight-haired ones curl their hair, and the curly-haired ones straighten theirs...

Quit fretting. We men love you."

(in reply to Fellow)
Profile   Post #: 13
RE: Tarp - not as expensive as projected - 12/8/2009 7:41:32 PM   
willbeurdaddy


Posts: 11894
Joined: 4/8/2006
Status: offline
quote:

ORIGINAL: DarkSteven

quote:

ORIGINAL: Fellow

The major banks are still zombies. They are allowed to use accounting tricks to hide non-performing assets (derivatives).
The big hurry to pay back bailout money is for removing the restrictions from the size of year-end bonuses (not sure but I guess so).
US goes down if nothing will be done soon to get rid of this parasitism.


Exactly.  Part of the problem is that the basic problem - permitting the banks to create crap derivatives with no real valuations and ignored risk factors - has not been addressed.  Part of the problem is that the money was handed to them with no strings attached - so they are still not lending, which was the idea behind the bailout in the first place.

My ideas are:

1. Indict the banks' CEOs for fraud if their banks sold derivatives while claiming that they had value.
2. Have local governments seize foreclosed houses that have not sold after six months in the banks' hands and sell them at auction.  Subtract the auction costs from the sale price and remit to the banks, and explain that their nonperforming assets just got valued.

Both the Bush and Obama administrations have been ridiculously loose with taxpayer money to bail out crooks...



I asked Tazzy and she couldnt respond, maybe you can. Why arent they lending?

(in reply to DarkSteven)
Profile   Post #: 14
RE: Tarp - not as expensive as projected - 12/8/2009 7:58:33 PM   
slvemike4u


Posts: 17896
Joined: 1/15/2008
From: United States
Status: offline
quote:

ORIGINAL: tazzygirl

With that kind of lift, you will be beating the girls off!

~grins
Bullshit...with that kind of money ,the least the girls can do is beat me off !

_____________________________

If we want things to stay as they are,things will have to change...Tancredi from "the Leopard"

Forget Guns-----Ban the pools

Funny stuff....https://www.youtube.com/watch?v=eNwFf991d-4


(in reply to tazzygirl)
Profile   Post #: 15
RE: Tarp - not as expensive as projected - 12/8/2009 8:22:49 PM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline 		The fed wants to pull 1.5 tril out of the economy as early as 1-1-10. New bank rules go into effect.   125%  collateral.  The FDIC will be disbanded by end 2010.  A currency devaluation is set for 2010- probably 3 $ for a new one.

Buy GOLD/Silver.

My source is Bob Chapman.

(in reply to slvemike4u)
Profile   Post #: 16
RE: Tarp - not as expensive as projected - 12/8/2009 8:27:41 PM   
tazzygirl


Posts: 37833
Joined: 10/12/2007
Status: offline
quote:

ORIGINAL: willbeurdaddy


quote:

ORIGINAL: DarkSteven

quote:

ORIGINAL: Fellow

The major banks are still zombies. They are allowed to use accounting tricks to hide non-performing assets (derivatives).
The big hurry to pay back bailout money is for removing the restrictions from the size of year-end bonuses (not sure but I guess so).
US goes down if nothing will be done soon to get rid of this parasitism.


Exactly.  Part of the problem is that the basic problem - permitting the banks to create crap derivatives with no real valuations and ignored risk factors - has not been addressed.  Part of the problem is that the money was handed to them with no strings attached - so they are still not lending, which was the idea behind the bailout in the first place.

My ideas are:

1. Indict the banks' CEOs for fraud if their banks sold derivatives while claiming that they had value.
2. Have local governments seize foreclosed houses that have not sold after six months in the banks' hands and sell them at auction.  Subtract the auction costs from the sale price and remit to the banks, and explain that their nonperforming assets just got valued.

Both the Bush and Obama administrations have been ridiculously loose with taxpayer money to bail out crooks...



I asked Tazzy and she couldnt respond, maybe you can. Why arent they lending?


I did respond. Go look again. Not my fault you didnt like the answer.

_____________________________

Telling me to take Midol wont help your butthurt.
RIP, my demon-child 5-16-11
Duchess of Dissent 1
Dont judge me because I sin differently than you.
If you want it sugar coated, dont ask me what i think! It would violate TOS.

(in reply to willbeurdaddy)
Profile   Post #: 17
RE: Tarp - not as expensive as projected - 12/8/2009 8:37:37 PM   
DarkSteven


Posts: 28072
Joined: 5/2/2008
Status: offline
quote:

ORIGINAL: willbeurdaddy

I asked Tazzy and she couldnt respond, maybe you can. Why arent they lending?


Why should they?

Speculative investments pay much better if the downside to them is a bailout.  Heads the banks win, tails the taxpayers lose.  Lending pays only the spread between the cost of money and the prevailing loan rates.

The core problem is that lending is not that profitable.  Chicanery such as subprime loans while ignoring risk are much more profitable.  We actually have a free market problem in that the best use of the money for the bank is NOT the one that benefits society (lending), The lending function is vital to the economy, but speculation is more profitable.





_____________________________

"You women....

The small-breasted ones want larger breasts. The large-breasted ones want smaller ones. The straight-haired ones curl their hair, and the curly-haired ones straighten theirs...

Quit fretting. We men love you."

(in reply to willbeurdaddy)
Profile   Post #: 18
RE: Tarp - not as expensive as projected - 12/9/2009 11:48:54 AM   
willbeurdaddy


Posts: 11894
Joined: 4/8/2006
Status: offline
quote:

ORIGINAL: pahunkboy

The fed wants to pull 1.5 tril out of the economy as early as 1-1-10. New bank rules go into effect.   125%  collateral.  The FDIC will be disbanded by end 2010.  A currency devaluation is set for 2010- probably 3 $ for a new one.

Buy GOLD/Silver.

My source is Bob Chapman.



Is he a comedian?

(in reply to pahunkboy)
Profile   Post #: 19
RE: Tarp - not as expensive as projected - 12/9/2009 11:52:01 AM   
willbeurdaddy


Posts: 11894
Joined: 4/8/2006
Status: offline
quote:

ORIGINAL: DarkSteven

quote:

ORIGINAL: willbeurdaddy

I asked Tazzy and she couldnt respond, maybe you can. Why arent they lending?


Why should they?

Speculative investments pay much better if the downside to them is a bailout.  Heads the banks win, tails the taxpayers lose.  Lending pays only the spread between the cost of money and the prevailing loan rates.

The core problem is that lending is not that profitable.  Chicanery such as subprime loans while ignoring risk are much more profitable.  We actually have a free market problem in that the best use of the money for the bank is NOT the one that benefits society (lending), The lending function is vital to the economy, but speculation is more profitable.







Gosh where did they ever get the idea that they could be bailed out if speculative investments fail?

(in reply to DarkSteven)
Profile   Post #: 20
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