TARP: Widely Reviled, Cheaper Than Expected

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TARP: Widely Reviled, Cheaper Than Expected - 10/4/2010 4:21:32 PM

Lucylastic

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TARP, the big bailout program created in late 2008, is likely to be a lot cheaper than people expected just a few months ago. At the same time, TARP is still widely unpopular, this morning's NYT notes. Oddly enough, these two facts may be related. The program — which gave the government the authority to spend $700 billion on bailouts — is set to expire this weekend. The White House said this week that the ultimate cost to the government will likely be $50 billion or less. The (nonpartisan) CBO recently estimated the final cost at $66 billion, down from an estimate of more than $100 billion earlier this year.more info here
http://www.npr.org/blogs/money/2010/10/01/130267611/tarp?ps=rs

I thought it was interesting that zero has been mentioned about this until now.Why?

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RE: TARP: Widely Reviled, Cheaper Than Expected - 10/4/2010 4:26:40 PM

peacefulplace

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Democrats are very, very bad at delivering their message.

And there are all those tea baggers out there delivering so much more interesting messages, like don't touch yourself there and there are headless people in the deserts of Arizona because of illegal immigration.

Now, those two ideas make for interesting sound bytes! Things that are soundly grounded in reality? Not so much. Our media make me sick.

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(in reply to Lucylastic)

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RE: TARP: Widely Reviled, Cheaper Than Expected - 10/4/2010 4:31:55 PM

rulemylife

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The why is that even though it was a Bush program the Republicans have tried to capitalize on its unpopularity by attempting to hold Obama responsible for it.

And by ignoring that it was successful to exploit the sentiment of uninformed voters.

(in reply to Lucylastic)

Post #: 3

RE: TARP: Widely Reviled, Cheaper Than Expected - 10/4/2010 6:28:59 PM

pahunkboy

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What a lie.

No one believes this.

(in reply to rulemylife)

Post #: 4

RE: TARP: Widely Reviled, Cheaper Than Expected - 10/4/2010 6:36:36 PM

Lucylastic

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It is? which part is a lie, what makes it a lie, have you got any proof its a lie?

Is it part of the conspiracy that the NWO is making the cbo say the costs are lower and other places/aig claim to have paid money back, have they taken it from their vast resources to create the illusion of good news??

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RE: TARP: Widely Reviled, Cheaper Than Expected - 10/4/2010 6:39:42 PM

pahunkboy

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quote:

ORIGINAL: Lucylastic

It is? which part is a lie, what makes it a lie, have you got any proof its a lie?

Is it part of the conspiracy that the NWO is making the cbo say the costs are lower and other places/aig claim to have paid money back, have they taken it from their vast resources to create the illusion of good news??

It is a lie. It wont be long and Goldman will announce bonuses. AGAIN.

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Post #: 6

RE: TARP: Widely Reviled, Cheaper Than Expected - 10/4/2010 7:03:58 PM

Lucylastic

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I thought not.

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Post #: 7

RE: TARP: Widely Reviled, Cheaper Than Expected - 10/4/2010 7:08:57 PM

Fellow

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Can somebody explain how did the banks earn $650B?
Popular commentator: [ http://www.nakedcapitalism.com/2010/10/quelle-surprise-team-obama-having-trouble-selling-tarp-success.html ]
"....Thus Obama’s incentives are to come up with “solutions” that paper over problems, avoid meaningful conflict with the industry, minimize complaints, and restore the old practice of using leverage and investment gains to cover up stagnation in worker incomes. Potemkin reforms dovetail with the financial service industry’s goal of forestalling any measures that would interfere with its looting. So the only problem with this picture was how to fool the now-impoverished public into thinking a program of Mussolini-style corporatism represented progress...."

(in reply to Lucylastic)

Post #: 8

RE: TARP: Widely Reviled, Cheaper Than Expected - 10/4/2010 7:09:46 PM

pahunkboy

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quote:

ORIGINAL: Lucylastic

I thought not.

Oh?

There were x number of banks as we started TARP.

How many banks are there now?

And WHOM pays for the FDIC on those banks that went under?

Who?

I want to know who.

(in reply to Lucylastic)

Post #: 9

RE: TARP: Widely Reviled, Cheaper Than Expected - 10/4/2010 7:12:38 PM

pahunkboy

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http://www.fdic.gov/bank/individual/failed/banklist.html

Here is you link. See how cheap TARP was?

Yeah- what a success. HA!

(in reply to pahunkboy)

Post #: 10

RE: TARP: Widely Reviled, Cheaper Than Expected - 10/4/2010 7:55:56 PM

rulemylife

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quote:

ORIGINAL: pahunkboy

quote:

ORIGINAL: Lucylastic

I thought not.

Oh?

There were x number of banks as we started TARP.

How many banks are there now?

And WHOM pays for the FDIC on those banks that went under?

Who?

I want to know who.

How many do you think would have failed without TARP?

Without TARP it is very possible that the FDIC could have run out of funds. That possibility was debated in Congress.

So the choice was between propping up the banks with a promise of repayment or waiting until they failed and the FDIC had to compensate the depositors.

(in reply to pahunkboy)

Post #: 11

RE: TARP: Widely Reviled, Cheaper Than Expected - 10/4/2010 8:03:15 PM

pahunkboy

Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline

quote:

ORIGINAL: rulemylife

quote:

ORIGINAL: pahunkboy

quote:

ORIGINAL: Lucylastic

I thought not.

Oh?

There were x number of banks as we started TARP.

How many banks are there now?

And WHOM pays for the FDIC on those banks that went under?

Who?

I want to know who.

How many do you think would have failed without TARP?

Without TARP it is very possible that the FDIC could have run out of funds. That possibility was debated in Congress.

So the choice was between propping up the banks with a promise of repayment or waiting until they failed and the FDIC had to compensate the depositors.

The topic is how cheap TARP was. I say it is not cheap.

and you say it was required.

which means it was not cheap- it was a rip off.

I dont use banks much- so for me- it was a waste of money

HOARD SILVER

(in reply to rulemylife)

Post #: 12

RE: TARP: Widely Reviled, Cheaper Than Expected - 10/4/2010 8:17:19 PM

rulemylife

Posts: 14614
Joined: 8/23/2004
Status: offline

quote:

ORIGINAL: pahunkboy

The topic is how cheap TARP was. I say it is not cheap.

and you say it was required.

which means it was not cheap- it was a rip off.

I dont use banks much- so for me- it was a waste of money

HOARD SILVER

HOARD ALUMINUM!

Bob Chapman said that is the next big moneymaker and Alex agreed.

Myself, I don't have any room for my car in the garage anymore because it is filled with empty cans.

But I know it will pay off, because Bob and Alex told me so.

(in reply to pahunkboy)

Post #: 13

RE: TARP: Widely Reviled, Cheaper Than Expected - 10/4/2010 8:34:40 PM

pahunkboy

Posts: 33061
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From: Central Pennsylvania
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I hope they do pass another TARP.

I miss silver at $9 an ounce. Those were the good old days.

(in reply to rulemylife)

Post #: 14

RE: TARP: Widely Reviled, Cheaper Than Expected - 10/4/2010 9:08:51 PM

rulemylife

Posts: 14614
Joined: 8/23/2004
Status: offline

quote:

ORIGINAL: Fellow

Can somebody explain how did the banks earn $650B?
Popular commentator: [ http://www.nakedcapitalism.com/2010/10/quelle-surprise-team-obama-having-trouble-selling-tarp-success.html ]
"....Thus Obama’s incentives are to come up with “solutions” that paper over problems, avoid meaningful conflict with the industry, minimize complaints, and restore the old practice of using leverage and investment gains to cover up stagnation in worker incomes. Potemkin reforms dovetail with the financial service industry’s goal of forestalling any measures that would interfere with its looting. So the only problem with this picture was how to fool the now-impoverished public into thinking a program of Mussolini-style corporatism represented progress...."

Only if you can explain to me how you and the author of the article seem to believe Obama could wave a magic wand and TARP would disappear.

Then we can move on to discussing whether it was a success or failure.

< Message edited by rulemylife -- 10/4/2010 9:23:45 PM >

(in reply to Fellow)

Post #: 15

RE: TARP: Widely Reviled, Cheaper Than Expected - 10/4/2010 9:28:43 PM

pahunkboy

Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline

quote:

ORIGINAL: Fellow

Can somebody explain how did the banks earn $650B?
Popular commentator: [ http://www.nakedcapitalism.com/2010/10/quelle-surprise-team-obama-having-trouble-selling-tarp-success.html ]
"....Thus Obama’s incentives are to come up with “solutions” that paper over problems, avoid meaningful conflict with the industry, minimize complaints, and restore the old practice of using leverage and investment gains to cover up stagnation in worker incomes. Potemkin reforms dovetail with the financial service industry’s goal of forestalling any measures that would interfere with its looting. So the only problem with this picture was how to fool the now-impoverished public into thinking a program of Mussolini-style corporatism represented progress...."

Here is a 2 minute vid for you. You will comprehend it- the others here will not. In a way it is comical. So basic... so historic. I hope your stack is building nicely. Yay for PMs.

http://www.youtube.com/watch?v=hnEELCk3mBg&feature=sub

(in reply to Fellow)

Post #: 16

RE: TARP: Widely Reviled, Cheaper Than Expected - 10/4/2010 9:28:58 PM

rulemylife

Posts: 14614
Joined: 8/23/2004
Status: offline

quote:

ORIGINAL: pahunkboy

I hope they do pass another TARP.

I miss silver at $9 an ounce. Those were the good old days.

Alex said that aluminum was going to reach $500 a pound.

(in reply to pahunkboy)

Post #: 17

RE: TARP: Widely Reviled, Cheaper Than Expected - 10/4/2010 9:37:40 PM

pahunkboy

Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline

I am not interested in aluminum.

(in reply to rulemylife)

Post #: 18

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