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pkang0202
Joined: 09 Mar 2007
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 Posted: Sun Jan 31, 2010 8:38 am Post subject: Bailout cop: TARP's not working |
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http://money.cnn.com/2010/01/31/news/companies/tarp_report/
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The watchdog charged with monitoring the government's $700 billion bailout unleashed one of his harshest criticisms of the program to date, questioning its overall effectiveness.
In his latest quarterly report to Congress, special inspector general Neil Barofsky said that the Troubled Asset Relief Program, or TARP, has failed to boost bank lending as well as halt the spread of foreclosures -- two key aims of the sprawling program.
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There was at least one bit of good news from Barofsky's latest report however. He acknowledged that while the ultimate cost will still be "substantial" for American taxpayers, it will be less than originally estimated.
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However, the American public is still expected to incur a massive loss in the end -- the question is just how much it will be. A separate estimate issued earlier this year by the Congressional Budget Office warned that TARP will ultimately cost taxpayers approximately $159 billion. |
Any thoughts on this? This looks like another blow to the Obama administration. |
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Hater Depot
Joined: 29 Mar 2005
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| Posted: Sun Jan 31, 2010 9:19 am Post subject: |
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| Or for the Bush administration that created TARP and spent the majority of its funds... |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Sun Jan 31, 2010 9:22 am Post subject: |
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| To the extent that the crisis was fueled by a �bubble� in the housing market, the Federal Government�s concerted efforts to support home prices risk re-inflating that bubble in light of the Government�s effective takeover of the housing market through purchases and guarantees, either direct or implicit, of nearly all of the residential mortgage market. |
http://www.sigtarp.gov/embargoed/embargo.pdf
No big ideas needed. Just keep the banks happy. Now the American housing market has been nationalized. I'm sure it will work out ok in the end. |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Sun Jan 31, 2010 9:27 am Post subject: |
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More:
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� To the extent that huge, interconnected, �too big to fail� institutions contributed to the crisis, those institutions are now even larger, in part because of the substantial subsidies provided by TARP and other bailout programs.
� To the extent that institutions were previously incentivized to take reckless risks through a �heads, I win; tails, the Government will bail me out� mentality, the market is more convinced than ever that the Government will step in as necessary to save systemically significant institutions. This perception was reinforced when TARP was extended until October 3, 2010, thus permitting Treasury to maintain a war chest of potential rescue funding at the same time that banks that have shown questionable ability to return to profitability (and in some cases are posting multi-billion-dollar losses) are exiting TARP programs.
� To the extent that large institutions� risky behavior resulted from the desire to justify ever-greater bonuses � and indeed, the race appears to be on for TARP recipients to exit the program in order to avoid its pay restrictions � the current bonus season demonstrates that although there have been some improvements in the form that bonus compensation takes for some executives, there has been little fundamental change in the excessive compensation culture on Wall Street. |
Paulson, Friedman (a director at Goldman and the NY Fed - at the same time) and Benny told the world that if we didn't act now and Do Something the world would end. They got what they wanted.
To understand why things are as they are read The Creature From Jekyll Island. The financial/monetary system functions as it was designed. |
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pkang0202
Joined: 09 Mar 2007
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| Posted: Sun Jan 31, 2010 9:33 am Post subject: |
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| Hater Depot wrote: |
| Or for the Bush administration that created TARP and spent the majority of its funds... |
Bush created TARP, but Obama changed it. Bush spent the first $350 Million, but Obama has the rest (which is the majority of the funds).
TARP and the Stimulus is in Obama's hands. Bush may have created TARP, but its Obama's baby now. If TARP was going well, and working wonderfully, would Obama give the credit to Bush or would he take credit for it himself? Considering all the Bush bashing he did in his State of the Union Address, I doubt it.
So, its Obama's baby. If it goes down, its his responsibility since he's the boss now. |
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Ya-ta Boy
Joined: 16 Jan 2003
Location: Established in 1994
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| Posted: Sun Jan 31, 2010 2:07 pm Post subject: |
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Paulson, Friedman (a director at Goldman and the NY Fed - at the same time) and Benny told the world that if we didn't act now and Do Something the world would end. They got what they wanted.
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And the list of those urging immediate bailout action was not limited to only the 3 mentioned. |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Sun Jan 31, 2010 2:22 pm Post subject: |
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| And they all lied to you. And you fell for it. They get billions and you sink back into "raise taxes". And then they'll take that too, and you'll buy the excuse for that one as well. See the pattern? |
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Pluto
Joined: 19 Dec 2006
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| Posted: Sun Jan 31, 2010 3:09 pm Post subject: |
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http://freedomwatchonfox.com/2010/01/25/01252010-freedom-watch-73-w-david-boaz-cody-willard-and-g-edward-griffin/101193/
Watch Part 2 of this Freedom Watch. Interesting that the government, the SEC specifically, worked in concert with the NY Fed and AIG to make sure that Goldman Sachs, Deutsch Bank and other parties who would have otherwise gone bankrupt got 100 cents on the Dollar. All participating parties were told to keep mum on the deal , ostensibly for matters of "national security." If the national security placard can be used for this, it can be used for anything.
Addressing the OP, why would this be a blow to the Obama administration? TARP is a creation of the Bush administration. In fact, the whole AIG saga took place under the Bush/Paulson treasury. Also, something else to consider, FY2009's budget deficit was, indeed, huge. However, you've got to consider that half of that deficit was from Bush as the federal governments fiscal year begins on October 1. Pkang, do you honestly expect us to believe if we just vote for the Republicraps we will all of sudden have low taxes and free markets? I certainly don't. |
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Fox
Joined: 04 Mar 2009
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| Posted: Sun Jan 31, 2010 4:11 pm Post subject: |
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| Pluto wrote: |
| Interesting that the government, the SEC specifically, worked in concert with the NY Fed and AIG to make sure that Goldman Sachs, Deutsch Bank and other parties who would have otherwise gone bankrupt got 100 cents on the Dollar. All participating parties were told to keep mum on the deal , ostensibly for matters of "national security." If the national security placard can be used for this, it can be used for anything. |
A movement called "Americans Against Security" has a nice ring to it. Security has become a catch all justification for policy that would otherwise enrage the public.
I'm all for a less "secure" America, if it means not having to put up with this kind of nonsense. No more domestic wiretapping. No more torture. No more excessive airport security. No more ridiculous bank handouts. No more ultra-expensive, discretionary, non-objective based wars. All this nonsense in the name of national security. I think we can do without it. |
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bacasper
Joined: 26 Mar 2007
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| Posted: Sun Jan 31, 2010 7:54 pm Post subject: |
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| pkang0202 wrote: |
| Hater Depot wrote: |
| Or for the Bush administration that created TARP and spent the majority of its funds... |
Bush created TARP, but Obama changed it. Bush spent the first $350 Million, but Obama has the rest (which is the majority of the funds).
TARP and the Stimulus is in Obama's hands. Bush may have created TARP, but its Obama's baby now. If TARP was going well, and working wonderfully, would Obama give the credit to Bush or would he take credit for it himself? Considering all the Bush bashing he did in his State of the Union Address, I doubt it.
So, its Obama's baby. If it goes down, its his responsibility since he's the boss now. |
And the TARP total was $700 million, so that's $350 million each. How can anyone avoid placing responsibility on BOTH Obushama and the Republocrats? |
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pkang0202
Joined: 09 Mar 2007
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| Posted: Sun Jan 31, 2010 10:29 pm Post subject: |
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| Pluto wrote: |
Addressing the OP, why would this be a blow to the Obama administration? TARP is a creation of the Bush administration. In fact, the whole AIG saga took place under the Bush/Paulson treasury. Also, something else to consider, FY2009's budget deficit was, indeed, huge. However, you've got to consider that half of that deficit was from Bush as the federal governments fiscal year begins on October 1. Pkang, do you honestly expect us to believe if we just vote for the Republicraps we will all of sudden have low taxes and free markets? I certainly don't. |
Its a blow to the Obama administration because he's the one in office now. Bush is history. Obama is in the driver's seat. Bush got out a few miles back. Anything that happens from here on out is Obama.
As for your question to me, I believe if you put Fiscal Conservatives in office then we'd be much better off. I'm a conservative, NOT a Republican. Hell, I support Blue-Dog Democrats in their efforts. Was I happy when Republicans were in office from 2000-2008? Hell no. I was steaming mad. These crooks ran on a conservative platform, and did everything BUT. Stick Bluedogs, conservative Republicans (the ones that acutally PRACTICE what they campaign on) and I think things will be in good shape. |
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bacasper
Joined: 26 Mar 2007
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| Posted: Mon Feb 01, 2010 3:50 am Post subject: |
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Hard-hitting and right on.
Cody Willard:
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| It's left wing, right wing - it's the same damn bird, and I will not rest until I have shot that bird out of the sky. Democrats, Republicans are fully my enemies. I am at war against them because they have destroyed my country with the corporate bailouts they started a couple of years ago. They both did it equally. |
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Reggie
Joined: 21 Sep 2009
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| Posted: Mon Feb 01, 2010 3:59 am Post subject: |
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| Fox wrote: |
A movement called "Americans Against Security" has a nice ring to it. Security has become a catch all justification for policy that would otherwise enrage the public.
I'm all for a less "secure" America, if it means not having to put up with this kind of nonsense. No more domestic wiretapping. No more torture. No more excessive airport security. No more ridiculous bank handouts. No more ultra-expensive, discretionary, non-objective based wars. All this nonsense in the name of national security. I think we can do without it. |
Sign me up for the Americans Against Security movement. It sounds really cool. You should start a blog. I wouldn't be surprised if the silent majority of Americans feel the same way we do about it. |
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