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Republicans keeping their eyes firmly off the ball
Message
From
04/06/2012 14:20:03
 
General information
Forum:
Politics
Category:
News
Miscellaneous
Thread ID:
01544090
Message ID:
01545245
Views:
65
PMFJI but you appear to need some clarification on this Mike.

>For the last time I will point this out, the so-called bailout was done during the Bush administration. Obama supported it, as I did.

TARP was signed into law by Bush but its distribution spanned the two administrations. Part of it was distributed during his administration and more was done under Obama's. The two combined, distributed a total of $470.12 billion of the original $700 billion fund.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aik5Wv_K3na8

>That was the biggest economic crisis of our lifetimes and it prevented a bad situation from becoming worse.

The crisis is not over and nothing has been prevented, we are presently engaged in a worldwide game of kick-the-can.

>I mention only in passing that all the government support money, including interest, was repaid and actually turned a profit.

The TARP was not repaid. Here's where we are as of June 1.
http://www.treasury.gov/initiatives/financial-stability/briefing-room/reports/tarp-daily-summary-report/TARP%20Cash%20Summary/Daily%20TARP%20Update%20-%2006.01.2012.pdf

Total repaid = $342.67 billion (72.88%)

Note: While this shows the auto companies "repaying" some of their funding, it should noted that they're repaying it with other loans. Kind of like paying off one credit card with another. ;)
http://www.nytimes.com/2010/05/02/business/02gret.html?_r=1

Aside from TARP there's the government takeover of Fannie/Freddie totaling $150 billion so far. While it may be paid back someday, as on now they're still government owned and a taxpayer drain.
http://blogs.wsj.com/developments/2012/05/22/could-fannie-and-freddie-pay-back-taxpayers-someday/

There's the American Recovery and Reinvestment Act of 2009 for $831 billion ($787 at time of passage). None of which will ever be repaid.

Of course, these are tiny by comparisson to the real money being thrown around the world. Namely, the $7.7 trillion worth of guarantees and lending limits doled out by the FED as of March of 2009.
http://www.bloomberg.com/news/2011-11-28/secret-fed-loans-undisclosed-to-congress-gave-banks-13-billion-in-income.html

By way of comparisson, around the same time the EU had committed funds for bailouts totalling $3 trillion.
http://www.businessweek.com/globalbiz/content/apr2009/gb20090410_254738.htm

I would ask that you reconsider what you wrote.
That was the biggest economic crisis of our lifetimes and it prevented a bad situation from becoming worse.

>You can look it up.

Yes we can! ;)
Wine is sunlight, held together by water - Galileo Galilei
Un jour sans vin est comme un jour sans soleil - Louis Pasteur
Water separates the people of the world; wine unites them - anonymous
Wine is the most civilized thing in the world - Ernest Hemingway
Wine makes daily living easier, less hurried, with fewer tensions and more tolerance - Benjamin Franklin
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