>>>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! ;)
>>
>>Jake, you are such a curmudgeon ;-)
>>
>>You are right about the auto companies. Point taken. We think of them as the backbone of America, not the cause of the financial crisis. Actually when it comes to pigs at the trough they were far worse than the bankers, if that's possible.
>
>There were pigs and non in both camps. Chrysler/GM were oinking away so the farmer took them inside and gave them away. Meanwhile Ford was happily rolling in the mud. Much like while Lehman was "soo-eee"ing away, BofA was quietly rooting around. The farmer let Lehman die in the pen and force fed Merrill to BofA, fois gras style. ;)
>
>>We really do have a fundamental disagreement. (An amiable one, at least IMO). In my view untrammeled free enterprise is not a good thing.
>
>Here we agree. Of course, that's because I've never argued for such. ;)
>
>>They will bend us over again and again, as long as they think they can get away with it. They are not necessarily evil. They are just incredibly greedy.
>
>
>
>>PS -- you should stop reading the Wall Street Journal, the house organ of greed ;-)
>
>Limiting my sources would limit my access to information. That's never a smart idea, particularily for an investor. ;)
>
>>On to cheerier topics -- have you been watching the NBA playoffs?
>
>The last NBA game I watched all the way through was 2008 game 6.
>
>>I was getting a little jaded about the NBA and just when I thought it was safe to stop watching, out of nowhere come the most compelling playoffs in memory. There is more drama than Shakespeare could have thought up on his best day, You've got the Miami Heat, drama personified. LeBron and D-Wade stepping up big time just when doubts about them had become a storm. Like them or not, those guys are studs. LeBron in particular will never get a break from some people. They are wrong IMO. I have never been a particular fan but this spring he has raised my respect through the roof. He has only done one bad thing IMO, the ridiculous "I'm taking my talents to South Beach" pageant. Enough already. He did not act well there and he knows it. Now he is after the ring that will redeem him.
>>
>>The Heat have enough drama to make the other teams still standing seem irrelevant, which is not fair. There is not a bad story in the final four. The aging Celtics, last time around for these guys, playing the Heat even through four. Out in the west, the far stronger conference this year, the Spurs and Thunder are also tied. The Spurs play a beautiful style of ball, unselfish basketball the way the game was meant to be played. They play tight defense and look to pass first to an open teammate. The young Thunder are a challenge to them. Those guys can rock and roll. Kevin Durant deserved the MVP award that went to LeBron IMO. Game on! Pro basketball has not been this much fun in a long time.

You are missing some good ball this spring. But we agree that it's a free country ;-)

Big recall election north of the border today. I am not optimistic that it will go well. Scott Walker was elected by 6 points and I think it's going to be about the same outcome.