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Two expert economists review the effects of the federal bailout of private industry. The verdict- messy, but, contrary to RW spin, hugely successful in accomplishing it's goal of preventing a financial disaster from becoming a finacial catastrophy:
The financial crisis is still ongoing and the economy was still plunged into a depression. Financial terrorism is never acceptable. Some have put the total cost of the financial crisis at over 23 trillion. The banker bailout is a massive transfer of wealth and now we have reactionaries in Washington wanting to gut the social safety net, basically asking the poor to pay for a depression that these bankers caused. I like what Max Keiser says about these bankers.
The financial crisis is still ongoing and the economy was still plunged into a depression. Financial terrorism is never acceptable. Some have put the total cost of the financial crisis at over 23 trillion. The banker bailout is a massive transfer of wealth and now we have reactionaries in Washington wanting to gut the social safety net, basically asking the poor to pay for a depression that these bankers caused. I like what Max Keiser says about these bankers.
Two expert economists review the effects of the federal bailout of private industry. The verdict- messy, but, contrary to RW spin, hugely successful in accomplishing it's goal of preventing a financial disaster from becoming a finacial catastrophy:
Lol, you are mistaken. It is the left hat has been on a non stop whine fest about the big bad bank bailout. the right knows we got paid back with interest. Don't forget TARP was Bush's, stimulus was Obama.
dont forget that most of the large banks, like wells fargo, were forced to take tarp money, or the government would prevent them doing the things they wanted to do. as for tarp, yes it worked.
however, the auto industry bailouts did not. gm and chrysler would have gone through bankruptcy and been forced to reorganize by the courts, and would have come out of bankruptcy much stronger than they are now. instead we have two large companies with essentially the SAME management, putting out the same products, and in the mean time the stock and bondholders were screwed six ways from sunday by the obama administration, and the tax payers were also screwed just as badly because the government is going to lose money EVEN THOUGH they essentially stole the companies with that prepackaged bankruptcy. the auto bailout loans are never going to be repaid fully, and the government even admits it. so all the money that was made from interest paid to the government by the banks, has been squandered and then some by the auto bailouts.
Lol, you are mistaken. It is the left hat has been on a non stop whine fest about the big bad bank bailout. the right knows we got paid back with interest. Don't forget TARP was Bush's, stimulus was Obama.
Now, the stimulus was nothing but a big mess.
Bush only spent the firsy half to save the big banks. The second half was to go to housing under Obama as laidout to congress and approved thatkifd of got off course for asure with some smaller banks and then GM and Chrysler .In fact the program geithner annoced to be unvailed of a private/governamnt plan never got anywhere once the bondholder in the CVhrysler and GM got the haircuts in thierforced bankrupsy terms.Of cvourse we know what happened to housing since. The big banks could wait to payback the loans and get rid of governamnt assocaitio . Now the suto companies say they want to exit as fast as possible. But not mnay think they will for years if they ever pay the principal back.
Two expert economists review the effects of the federal bailout of private industry. The verdict- messy, but, contrary to RW spin, hugely successful in accomplishing it's goal of preventing a financial disaster from becoming a finacial catastrophy:
I would suggest you read the book Bailout Nation By Barry Ritholtz. He is not a left or right wing hack with an agenda, just tells it like it is. Do yourself a favor and quit reading the MSM papers and watching there TV news programs. They are making a fool out of you.
Lol, you are mistaken. It is the left hat has been on a non stop whine fest about the big bad bank bailout. the right knows we got paid back with interest. Don't forget TARP was Bush's, stimulus was Obama.
Now, the stimulus was nothing but a big mess.
Lets ignore the source and just look and see if this logic holds up I think it does :
Quote:
Because the US government is lending money to the big banks at near-zero interest rates. And the banks are then turning around and lending that money back to the US government at 3%-4% interest rates, making 3%+ on the spread. What’s more, the banks are leveraging this trade, borrowing at least $10 for every $1 of equity capital they have, to increase the size of their bets. Which means the banks can turn relatively small amounts of equity into huge profits–by borrowing from the taxpayer and then lending back to the taxpayer.
Prison Planet.com » No, The Big Banks Have Not “Paid Back” Government Bailouts and Subsidies
And of course the banks can leverage 10 to 1 on the money that the tax payers lent them and dominate the market. That could also explain the 63 days of trading with no loss.
Taking that in consideration with the money that is still owed from AIG, Freddy and Fannie and they payed us back from collecting interest on bonds I would hardly call that a pay back.
Lets ignore the source and just look and see if this logic holds up I think it does :
Prison Planet.com » No, The Big Banks Have Not “Paid Back” Government Bailouts and Subsidies
And of course the banks can leverage 10 to 1 on the money that the tax payers lent them and dominate the market. That could also explain the 63 days of trading with no loss.
Taking that in consideration with the money that is still owed from AIG, Freddy and Fannie and they payed us back from collecting interest on bonds I would hardly call that a pay back.
Well it's not working out too well for the investment banks, who were the largest recipients of TARP money. They do not lend to borrowers like traditional banks. Banks are no longer allowed to trade their own positions. So your source is a heaping pile of misinformation.
By the way, AIG is not a bank, and Fannie and Freddie quasi governmental agencies.
I would suggest you read the book Bailout Nation By Barry Ritholtz. He is not a left or right wing hack with an agenda, just tells it like it is. Do yourself a favor and quit reading the MSM papers and watching there TV news programs. They are making a fool out of you.
Thanks for the reference. I read a new book on history, politics, and social issues every couple weeks. I try to keep informed on all points of view. Did you read this week's Economist? Center-right corporate-friendly weekly from England? The editors have some very harsh words for the GOP this week. Basically, they tell them to quit acting like spoiled children.
I'll check out Ritzholtz, soon as I get through Madick's "Age of Greed", which charts the nearly complete 50 year campaign by the Corporate Right and the anti-tax radicals to roll back the social and economic gains made by the middle class during the Progressive Era (which I recommend you read! )
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I'm a huge fan of Max Keiser and I think he is spot on in that video.
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