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Old 12-12-2008, 07:07 AM
 
Location: Hope, AR
1,505 posts, read 2,856,433 times
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Why is the congress back to voting on one-off bailouts of Citigroup, Autos, etc.?
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Old 12-12-2008, 09:49 AM
 
Location: The land of milk and honey...Tucson, AZ
303 posts, read 1,454,720 times
Reputation: 225
Correct me if I'm wrong, but I think that TARP was supposed to benefit the banks and was supposed to jump start their lending to businesses. A bank needs to put in an application in order to get the part of the TARP fund. I could understand Citigroup because they may have toxic assets and may need some capital to stay afloat, but using the TARP funds for the big 3 is going too far.
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Old 12-12-2008, 09:56 AM
 
19,120 posts, read 20,692,289 times
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Nope, TARP was suppose to keep the CEOs of financial institutions paid while stealing from taxpayers... and when they finally go bankrupt, at least the CEOs will be paid several millions for the next couple of years...
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Old 12-12-2008, 10:20 AM
 
Location: Great State of Texas
86,068 posts, read 74,820,071 times
Reputation: 27602
To add to evilnewbie's post..the TARP is for bank CEO's. Private corportions have to go get their own TARP. I guess we could have an CARP for the auto industry and AARP for the Airline industry and so on.

Each industry can have their own TARP-like bank window so the CEO's don't need to suffer financially during these rough times. They are critical to the business so they must be kept on at all costs. As I read in an article..they are the best ones to get us out of this mess because they are the very ones that got us into this mess.
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Old 12-12-2008, 11:21 AM
 
Location: Marietta, GA
7,862 posts, read 15,216,144 times
Reputation: 3576
TARP was supposed to allow for the financial institutions to get the so-called "toxic" mortgage backed assets off their books, thus reducing their capital requirements and allowing them to loan instead of hoarding cash to cover required ratios.

Unfortunately, the TARP has done neither thing...the banks still hold the "toxic" assets, and they aren't lending...despite huge capital injections directly from Treasury.
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