Bailout Stimulus has been Pocketed by Wall Street (dollars, financial, government)

[joebaldknobber]

What percent of the bailout, TARP, "Stimulus" has been pocketed by the wealthy recipients.

I would imagine at least 50 to 70% of the "Stimulus" has been pocketed and stashed by the chosen losers.

Is Chrysler or Bank of America more important for America's survival?

[le roi]

Originally Posted by joebaldknobber

What percent of the bailout, TARP, "Stimulus" has been pocketed by the wealthy recipients.

I would imagine at least 50 to 70% of the "Stimulus" has been pocketed and stashed by the chosen losers.

Which one? The TARP was just one small piece of the financial bailout.

TARP = $800 billion, give or take.

Bailouts = $29 trillion

Is Chrysler or Bank of America more important for America's survival?

Neither, both firms are unnecessary. Both firms would have failed without government support. Both firms are corrupt, incompetent, and politically favored.

[slackjaw]

Originally Posted by joebaldknobber

I would imagine at least 50 to 70% of the "Stimulus" has been pocketed and stashed by the chosen losers.

Actually most has been paid back with interest, it is estimated there will be a net profit from the stimulus.



Just yesterday they detailed completion of selling the investment in Fannie Freddie: Treasury to announce $25 billion profit on mortgage bonds: WSJ | Reuters

"The Treasury Department may announce on Monday that taxpayers have made a $25 billion profit on mortgage bonds purchased at the height of the meltdown, the Wall Street Journal reported. Treasury had spent about $225 billion on purchases of mortgage debt over 16 months before it began selling the securities last year, the Journal said. The government last week sold the last of the bonds, liquidating the Treasury's ownership of debt backed by Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB), the newspaper said."



It is certainly open for debate whether it was needed, wisely directed, etc. but bottom line it isn't so simple as when people try to paint it as they government just giving away trillions of dollars to be lost at the expense of the taxpayers to never be seen again.