TARP Costs Taxpayers $200 Billion...that's with a B

Discussion in 'Politics' started by Trinity, Oct 5, 2009.

  1. Trinity

    Trinity New Member

    Joined:
    Sep 16, 2006
    Messages:
    2,682
    Likes Received:
    0
    Gender:
    Female
    Remember this? Back when Obama was making speeches that TARP was turning a profit and Obots were posting from politifact?

    http://www.lpsg.org/2177608-post36.html

    Well the proof is in the pudding:

    TARP: Taxpayers on the hook for $200 billion
    Obama requested his half of TARP be ready on day one and continued the Bush Administration TARP plan...defending the Obama Administration plan to continue it on June 9th, 2009.

    The country is in financial crisis. We cannot afford Obama and the Democrat's plans that simply do not make sense. Nothing has worked as Obama said it would:

    • Obama said if we passed the Stimulus unemployment would not go over 8%. Wrong
    • Obama said TARP was turning a profit. Wrong.
    • Obama said that the American Auto Industry would not go bankrupt and would be stronger than ever. Wrong.
    • Obama said that the Stimulus Plan would create jobs. Wrong.
    The FDIC is broke. Social Security is insolvent. The Democrats are the ones acting like they want America to fail by jamming bills like their ridiculous unhealthful bill reform and Cap and Tax on the American people at the worst economic time in history.
     
  2. Industrialsize

    Staff Member Moderator Gold Member

    Joined:
    Dec 23, 2006
    Messages:
    24,283
    Albums:
    2
    Likes Received:
    2,121
    Gender:
    Male
    Location:
    United States
    You're such a ray of Sunshine and I miss you when you're away.
     
  3. Industrialsize

    Staff Member Moderator Gold Member

    Joined:
    Dec 23, 2006
    Messages:
    24,283
    Albums:
    2
    Likes Received:
    2,121
    Gender:
    Male
    Location:
    United States
    BTW.......from the same article you quoted, there are 2 sides to the coin:
    Why it was worth it: "We were presented with the worst case scenario last September: the collapse of the financial markets," said Steven Adamske, spokesman for the House Committee on Financial Services. "For anyone worried about losing a dollar over this, let's talk about the trillions of dollars more that would have been lost on retirement savings and the many more jobs that would have been lost."
    Others even argue that TARP's value cannot be calculated in dollar terms.
    There are portions of TARP we'll never see a monetary return from," said Lawrence Kaplan, former special counsel at the Office of Thrift Services who is now counsel in the financial institutions practice at Paul Hastings. "But we've seen a significant economic return that is greater than just dollars."
    For some, the alternative was simply too risky to stand pat.
    "People will never understand the enormity of the disruption that we never saw: No one would have had credit, no one could have accessed their savings," said Edward Gainor, a partner at Bingham McCutchen in Washington who represents funds dealing with distressed assets. "As a society, we shouldn't regret that some amount was invested in keeping the wheels on the cart."
     
  4. sargon20

    Gold Member

    Joined:
    Mar 14, 2006
    Messages:
    11,370
    Likes Received:
    2,102
    Gender:
    Male
    Location:
    Atlantis
    Alas but WAR IS FREE :smile: AND you get to see how good your guns work AND kill the bad guys AND go to church on Sunday AND on Monday tell the world what a GREAT christian you are.
     
  5. Industrialsize

    Staff Member Moderator Gold Member

    Joined:
    Dec 23, 2006
    Messages:
    24,283
    Albums:
    2
    Likes Received:
    2,121
    Gender:
    Male
    Location:
    United States
    Mitch McConnell: Bailout 'succeeded'


    It’s not popular with his party, but Senate Minority Mitch McConnell (R-Ky.) is saying that the Wall Street bailout was a success — one year after the historic $700 billion vote.

    The Troubled Asset Relief Program has “succeeded in stabilizing the banking system,” McConnell told reporters on the anniversary of the bailout’s passage.
     
    #5 Industrialsize, Oct 5, 2009
    Last edited: Oct 5, 2009
  6. thoswood

    thoswood New Member

    Joined:
    Aug 14, 2006
    Messages:
    49
    Likes Received:
    0
    Gender:
    Male
    Either Trinity or McConnell have gone off the reservation. I bet McDonnell parses his message before Trinity does. Nevertheless, each can still go the bank and withdraw currency. That's close enough for government work.
     
  7. D_Mansworthy Meatwrench III

    Joined:
    Jul 27, 2007
    Messages:
    127
    Likes Received:
    1
    Basic Monetary Equation-
    They took your money. You won't get it back. Ever.

    Like this: TARP requires all that money. Exactly WHEN will they come to my house, and give me that money back? Never. So....how is there EVER a recoup for me out of that money? What....a bank I won't ever use because they are too stupid to know how to run themselves is saved? In New York? Or a car company? The possibility that my money is used in a communistic take-over of private sector companies?

    I am curious, how the fuck can ANY company make billions.....and go fucking broke? I don't live by "loans", so any business that overextends and collapses requires no help from me. They are obviously too damned dumb to be allowed to exist anyway. Only a dumbass runs a business on money they don't have, instead of money they do.

    How is my money bailing out retards better for me?

    I should point out: It is not. It is, however, better for THEM.

    TARP is just another rip-off and scam.
    It must be awesome, they keep requiring more massive investments of tax money in order to function. Exponentially, one might say. And they get less and less done.

    The only thing TARP accomplished was giving shitheads and morons who created the original problems more money in order to keep creating problems. I find it..neat (as some reports stated) quite a bit of the original "Day One" TARP money mysteriously.....disappeared. Untrackable.....poof! COOL!

    I swear, it isn't hard to figure out.
    Like all of the Federal Government, and all of Wall Street, they don't exist to MAKE money, the exist to take sucker bets from suckers.....they exist to take YOUR money.
    Most parasites do just that.

    And...on a side note. (Basic Investing, not being Retirement Raped by Federally Approved Criminals)-

    If you give a guy who refuses to get a real job all your money, and he "loses" it, don't bitch to anyone. Suckers are born every minute, and Fuckers are born just the same.
     
  8. SilverTrain

    Gold Member

    Joined:
    Aug 25, 2008
    Messages:
    4,582
    Albums:
    8
    Likes Received:
    404
    Gender:
    Male
    Location:
    USA
    And if you give the already filthy rich guys obscene amounts of money in corporate welfare, they will get richer on your dime, too.

    But somehow this is less distressing than welfare given to people living below the poverty line.
     
  9. Trinity

    Trinity New Member

    Joined:
    Sep 16, 2006
    Messages:
    2,682
    Likes Received:
    0
    Gender:
    Female
    There's no way I'm off the reservation because I'm not a Republican. But McConnell is absolutely right. What did you think he would say? We all know Bush and Paulson initiated TARP! If TARP had failed to do what it was intended (stabilze the banking and financial industry) then that would be a Republican downfall. The first half of TARP worked...that's why initially Obama could claim some profit made on taxpayer investment!

    The point made in the OP which still stands is...subsequent to Obama taking the reigns, TARP has not succeeded to produce the intended effect. TARP hasn't even been used as intended. TARP under Obama is now costing taxpayers money which President Obama claimed in June was just the opposite.

    Once again most everything Obama promised...unfulfilled, sorely lacking or just plain WRONG.

    • Obama said if we passed the Stimulus unemployment would not go over 8%. Wrong.
    • Obama said TARP was turning a profit. Wrong.
    • Obama said that the American Auto Industry would not go bankrupt and would be stronger than ever. Wrong.
    • Obama said that the Stimulus Plan would create jobs. Wrong.
    With the FDIC broke, Taxpayers on the hook $200 Billion for TARP, Social Security and Medicare insolvent, Numerous states facing bankrupt budgets...And the deficit approaching 12 Trillion before we figure out how to deal with Iraq, Afghanistan, Pakistan, North Korea and the list goes on...

    We can't afford Obama's and the Democrat's agenda. Their healthcare plan isn't reform...it is insanity. Cap and Tax is a joke.
     
  10. Industrialsize

    Staff Member Moderator Gold Member

    Joined:
    Dec 23, 2006
    Messages:
    24,283
    Albums:
    2
    Likes Received:
    2,121
    Gender:
    Male
    Location:
    United States
    Do you know how irritating it is when you post the same exact bullet points, verbatim from previous posts of yours. We CAN read you know.......I can do it too:


    • Obama said if we passed the Stimulus unemployment would not go over 8%. Wrong.
    • Obama said TARP was turning a profit. Wrong.
    • Obama said that the American Auto Industry would not go bankrupt and would be stronger than ever. Wrong.
    • Obama said that the Stimulus Plan would create jobs. Wrong.
    Once is quite enough!



     
  11. HazelGod

    Gold Member

    Joined:
    Dec 11, 2006
    Messages:
    7,531
    Albums:
    1
    Likes Received:
    9
    Gender:
    Male
    Location:
    The Other Side of the Pillow
    Isn't that the definition of spamming, Mr. Moderator? :wink:
     
  12. Trinity

    Trinity New Member

    Joined:
    Sep 16, 2006
    Messages:
    2,682
    Likes Received:
    0
    Gender:
    Female
    hmmm...is it?

     
  13. TurkeyWithaSunburn

    Gold Member

    Joined:
    Mar 23, 2005
    Messages:
    3,543
    Albums:
    5
    Likes Received:
    252
    Gender:
    Male
    Location:
    Denver, Colorado
    Oh my yet another anti-President thread started by his number one fan, on a PENIS site. The theory that everything was fine with Bush in office, but once Obama took over it all the sudden became became EVIL and BAD. It's all his fault he did it, he did it, he was just sworn in 30 seconds ago, but it's his fault it's his policies. :rolleyes:
     
  14. Ericsson1228d

    Ericsson1228d Member

    Joined:
    May 22, 2005
    Messages:
    582
    Likes Received:
    0
    Gender:
    Male
    Location:
    MI, USA
    Yep it worked.

    Unemployment up.

    The rest of the world about to DUMP THE DOLLAR.

    THAT, along with FAILED Healthcare reform, Failed Afghan mission, Failed Banks and Failing the people of the US will be his legacy.

    I've been buying Gold since 2002. I suggest you all do the same.
     
  15. Trinity

    Trinity New Member

    Joined:
    Sep 16, 2006
    Messages:
    2,682
    Likes Received:
    0
    Gender:
    Female
    Obama ran two years on change from the 8 years of Bush. We are all well aware of the demise of the Republican brand and how Obama got elected.

    It was bad. That's how hope and change resonated. But reality has set in and Obama's HOPE is looking a lot like HYPE.

    If Obama was sworn in 30 seconds ago and that's his excuse, he should be reminded that Hillary told him that we needed a President ready on day 1.

    This is the job...he wanted it. Every last problem... Obama was well aware of. Stop making excuses for him. This isn't a popularity contest...this is our future.
     
    #15 Trinity, Oct 5, 2009
    Last edited: Oct 6, 2009
  16. SpeedoGuy

    Gold Member

    Joined:
    May 18, 2004
    Messages:
    4,229
    Albums:
    1
    Likes Received:
    10
    Gender:
    Male
    Location:
    Pacific Northwest, USA
Draft saved Draft deleted