Did TARP save America???

Discussion in 'Politics' started by rightwinger, Oct 6, 2010.

  1. rightwinger
    Online

    rightwinger Paid Messageboard Poster Gold Supporting Member Supporting Member

    Joined:
    Aug 4, 2009
    Messages:
    120,270
    Thanks Received:
    19,822
    Trophy Points:
    2,190
    Location:
    NJ & MD
    Ratings:
    +45,342
    Did TARP 'save' America? - The Week

    We should be "eulogizing" it as the one piece of legislation that has done more to "save" America's financial system — and therefore its economy — "than any passed since the 1930s." Read an excerpt:

    No one can doubt that without TARP financing sources would have fled in terror from the banking system. Almost immediately institutions that dwarfed Lehman in size — potentially, AIG, Citigroup, and Bank of America — would certainly have collapsed. Runs on other banks would have followed, causing credit to evaporate in the economy. A depression-era landscape of shuttered banks is easily imagined.

    Without TARP, General Motors and Chrysler would also have been at the mercy of Congress, whose dithering ways would have resulted in at least one of them running out of money, shutting down and liquidating. If Congress then failed to act quickly the other carmaker would have immediately followed suit. That would have brought down the vast majority of the sector’s many suppliers, already teetering on the edge of bankruptcy.


    Read the full article in the Financial Times (registration required).
     
    • Thank You! Thank You! x 1
    Last edited: Oct 6, 2010
  2. Care4all
    Offline

    Care4all Warrior Princess Supporting Member

    Joined:
    Mar 24, 2007
    Messages:
    32,762
    Thanks Received:
    6,621
    Trophy Points:
    1,170
    Location:
    Maine
    Ratings:
    +11,091
    it saved the big banks, that's pretty certain....america? I dunno?
     
  3. Ravi
    Offline

    Ravi Diamond Member

    Joined:
    Feb 27, 2008
    Messages:
    81,332
    Thanks Received:
    12,695
    Trophy Points:
    2,205
    Location:
    Hating Hatters
    Ratings:
    +29,779
    IMO, it saved us from a world wide depression.

    One thing Bush got right...
     
    • Thank You! Thank You! x 3
  4. rightwinger
    Online

    rightwinger Paid Messageboard Poster Gold Supporting Member Supporting Member

    Joined:
    Aug 4, 2009
    Messages:
    120,270
    Thanks Received:
    19,822
    Trophy Points:
    2,190
    Location:
    NJ & MD
    Ratings:
    +45,342
    When historians write the history of this era, the Bush generated TARP bailouts may be the one thing that saves him from being considered the worst President in history.
     
  5. California Girl
    Offline

    California Girl BANNED

    Joined:
    Oct 8, 2009
    Messages:
    50,337
    Thanks Received:
    8,960
    Trophy Points:
    0
    Ratings:
    +8,965
    What do you think would have happened if the big banks had failed? Think it wouldn't have impacted every single one of us far more than the current situation has? Because it would have been horrific, Care.
     
    • Thank You! Thank You! x 1
  6. 007
    Offline

    007 Charter Member Supporting Member

    Joined:
    May 8, 2004
    Messages:
    38,328
    Thanks Received:
    7,868
    Trophy Points:
    1,130
    Ratings:
    +11,946
    All it did was prolong the inevitable and add insurmountable debt. It was a catastrophic fuck up, and will be remembered as such.
     
  7. Dick Tuck
    Offline

    Dick Tuck Board Troll

    Joined:
    Aug 29, 2009
    Messages:
    8,511
    Thanks Received:
    501
    Trophy Points:
    48
    Ratings:
    +502
    Exactly. The market is not always right or rational, and sometimes government must step in and fix things. That's a nice step forward.
     
  8. topspin
    Offline

    topspin BANNED

    Joined:
    Apr 29, 2010
    Messages:
    4,149
    Thanks Received:
    196
    Trophy Points:
    0
    Ratings:
    +196
    anyone with a college education will see it as a resounding success for Bush and Obama.

    Obviously the GED's haven't the tools to deal with it.
     
  9. Dick Tuck
    Offline

    Dick Tuck Board Troll

    Joined:
    Aug 29, 2009
    Messages:
    8,511
    Thanks Received:
    501
    Trophy Points:
    48
    Ratings:
    +502
    How did it add insurmountable debt when most of those bailed out are repaying the taxpayer back, well ahead of schedule?

    Funny, Bush's administration claimed that Iraq would cost $60 billion and it wound up costing over a trillion. Now the right claims that TARP was a disaster costing close to a trillion, and winds up either turning a profit or being $50 billion at worst. It's a good thing that Obama converted those preferred shares to common voting shares. He saved the taxpayers a lot of money.
     
    • Thank You! Thank You! x 1
  10. 007
    Offline

    007 Charter Member Supporting Member

    Joined:
    May 8, 2004
    Messages:
    38,328
    Thanks Received:
    7,868
    Trophy Points:
    1,130
    Ratings:
    +11,946
    Of course, even when the bill comes due to pay it back and draconian cuts in everything across the board cause riots and civil unrest, possibly even another revolution or Civil War, the obama ass lickers will still be waving their pom poms chanting in lock step that TARP was a success.

    Morons.
     

Share This Page