Did TARP save America???

rightwinger

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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).
 
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IMO, it saved us from a world wide depression.

One thing Bush got right...

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.
 
it saved the big banks, that's pretty certain....america? I dunno?

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.
 
All it did was prolong the inevitable and add insurmountable debt. It was a catastrophic fuck up, and will be remembered as such.
 
it saved the big banks, that's pretty certain....america? I dunno?

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.

Exactly. The market is not always right or rational, and sometimes government must step in and fix things. That's a nice step forward.
 
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.
 
All it did was prolong the inevitable and add insurmountable debt. It was a catastrophic fuck up, and will be remembered as such.

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.
 
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.
 
it saved the big banks, that's pretty certain....america? I dunno?

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.

how do you know that? I mean, you don't, can't know that. It's like what would have happened if Japan didn't attack Pearl harbor. Any answer will be pure speculation.
 
it saved the big banks, that's pretty certain....america? I dunno?

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.

Exactly. The market is not always right or rational, and sometimes government must step in and fix things. That's a nice step forward.

Actually, I blame the Government as much as the Banks for this whole fucking screw up.... and that's both parties.... So I'm a few steps ahead of you and the rest of the Obamanation's borg.

Oh, and I also blame idiots who borrowed more than they could afford to repay. And the fucking moronic behavior of groups like Acorn and the SEIU.
 
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.

TARP was started by Bush, and fixed by Obama. Were you on the road when that happened?
 
it saved the big banks, that's pretty certain....america? I dunno?

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.

Exactly. The market is not always right or rational, and sometimes government must step in and fix things. That's a nice step forward.

But didn't the government facilitate the whole mess in the first place by relaxing regulation to zero and rescinding important barriers to the banking industry?
 
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.

Yeah most economists and financial specialists involved in causing this mess or failing to anticipate it were well educated, and wrong.
 
it saved the big banks, that's pretty certain....america? I dunno?

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.

how do you know that? I mean, you don't, can't know that. It's like what would have happened if Japan didn't attack Pearl harbor. Any answer will be pure speculation.

Of course we can know. We can use the lessons of history - and look at what happened around the world back over centuries of financial failures. And when you look at what happens when one bank, with no international reach, collapses.... and then factor in the links from bank to bank, from bank to business, from bank to ordinary people..... you can see what would have happened. It would have been far, far, far worse than it is. Ask any economist - anywhere in the world.
 
All it did was prolong the inevitable and add insurmountable debt. It was a catastrophic fuck up, and will be remembered as such.

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.

TARP wasn't limited to the $787 billion appropriated, it also included privileged access to cheap loans that may in fact continue to this day. Trillions in cheap loans. That those banks refuse to lend. They just hoard it and invest it to bolster their bottom line and keep the bonuses flowing.

You must be proud!
 
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.

Exactly. The market is not always right or rational, and sometimes government must step in and fix things. That's a nice step forward.

But didn't the government facilitate the whole mess in the first place by relaxing regulation to zero and rescinding important barriers to the banking industry?

Deregulation is certainly one of the prime reasons that enabled the banks to totally fuck things up, and wound up looking totally idiotic in retrospect. But isn't deregulation and act of taking government out of the equation?
 

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