What income level

Discussion in 'Politics' started by alan1, Nov 6, 2009.

  1. alan1
    Offline

    alan1 USMB Mod Staff Member Supporting Member

    Joined:
    Dec 13, 2008
    Messages:
    18,845
    Thanks Received:
    3,577
    Trophy Points:
    245
    Location:
    Shoveling the ashes
    Ratings:
    +3,769
    do you need to have to support our current government?

    I suppose if you are incredibly poor you can support the government because you are living off of the handouts.
    I suppose if you are incredibly rich you can support the government because you have enough money to do so.
    I suppose if you (non-person entity) are a large but bankrupt corporation, you can support the government because you are getting a bail out.

    But those of us that fall in between incredibly poor and incredibly rich can't afford it anymore.

    Is it my imagination, or was TARP the single largest transfer of wealth from the middle class to ever occur in the history of the world?

    I don't know about the rest of you, but I can't afford to support this government anymore.
     
    • Thank You! Thank You! x 3
  2. rightwinger
    Offline

    rightwinger Paid Messageboard Poster Gold Supporting Member Supporting Member

    Joined:
    Aug 4, 2009
    Messages:
    120,218
    Thanks Received:
    19,818
    Trophy Points:
    2,190
    Location:
    NJ & MD
    Ratings:
    +45,312
    TARP rescued a crashing economy on the verge of Depression. Propping up the banks prevented an economic panic that would have destroyed the worldwide economy.

    I commend both Bush and Obama for recognizing how critical it was to prevent massive bank failures
     
  3. KMAN
    Offline

    KMAN Senior Member

    Joined:
    Jul 9, 2008
    Messages:
    2,683
    Thanks Received:
    268
    Trophy Points:
    48
    Ratings:
    +269
    Yeah, God forbid people actually having to buy something with using a credit card. :cuckoo::cuckoo::cuckoo::cuckoo::cuckoo:
     
  4. Article 15
    Offline

    Article 15 Dr. House slayer

    Joined:
    Jul 4, 2008
    Messages:
    24,673
    Thanks Received:
    4,832
    Trophy Points:
    183
    Ratings:
    +4,859
    Does anyone know how much TARP money has been paid back?
     
  5. alan1
    Offline

    alan1 USMB Mod Staff Member Supporting Member

    Joined:
    Dec 13, 2008
    Messages:
    18,845
    Thanks Received:
    3,577
    Trophy Points:
    245
    Location:
    Shoveling the ashes
    Ratings:
    +3,769
    Or did it just slow things down? Make the bleeding a little slower?
    More and more banks fail everyday.
     
  6. rightwinger
    Offline

    rightwinger Paid Messageboard Poster Gold Supporting Member Supporting Member

    Joined:
    Aug 4, 2009
    Messages:
    120,218
    Thanks Received:
    19,818
    Trophy Points:
    2,190
    Location:
    NJ & MD
    Ratings:
    +45,312
    Irrelevant

    Every leading economist advocated bailing out the banks to avoid a collapse of the banking industry. Oddly, both Paulson and Geitner recommended the same thing.

    Its a good thing nobody listened to the fiscal conservatives on this one, or we would all be on the breadlines
     
  7. ihopehefails
    Offline

    ihopehefails BANNED

    Joined:
    Oct 3, 2009
    Messages:
    3,384
    Thanks Received:
    228
    Trophy Points:
    0
    Ratings:
    +228
    Hogwash...The bailout stopped nothing because we got over 10% unemployment and is inhibiting credit flow into our economy. They should have gone under just on principle alone.
     
  8. PLYMCO_PILGRIM
    Offline

    PLYMCO_PILGRIM Gold Member

    Joined:
    Jul 3, 2009
    Messages:
    17,416
    Thanks Received:
    2,855
    Trophy Points:
    183
    Location:
    America's Home Town
    Ratings:
    +2,863
    I believe I read in WSJ that it was over 20% already paid back.

    I'm not 100% sure though.
     
  9. alan1
    Offline

    alan1 USMB Mod Staff Member Supporting Member

    Joined:
    Dec 13, 2008
    Messages:
    18,845
    Thanks Received:
    3,577
    Trophy Points:
    245
    Location:
    Shoveling the ashes
    Ratings:
    +3,769
    CIT isn't paying it back.
    CIT's Bankruptcy Lesson - WSJ.com
    $2.3 billion transfer of wealth from the middle class to a bankrupt company. As i said, I can't afford it anymore.
     
  10. rightwinger
    Offline

    rightwinger Paid Messageboard Poster Gold Supporting Member Supporting Member

    Joined:
    Aug 4, 2009
    Messages:
    120,218
    Thanks Received:
    19,818
    Trophy Points:
    2,190
    Location:
    NJ & MD
    Ratings:
    +45,312
    If you want to look at transfer of wealth, look at the loss of personal wealth in the economic colapse of 2008.

    With sinking home values and a crashing stock market, Americans lost $11 trillion of personal wealth.
    Since TARP and the Stimulus package in March, personal wealth has rebounded by almost $5 trillion
     

Share This Page