OohPooPahDoo
Gold Member
You vote for people who approve socialist policies like TARP....
Its hardly "socialist" to prevent the collapse of our entire economy. Without TARP many of the the banks would not be solvent - which means their deposits then are only guaranteed by FDIC - but when FDIC runs out of money in its fund, its out, and deposits are no longer guaranteed, leading to bank runs and mass hysteria. There's a reason TARP had bi-partisan support - it would have been stupid to not do it.
Correct, fascist is a better word than socialist.
It wasn't spreading money around to everyone, it was spreading US taxpayer dollars around to bank execs to spend how they saw fit, so a fascist policy.
The fearmongering worked on you, not me. I work at a bank that got TARP funds, guess what? We have a hiring freeze, layoffs are probably coming, we're still foreclosing on homes at a sky high rate, our stock price is plummeting. Hooray TARP!
There's a reason most crazy U.S. policies have bipartisan support, because the parties are 2 cheeks on the same backside.
Do you seriously not get it? You work at a bank and you don't get this? What are you, the janitor?
TARP wasn't handouts to bank executives, TARP was a program to purchase toxic assets from banks, to prevent them from failing. And so far the net cost has only been around 25 billion. Congressional Budget Office - Report on the Troubled Asset Relief Program -- November 2010 A pittance to pay to keep the banking system from falling on its face.
Do you have any idea what happens if too many banks fail? Did you study history in custodial school?