Remember 2008 when Wall Street & the Fed collapsed the economy and then got bailed out with our money while we got WIPED OUT?

[Z99]

I sure as FUCK do! Wall Street and the federal government have stolen from us the best years of our lives with their endless, monolithic, CORRUPTION.

 

[Toddsterpatriot]

I sure as FUCK do! Wall Street and the federal government have stolen from us the best years of our lives with their endless, monolithic, CORRUPTION.

You mean the short-term loans that were paid back at a big profit for the US Treasury?

Yeah, that was awful!

DURR

 

[Z99]

In 2008, the U.S. government authorized a $700 billion bailout package, known as the Troubled Asset Relief Program (TARP), to stabilize the financial system, with a later reduction to $475 billion.

Here's a more detailed breakdown:

• Emergency Economic Stabilization Act of 2008:
  This act created TARP, which was designed to purchase "toxic assets" (primarily mortgage-backed securities) from failing banks and inject capital into the financial system.
  
  
• Initial Authorization:
  Congress initially authorized $700 billion for TARP.
  
  
• Dodd-Frank Act:
  The Dodd-Frank Wall Street Reform and Consumer Protection Act later reduced the authorized amount to $475 billion.
  
  
• TARP's Purpose:
  The program aimed to stabilize the financial system, restart economic growth, and prevent foreclosures.
  
  
• TARP's Programs:
  TARP included programs to stabilize banking institutions, restart credit markets, stabilize the auto industry, stabilize AIG, and help struggling families avoid foreclosure.
  
  
• Commitments:
  Approximately $250 billion was committed to stabilize banking institutions, $27 billion to restart credit markets, $82 billion to stabilize the auto industry, $70 billion to stabilize AIG, and $46 billion for foreclosure prevention programs.
  
  
• TARP's Outcome:
  The Treasury realized profits on its investments in banks and AIG, ultimately resulting in a narrow profit of about $1 billion for the TARP.
  
  
• Federal Reserve and FDIC Involvement:
  In addition to TARP, the Federal Reserve and the FDIC also provided bailouts to financial institutions, with some estimates suggesting that the total spending was over $29 trillion.
  
  
• Examples of Banks that received TARP funds:
  Wells Fargo received $25 billion in the form of a preferred stock purchase and Goldman Sachs received $12.9 billion.

 

[The Duke]

You mean the short-term loans that were paid back at a big profit for the US Treasury?

Yeah, that was awful!

DURR

BOA should have been dissolved and the depositors paid off first.

 

[Toddsterpatriot]

In 2008, the U.S. government authorized a $700 billion bailout package, known as the Troubled Asset Relief Program (TARP), to stabilize the financial system, with a later reduction to $475 billion.

Here's a more detailed breakdown:

• Emergency Economic Stabilization Act of 2008:
  This act created TARP, which was designed to purchase "toxic assets" (primarily mortgage-backed securities) from failing banks and inject capital into the financial system.
  
  
• Initial Authorization:
  Congress initially authorized $700 billion for TARP.
  
  
• Dodd-Frank Act:
  The Dodd-Frank Wall Street Reform and Consumer Protection Act later reduced the authorized amount to $475 billion.
  
  
• TARP's Purpose:
  The program aimed to stabilize the financial system, restart economic growth, and prevent foreclosures.
  
  
• TARP's Programs:
  TARP included programs to stabilize banking institutions, restart credit markets, stabilize the auto industry, stabilize AIG, and help struggling families avoid foreclosure.
  
  
• Commitments:
  Approximately $250 billion was committed to stabilize banking institutions, $27 billion to restart credit markets, $82 billion to stabilize the auto industry, $70 billion to stabilize AIG, and $46 billion for foreclosure prevention programs.
  
  
• TARP's Outcome:
  The Treasury realized profits on its investments in banks and AIG, ultimately resulting in a narrow profit of about $1 billion for the TARP.
  
  
• Federal Reserve and FDIC Involvement:
  In addition to TARP, the Federal Reserve and the FDIC also provided bailouts to financial institutions, with some estimates suggesting that the total spending was over $29 trillion.
  
  
• Examples of Banks that received TARP funds:
  Wells Fargo received $25 billion in the form of a preferred stock purchase and Goldman Sachs received $12.9 billion.

It worked. The financial system was stabilized. The banks repaid the loans.

 

[Toddsterpatriot]

BOA should have been dissolved and the depositors paid off first.

That would have cost hundreds of billions, instead of making a profit for the US Treasury.

 

[leftwinger]

$33B into GM was not recovered fully. They sold back the stock at a loss i am pretty sure. Maybe only 33% loss? Seems small compared to $28T missing since

 

[The Duke]

That would have cost hundreds of billions, instead of making a profit for the US Treasury.

All that bailout stuff was one huge transfer of wealth from the bottom to the top.

 

[Toddsterpatriot]

$33B into GM was not recovered fully. They sold backthe stock at a loss i am pretty sure. Maybe only 33% loss? Seems small compared to $28T missing since

It's true, Obama's give away to the UAW cost the US Treasury billions.

 

[Toddsterpatriot]

All that bailout stuff was one huge transfer of wealth from the bottom to the top.

The short-term loans that were paid back at a profit to the US Treasury did that?

 

[Z99]

It worked. The financial system was stabilized. The banks repaid the loans.

My initial position was mistaken. Thanks for the clarification.

 

[The Duke]

The short-term loans that were paid back at a profit to the US Treasury did that?

The banks extended mortgages recklessly. They should have been dissolved.
Instead, the government bailed them out, then they acquired fucktons of real estate for pennies on the dollar and expanded.
It's like Uncle Sugar subsidizing Junior Samples over here. Or it was in 2008-2009.

 

[leftwinger]

The banks extended mortgages recklessly. They should have been dissolved.
Instead, the government bailed them out, then they acquired fucktons of real estate for pennies on the dollar and expanded.
It's like Uncle Sugar subsidizing Junior Samples over here. Or it was in 2008-2009.

Banks did what Congress setup to allow. Almost as-if they manufactured another Crisis to bring in a DEM Muslim. Out GWB.

Congress could have stopped it 05-06. But they are in on it.

 

[Toddsterpatriot]

The banks extended mortgages recklessly. They should have been dissolved.
Instead, the government bailed them out, then they acquired fucktons of real estate for pennies on the dollar and expanded.
It's like Uncle Sugar subsidizing Junior Samples over here. Or it was in 2008-2009.

The banks extended mortgages recklessly.

Absolutely.
The government made it much worse with HUD's mandate that Fannie and Freddie buy trillion$ of subprime mortgages.

They should have been dissolved.

That would have made things much worse. Would have ended up costing the government trillions.

 

[martybegan]

The banks extended mortgages recklessly.

Absolutely.
The government made it much worse with HUD's mandate that Fannie and Freddie buy trillion$ of subprime mortgages.

They should have been dissolved.

That would have made things much worse. Would have ended up costing the government trillions.

Then the investors made it worse by hiding risk in layered on layered collateral debt obligations that were only valued based on modeling and vague references.

The current Stock market Volatility isn't the same thing as the housing crunch volatility.

Interest rates are too high for that.

 

[The Duke]

The banks extended mortgages recklessly.

Absolutely.
The government made it much worse with HUD's mandate that Fannie and Freddie buy trillion$ of subprime mortgages.

They should have been dissolved.

That would have made things much worse. Would have ended up costing the government trillions.

I'm going to disagree on that.

 

[Blaster]

60% of people invest all their money in the stock market which is very foolish. I have some investment there but quite a few outside it.

 

[Toddsterpatriot]

I'm going to disagree on that.

About what, that forcing Fannie and Freddie to buy crap caused more shit mortgages to be created?

Or that forcing a fire sale of a gigantic bank would cost trillions?