What income level

[alan1]

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.

 

[rightwinger]

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

 

[KMAN]

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

Yeah, God forbid people actually having to buy something with using a credit card.

 

[Article 15]

Does anyone know how much TARP money has been paid back?

 

[alan1]

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

Or did it just slow things down? Make the bleeding a little slower?
More and more banks fail everyday.

 

[rightwinger]

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

Yeah, God forbid people actually having to buy something with using a credit card.

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

 

[ihopehefails]

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

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.

 

[PLYMCO_PILGRIM]

Does anyone know how much TARP money has been paid back?

I believe I read in WSJ that it was over 20% already paid back.

I'm not 100% sure though.

 

[alan1]

Does anyone know how much TARP money has been paid back?

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.

 

[rightwinger]

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

 

[Polk]

Does anyone know how much TARP money has been paid back?

TARP could have cost taxpayers $700 billion. Now it looks like it might break even. - By Daniel Gross - Slate Magazine

 

[Toro]

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

Or did it just slow things down? Make the bleeding a little slower?
More and more banks fail everyday.

The government's actions to save the financial system - which happened primarily under Bush - saved the financial system and the economy from going into the Great Depression 2.0. Even as banks continue to fail, the economy would have collapsed had the government not back-stopped the system.

 

[Article 15]

Does anyone know how much TARP money has been paid back?

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.

That's a bummer ... what about the other 99.7%?

 

[Article 15]

Does anyone know how much TARP money has been paid back?

TARP could have cost taxpayers $700 billion. Now it looks like it might break even. - By Daniel Gross - Slate Magazine

I believe I read in WSJ that it was over 20% already paid back.

I'm not 100% sure though.

Thanks, fellas.

 

[alan1]

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

A loss of wealth and a transfer of wealth are two entirely different things.
Thanks for muddying the water.

 

[del]

Does anyone know how much TARP money has been paid back?

i doubt anyone knows how much has been loaned.

 

[PLYMCO_PILGRIM]

Does anyone know how much TARP money has been paid back?

i doubt anyone knows how much has been loaned.

It is About 70 billion repaid so far. I guess it was more like 10%.

You need an account on WSJ to read the full article but I found another story online that linked to it. Calculated Risk: Nine Banks Repay $66.3 Billion in TARP Funds

 

[PLYMCO_PILGRIM]

The "Stress Test" 19 | Eye on the Bailout

Just for article

 

[Article 15]

Thx, PP. When they put "No Way!" in there does that mean they don't have to pay it back (I understand that it isn't going to happen with CITI) or is it more like editorializing it?

 

[rdean]

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.

Actually, the largest transer of wealth already occured.

Dick Cheney had secret meetings with the oil companies to plan America's energy needs that led to the largest company profits in the history of the world. These illegal meetings were unsucceffuly challenged all the way up to the Supreme Court by the Seirra Club.

Tax cuts for the wealthiest Americans which led to moving jobs overseas and moved the burdon of government and the cost of the military to the middle class.

All the no bid contracts for Katrina, Iraq and Afghanistan.

These three events have led to the greatest transfer of wealth from the middle class to the top 3% in this history of the world. Considering that Republicans DIDN'T EVEN INCLUDE THE COST OF EITHER WAR in their budgets and left every large institution and industry teetering on the verge of collapse, the money Obama has poured into the country to keep us from world wide collapse, has been peanuts compared to what was accomplished by the Republican strategy. You guys have to know that. How can you not? It was part of our history for the last eight years.