Article

2010-04-28 Economy

Treasury has profited from big bank bailouts

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Posted by Steve White 2010-04-28 00:00|| || Front Page|| [1 views ] Top

#1 "TARP was a positive boost to the economy and the government"

I call BS. There was no boost to the economy, just a Washington crony capitalist circle-jerk in which Treasury built up the banks' reserves and rescued shareholders, and banks in turn stopped lending to small businesses and consumers.

The banks are borrowing at close to zero rates. The banks are not lending. They are making money hand over fist, and the real economy is starved of credit. F&&& them, and f&&& their Washington cronies.

We really need a new political class in this country.

Posted by lex 2010-04-28 00:38|| 2010-04-28 00:38|| Front Page Top

#2 I call BS.

Not true. The Chinese economy was rescued and kicked in high gear. Super Luxury car companies too once Wall Street's TARP bonuses got paid out.

Posted by ed 2010-04-28 00:46|| 2010-04-28 00:46|| Front Page Top

#3 The Chinese economy was rescued and kicked in high gear.

Ha. But then, aren't they also on their way to becoming part of the DC Circle Jerk, ie our governing structure? That will occur formally on that day when no one but the Chinese central bank will buy our junk debt, and Tiny Tim Geithner et al leave government and begin signing retainer deals to serve as financial advisors to Chinese government entities seeking to take over, acquire, restructure, or arbitrage US assets. Stay tuned.

Posted by lex 2010-04-28 00:53|| 2010-04-28 00:53|| Front Page Top

#4 support the housing market

It means the government manipulated the market to keep house prices higher than they would have been otherwise and hence increase the value of the toxic mortgage debt.

Only governments have enough money to do this to domestic markets, and is the reason they made money on the 'toxic debt'.

The losers are the millions of house purchasers forced to pay more than they would otherwise.

Posted by phil_b 2010-04-28 02:19|| 2010-04-28 02:19|| Front Page Top

23:52 ed
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