Tuesday, December 23, 2014

TARP Wasn't Repaid With a Profit

From this link: 

"TARP wasn’t “repaid” with a profit. It was simply perpetuated and  morphed into a new form of destructive state subvention and malinvestment. By David Stockman, David Stockman’s Contra Corner."

It answers the question:  Where did the banks get the money to repay TARP.  It socialized the cost of their crime.  They committed it.  We paid for it. Is that the justice system?

Washington Post stupid meme repetition:

"Warren criticized TARP in 2009 and 2010, arguing (incorrectly, as it turned out) that it would be a taxpayer giveaway to the banks. She hectored Geithner in 2010 to redo his “stress tests” of U.S. banks after a first round indicated that TARP had been effective. “How could you be confident of these financial institutions without rerunning the stress tests?” she asked. As it turned out, TARP made a $15 billion profit, Treasury announced last Friday."

"Has Warren apologized for getting this wrong or conceded that the financial recovery program engineered by Geithner, Summers and then-Federal Reserve Chair Ben Bernanke was a success? Not to my knowledge. But in the process, she disowns a Democratic president’s historic achievement." 

Stockman is right.  Who is WaPo shilling for?

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