What would YOU say to the Oversight Committee if YOU were asked??

[Dunkopf]

Quote:
We are all mushrooms!!
ETA. If you want to know what's going on you have to go to wikileaks lol!!

I feel like you can't get a straight answer from anyone.

 

[caspernc]

well we could always get another commity to study what really went on with the tarp program.....and by the time they are done with that they will hope everyone will be so worried about hyper inflation.....that we need?......we won't even care about tarp any more. (sorry arm is still broken, no caps).

.

 

[Royd]

Quote:
Basically, it was a government bailout for whitecollar criminals who work in the economic sector, who are playing three card monty, with the nation's money supply.
Instead of sticking with banking principles, which have worked, for centuries, they decided to get creative, in order to make bundles of profits, and it caught up with them.
Apparently, you can't send several thousand bankers and Wall Street investors to jail at the same time, so, the government just covered their losses, with the people's tax money...The sad thing is, the people recieve absolutely no benefit, except to be told that if the banks went under, everyone would suffer.

 

[bakerjw]

Yep. Pretty much spot on. If Americans understood what happened and what continues to happen it'd be torches and pitchforks in Washington.

 

[Dunkopf]

Quote:
Basically, it was a government bailout for whitecollar criminals who work in the economic sector, who are playing three card monty, with the nation's money supply.
Instead of sticking with banking principles, which have worked, for centuries, they decided to get creative, in order to make bundles of profits, and it caught up with them.
Apparently, you can't send several thousand bankers and Wall Street investors to jail at the same time, so, the government just covered their losses, with the people's tax money...The sad thing is, the people recieve absolutely no benefit, except to be told that if the banks went under, everyone would suffer.

Almost 100% agreement on that one. It wasn't the nations money supply that they played with. It was money that used to be protected against wild scheme investing by bankers. It was the banksters playing on Wall Street with money that should have been in safe investments. It was the nations money collected through our taxes that bailed them out.

What's pathetic is that they just recently passed legislation to try to stop these wild schemes by the banksters. The new boys in town want to repeal the new legislation so that the banksters can continue to do what they were doing. Running us into the ground. Some of our politicians are interested in nothing more than what they can do to get the biggest piece of the American pie before it's all gone. Fortunately we have some good politicians on both sides that will vote the way they should. Lets hope there are enough of them.

As for TARP oversight? What a joke. Another waste of taxpayer money. Just more grandstanding.

 

[I have WHAT in my yard?]

Now I KNOW for certain that the world is ending. Royd and I agree on something!

When two people who see the world from such opposite positions agree you can pretty much take it for fact.

People keep freaking about Obama being socialist, but they usually don't know what the word means. When TARP was done, and remember that both presidents did it so spread the blame around if you feel the need, what they did was effectively socialize the bank's debt while leaving their profits private. The report calls this a "moral hazard".

This is a such an astonishing understatement! What would you do if I said here is my credit card now go to Vegas and play all you want. If you win you get to keep the money, if you lose I'll pick up the tab. Would you be really careful of your betting??

The first part of TARP was necessary. Sort of like discovering that your kid really did go to vegas and run up your bill. You still have to pay the bill.

The piece that was missing was the butt kicking that you would have given your kid as well as the years worth of work paying back the debt. The report says that the money was all repaid and the banks made money for the country on the deal. If this were truly so the debt would have dropped.

They also - knowing that the government wanted to spend money to prop up those foolish people at the bottom - you remember them the ones who were actually facing painful repercussions - took the TARP money and sold it back to the government by buying government bonds at interest. So the government gave them money and then borrowed it back at interest.

From a purely economic standpoint according to the big economists TARP worked. It did what they needed it to do. What no one in DC seems to recognize is how dangerous the popular anger at the government over this is. What divides the general populace is over who to really be angry with. Oddly most people still seem to think that DC and Wall Street are two different places. When in reality DC is a wholly owned subsidiary of Wall Street at this point.

So why can't we agree that we really need both, and we really need both to clean up their acts.

 

[Talihofarms]

History has and will show once again, that when the government gets involved in the private sector it will and does fail.
( Just look at the fastest growing sector in the USA.... Gov jobs...)

Case in point. The Great Depression. Shovel ready programs ..... Socialist security...
we can keep going......TARP.




Reduce the Size of the government.
Leave small business alone.
Treat the Government like a business.
If it doesn't work.... fire it..

 

[Dunkopf]

I have WHAT in my yard? :

Now I KNOW for certain that the world is ending. Royd and I agree on something!

When two people who see the world from such opposite positions agree you can pretty much take it for fact.

People keep freaking about Obama being socialist, but they usually don't know what the word means. When TARP was done, and remember that both presidents did it so spread the blame around if you feel the need, what they did was effectively socialize the bank's debt while leaving their profits private. The report calls this a "moral hazard".

This is a such an astonishing understatement! What would you do if I said here is my credit card now go to Vegas and play all you want. If you win you get to keep the money, if you lose I'll pick up the tab. Would you be really careful of your betting??

The first part of TARP was necessary. Sort of like discovering that your kid really did go to vegas and run up your bill. You still have to pay the bill.

The piece that was missing was the butt kicking that you would have given your kid as well as the years worth of work paying back the debt. The report says that the money was all repaid and the banks made money for the country on the deal. If this were truly so the debt would have dropped.

They also - knowing that the government wanted to spend money to prop up those foolish people at the bottom - you remember them the ones who were actually facing painful repercussions - took the TARP money and sold it back to the government by buying government bonds at interest. So the government gave them money and then borrowed it back at interest.

From a purely economic standpoint according to the big economists TARP worked. It did what they needed it to do. What no one in DC seems to recognize is how dangerous the popular anger at the government over this is. What divides the general populace is over who to really be angry with. Oddly most people still seem to think that DC and Wall Street are two different places. When in reality DC is a wholly owned subsidiary of Wall Street at this point.

So why can't we agree that we really need both, and we really need both to clean up their acts.

Amen and what do you think is the best place to put the money in my 401k to protect myself from these shysters?​

 

[Dunkopf]

Does anyone think our economic system would have collapsed without TARP. I fully agree that TARP was badly managed and was just another ripoff from tax payer dollars to help big business. Was the whole thing a scam though.

This whole thing happened because of regulations being dropped 20 years ago. namely Glas Stengal. Should they have just let the economy fall as people have suggested they should have let GM and Chrysler collapse. If we don't want government in business at all, then they need to stay out of the way when major banks collapse too. It should be one way or the other. What would have really happened if Congress would have said no and just let Wall Street and the banks muddle through it. Would they have passed the test of business will always take care of itself.

 

[elizabethbinary]

Quote:
Basically, it was a government bailout for whitecollar criminals who work in the economic sector, who are playing three card monty, with the nation's money supply.
Instead of sticking with banking principles, which have worked, for centuries, they decided to get creative, in order to make bundles of profits, and it caught up with them.
Apparently, you can't send several thousand bankers and Wall Street investors to jail at the same time, so, the government just covered their losses, with the people's tax money...The sad thing is, the people recieve absolutely no benefit, except to be told that if the banks went under, everyone would suffer.

Here's what I'm getting from that: America handed banking criminals tax money from the poor in order to fix the economy but since banking criminals are, well, banking criminals - they did what they always do and gambled the money on 'investments' instead of replenishing their coffers from the last time they did that and failed.

Do I have this right?

Good name, tarp. Something that covers everything and fixes nothing.