Yeah, this kind of thing cracks me up. While the Republifools are freaking out about the Citizen's Bailout bill that just passed the Senate, no one seems to be raising a big stink about $78 billion being lost when the USG paid $176 billion for $254 billion of bank crap--er--capital purchases from banks. Sure, $78 billion isn't that much these days (!!) but compared to the stuff the Republicans were bitching about yesterday it seems pretty substantial.
The really frustrating thing for the "law and order" crowd is that former TreasSec Henry "Hank" Paulsen effectively committed fraud on Congress and the American People. According to the February 6, 2009 Bloomberg.com article capped above, the oversight panel in charge of the TARP bailout was run by a woman called Elizabeth Warren. She said, according to the Bloomberg article, that:
The panel asked Paulson in December to value taxpayers' return on the investments, Warren said. According to Warren, he said they were made "at or near par," meaning they received about $1 for every $1 invested.The panel subsequently found the value to be about 66 cents on the dollar, Warren said.
So, if you consider 66% "at or near par" with 100%, then you shouldn't have a problem. In which case, I'd like to buy all the money in your bank account for 66 cents per dollar. Sound good?
Didn't think so.
So, here we go again with another example of how Obama will be letting the previous administration get away with lying to the American people.
CHANGE HAS COME TO AMERICA and it looks really familiar!
Oh and in case you think $78 billion still isn't that much, here's something else from that Bloomberg article:
"The loss estimate is conservative," said Representative Alan Grayson, a Florida Democrat on the House Financial Services Committee. "It could turn out that those assets in the end are worthless. These are massive handouts to favored institutions to try to make up with taxpayer money the mistakes they made with investor money."
Yeah, so it's possibly more than $78 billion. In fact, with the track record of this whole thing, I'm expecting it to definitely be more than $78 billion.
jus wondering, wut iz ur ad homonym pun 4 da democrats?
ReplyDelete$30 mil 4 wetlandz stimlatez teh economy how?
http://www.washingtontimes.com/news/2009/feb/12/earmark-less-bill-gives-pelosis-mouse-cookie/
Obviously you're not reading the post--or pretty much any political-themed post on my site. I'm an independent voter and don't believe in parties. That said, did you miss the part in my post where I say "Obama will be letting the previous administration get away with lying to the American people."?
ReplyDeleteDoes that sound like I'm giving a pass to the Dems?
But since you brought it up, $30 million is *nothing* compared to the money Republicans have wasted over the last eight years. You really think every dime of the trillion+ we've spent on fighting Al Qaeda has been worth it?
It's definitely wasteful spending from the Dems, but when you're talking "the lesser of two evils" which is how most people vote these days, $30 million for wetlands is insanely less wasteful. Also, it's good for the environment and since we *live* in the environment, I'm less inclined to think of it as waste and more inclined to think of it as *protecting our lives*.
The Republifools handed out over a trillion to businesses and banks. I don't care what the Dems want to fund so long as they include us in their hand-outs.
Is this socialism? I sure hope so because capitalism has crashed and burned!
ur liek a powderkeg! hopes u doan smoke. u yell at ur screen much? lulz!
ReplyDeletenot sayin u giv a pass to dems, jus wondring wat grade-skool lvl name u call em.
ReplyDeleteYou're accusing me of using childish language?
ReplyDeleteSrsly?