“We want our money back and we’re going to get it,” Mr Obama said, pledging to “recover every single dime the American people are owed” for the troubled asset relief programme bail-out fund.
But would we stop acting as if TARP was the only money used in bailouts? It was much more than that.
Cujo359
What occurred to me when I saw that statement today was to wonder how many people realize just how much money we shoveled into the banks? I wouldn’t be terribly surprised if most Americans thought TARP was it.
BDBlue
Unless absolutely forced to (and I don’t know who would do that), they’re never going to move beyond discussing TARP and ignoring everything else because the entire point of discussing TARP is to distract everyone from all the other subsidies. As Yves Smith points out:
Read the whole thing, it’s once again a massive takedown (she’s been regularly posting these takedowns lately, I don’t think they served her enough koolaid when she had that meeting with the Treasury).
lambert strether
Great to see the progressive blogs all over this. Oh, wait…
tjfxh
Hypocritical political posturing. Obama is worried that he is losing Main Street because of his favors for Wall Street. The Dems are freaked out about the MA Senate race. They really might lose Teddie’s seat because of low Dem turnout. Progressives are turned off, while populists are energized.
perris
hey ian, haven’t been here for a while, hope everything’s going good
I just sent a tip off to jane over at firedoglake and I think this is a tip that would wet your lips too, maybe you can host a cross posted front page over there and here
I haven’t seen anyone write about about what’s happened with washington mutual about a year ago
their assets were bought by jp morgan, the commision allowed that sale without and let washington mutual take the assets without being responsible for the liabilities that were attached to those assets
therefore, whoever had bonds with washington mutual were left with no assets to sue against
so, if I bought a million dollars worth of wm bonds, that money was sold to jp morgan, but not the liability attached to it and washington mutual continued to hold my bond
I would have no recourse to recover the money I gave for my bonds
there is a law suit going on now but there is no public information being diseminated
here’s something about the suit
http://www.thestreet.com/story/10647840/is-a-wamu-jpmorgan-settlement-possible.html
this really needs to get the publics attention
if you do a piece on it please contact jane to cross post as I sent her the suggestion as well