The horizon is not so far as we can see, but as far as we can imagine

TARP Wasn’t All the Relief

This is all very nice:

“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.




No carrots for lawmakers without sticks


  1. 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.

  2. 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:

    As we discussed at greater length earlier this week, this new “get our money back” idea is pure three card Monte. Put the spotlight on the TARP so everyone will ignore all the other massive subsidies that the banks have gotten, continue to receive, and are abusing. Those who claim many banks have “paid back the TARP” are missing (more likely choosing to obfuscate) the point: the TARP calculus grossly understates of the gives and the gets here (although as we have said before and will say again, Obama’s focus on the TARP is pure political expediency).

    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).

  3. Great to see the progressive blogs all over this. Oh, wait…

  4. 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.

  5. 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

    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

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