[Home]  [Headlines]  [Latest Articles]  [Latest Comments]  [Post]  [Mail]  [Sign-in]  [Setup]  [Help]  [Register] 

Air Force Punishes Respected Officer for Refusing to Endorse Same-sex Marriage

Republicans Officially Give Up Trying to Cut Spending

Immigration in the National Interest

HILLARY UNLEASHED: Cracks joke about H.W. Bush’s health, says Trump speech ‘some weir Shit't

YouTube deletes Maxine Waters promise to ‘go and take out Trump’

Jim Bakker Says God Will Punish You For Making Fun Of Him

The Big Myth About Dirty Jobs, Minimum Wage, and Illegal Immigration

Don't capture them, KILL them: Syrian rebels who drove ISIS out of Raqqa were ordered by US advisers to show no mercy to Western jihadists to stop them returning home to carry out terror attacks

Bannon blasts George W. Bush’s presidency (FR wises up)

Elon Musk to start hyperloop project in Maryland

End of an Era: PLAYBOY FEATURES FIRST TRANS PLAYMATE

Black Woman goes Ballistic over “Dukes of Hazzard” Car

False Flag Terror: FBI Used Swat Team To Confiscate Key Surveillance Video Of The Las Vegas Massacre From The Tropicana Hotel

Texas Officials Forcing Hurricane Victims to Pledge Loyalty to Israel to Receive Funding—Seriously

Trump expected to block release of classified JFK assassination documents

Trump will allow release of classified JFK assassination files

Antifa fight club: Teaching the far left to punch and shoot

Under Trump, Brags Mike Pompeo, CIA Will Be 'Much More Vicious Agency'

I'm not getting this whole Trump phone call thing

Ottawa man not guilty of sexual assault because he thought he could have sex with wife anytime

Let Sleeping Dogs Lie: It Helps Them Consolidate Memories

The Fall of Civilizations

Profile In Treason: The Inconceivable Evil Of John McCain—“Man Of Blood”

Transgender Wyoming woman convicted of sexually assaulting 10-year-old girl in bathroom

My daughter informed me last night what the olden days are

Cop Fired for Domestic Violence, Joins New Dept., Arrested Again for Domestic Violence—All In a Year

Coverup Questions Emerge Over Vegas Security Guard's 'Ellen' Appearance

2 former presidents — from both parties — blast the state of American politics in unprecedented day

Donald Trump Didn't Create Danger Of Presidential Dictatorship... He Inherited It

Judging by Mueller's staffing choices, he may not be very interested in justice

Bank Run Imminent: Catalan Separatists Urge Supporters To Pull Cash From ATMs On Friday Morning

George W. Bush Institute Summit, NYC: President Bush Remarks On The Crisis With North Korea (globalist neocon discontent, Nativism, White Supremacy) 10/19/17)

Break up the Google-Facebook-Amazon web monopoly

ICE Director: Suspected Wine Country Arsonist Is Illegal Alien Mexican National

Awful: Thad Cochran reportedly disoriented in the Senate

Will people now believe Corey Feldman about Hollywood abusers?

Obama’s name to replace Jefferson Davis on Jackson elementary school

Team Obama’s stunning cover-up of Russian crimes

Scalias All the Way Down

Kid Rock’s Senate Competition Is The Infamous Libertarian Convention Streaker

No Charge

Why hydrogen is becoming a big deal

Americans Are Winning: Empty Seats All Around The NFL In Week 6: You Have The Power!

Hillary Clinton Could Still Be Installed as President

When you die you know you're dead: Major study shows mind still works after the body shows no sign of life

Dressing as a clown could get you killed at Halloween, warns Florida sheriff who says people have a right to defend themselves

The human brain tripled in size over the last 8 million years because we ventured further afield and NOT because our social groups got bigger

Wounded casino security guard vanishes from Las Vegas — and reappears on the set of 'Ellen'

Does TV's obsession with fictional American traitors affect our view of government?

The twilight of the elites...in the European Union


Status: Not Logged In; Sign In

Corrupt Government
See other Corrupt Government Articles

Title: Big Companies HAVEN’T Repaid Tarp Funds … And Funds to Help Homeowners HAVEN’T Been Paid (Obama rips off the 99%)
Source: ZeroHedge
URL Source: http://www.zerohedge.com/contribute ... 9t-repaid-tarp-funds-%E2%80%A6
Published: Apr 30, 2012
Author: George Washington
Post Date: 2012-04-30 05:07:13 by hondo68
Keywords: a loss of $60 billion, Taxpayers owed $118.5 billion, TARP money goes to banks
Views: 1174
Comments: 1

Apologists for government bailouts push two main myths:

  • That all of the bailout funds have been repaid
  • That the bailouts helped the average American

But the official government overseer of the Tarp bailout program – the special inspector general for TARP, Christy L. Romero – has debunked both myths.

Today, Romero wrote the following to Congress:

After 3½ years, the Troubled Asset Relief Program (“TARP”) continues to be an active and significant part of the Government’s response to the financial crisis. It is a widely held misconception that TARP will make a profit. The most recent cost estimate for TARP is a loss of $60 billion. Taxpayers are still owed $118.5 billion (including $14 billion written off or otherwise lost).

And earlier this month, Romero stated that the portion of the Tarp funds which were supposed to help homeowners haven’t been disbursed:

A fund to support homeowners in the communities hit hardest by the collapse of the housing bubble has disbursed just 3 percent of its budget and aided only 30,640 homeowners in the two years since its creation, according to a report released on Thursday by a federal watchdog office.

 

The Hardest Hit Fund, which was created in the spring of 2010, grants money to state housing finance agencies for efforts to help families that are facing foreclosure. It has “experienced significant delay” because of “a lack of comprehensive planning” by the Treasury Department and limited participation by Fannie Mae, Freddie Mac and the large mortgage servicers, said the report by the special inspector general for the Troubled Asset Relief Program.

“Look at the TARP money that goes out to the banks,” said Special Inspector General Christy Romero in an interview with The Huffington Post. “That goes out in a matter of days. This has been two years and only 3 percent of these funds have trickled out to homeowners.”

Indeed, bailing out the big banks hurts - rather than helps - the American economy.  See this, this and this.   (And it doesn't take a PhD economist to guess that using bailout funds to buy gold toilet seats and prostitutes is probably not the best way to stimulate the economy as a whole).

The only way to really stimulate the economy would be for the government to give money to the little guy on Main Street – instead of the big boys on Wall Street.  And see this.

Yet the big banks continue today to be bailed out through a wide variety of overt and hidden schemes … while the little guy gets nothing.

This is true even though the American people were opposed to the bank bailouts from day one, and continue to oppose them:

As I’ve noted since 2008, Americans are united in their overwhelming disapproval for bailouts to the big banks.

 

This has remained true right up to today.

 

As Rassmussen found only last month (as summarized by KXLF news):

Today’s Rasmussen Reports survey finds that most Americans don’t like bailouts for financial institutions.

60% Oppose Financial Bailouts; 74% Say Wall Street Benefited Most

 

Survey of 1,000 American Adults

 

***

 

• Just 20% think it was a good idea for the government to provide bailout funding to banks and other financial institutions, but 60% say otherwise.

 

• While many activists try to link the Republican Party and Wall Street, Republicans think the bailouts were a bad idea by an eight-to-one margin.

 

• Those not affiliated with either major party think they were a bad idea by a four-to-one margin. Democrats are much more evenly divided. Thirty-four percent (34%) of those in the president’s party say the bailouts were a good idea while 42% disagree.

 

• Overall, 68% believe that most of the bailout money went to the very people who created the nation’s ongoing economic crisis, but 12% disagree and 21% aren’t sure.

 

[And see this]

 

As the Washington Post’s Greg Sargent notes, the recent proposal from lobbyists to the American Bankers Association recommending ways to co-opt the Occupy movement accurately stated:

Well-known Wall Street companies stand at the nexus of where OWS protestors and the Tea Party overlap on angered populism. Both the radical left and the radical right are channeling broader frustration about the state of the economy and share a mutual anger over TARP and other perceived bailouts. This combination has the potential to be explosive later in the year when media reports cover the next round of bonuses and contrast it with stories of millions of Americans making do with less this holiday season.

 

(Except that it is the majority of Americans – not “extremists” on either side of the aisle – that share this anger).

 

The “Tea Party” movement was centered on the protesting government bailouts of the giant banks, before it was hijacked by the mainstream Republican party, Sarah Palin, Neocons and others. See this, this, this, this and this.

 

Ron Paul said last month at a GOP debate:

Bailouts came from both parties…. If you have to give money out, you should give it to people losing their mortgages, not to the banks.

 

And one of the most common sayings of Occupy Wall Street protesters is:

Banks got bailed out. We got sold out

(See this and this.)


Poster Comment:

Obama gave all of Joe The Plumber's money to the banks, and the 99% got zip!

Wealth spread, to wealthy campaign contributors. The poor, unemployed, and destitute get a shuck 'n jive story about O'deadbeat killing Osama Bin Laden.

Post Comment   Private Reply   Ignore Thread  


TopPage UpFull ThreadPage DownBottom/Latest

#1. To: hondo68 (#0)

That's correct.

Bill Black: Our System Is So Flawed That Fraud Is Mathematically Guaranteed Tyler Durden's picture Submitted by Tyler Durden on 04/28/2012 09:41 -0400

www.zerohedge.com/news/bi...mathematically-guaranteed

“When plunder becomes a way of life for a group of men in a society, over the course of time they create for themselves a legal system that authorizes it and a moral code that glorifies it."

- Frederic Bastiat

mcgowanjm  posted on  2012-04-30   9:36:51 ET  Reply   Trace   Private Reply  


TopPage UpFull ThreadPage DownBottom/Latest

[Home]  [Headlines]  [Latest Articles]  [Latest Comments]  [Post]  [Mail]  [Sign-in]  [Setup]  [Help]  [Register] 

Please report web page problems, questions and comments to webmaster@libertysflame.com