One of the things that the Democrats ought to do is make up something as simple as a TARP accounts status website that gives a simple balance sheet on the status of the TARP funds. Something like the debt clock does for the national debt. I think that most people think that our costs on that program have been enormously greater than they have been.
The media has been very helpful in that particular misinformation. If you recall they made no distinction about whether the TARP funds were:
1. given to some corporation or
2. loaned to a corporation or
3 used to buy part of the corporation.
Just call them all bailouts.
If there is one already would someone let me know. I couldn't find it.
Wednesday, September 29, 2010
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What, and lose the fungibility they love so well.
ReplyDeleteMedia have also been pretty good at allowing Mr. Boehner and others -- without challenge -- to list TARP alongside deeds done during the Obama administration.
ReplyDeleteThey are surprized!!!
ReplyDeleteTARP Bailout to Cost Less Than Once Anticipated
By JACKIE CALMES
Published: September 30, 2010
WASHINGTON — Even as voters rage and candidates put up ads against government bailouts, the reviled mother of them all — the $700 billion lifeline to banks, insurance and auto companies — will expire after Sunday at a fraction of that cost, and could conceivably earn taxpayers a profit.
...
http://www.nytimes.com/2010/10/01/business/01tarp.html?_r=1&hp
I agree with Wayne’s original complaint – i.e. that there is no site (that I know of) that clearly and factually shows where the money went. The money was originally targeted for the “toxic mortgages”. In reality I don’t think that is where most of the money went.
ReplyDeleteWhy not go 1 step further and wish for a website that list where funds went for both TARP and the “Bail Out” bill that followed.
It has been pointed out to me that the bill that followed TARP was not a “bailout” bill it was a “stimulus” Bill. True enough, but what is in a name. Both bills were touted as Federal Government spending to save our economy.
ReplyDeleteThe TARP bill was sold as salvation for the banks. And perhaps it did go to banks I can’t say definitively, however, all of the press coverage went to the “bailout of GM” which is not a bank. Again, I would like to see a breakdown of where the money went as Wayne suggests in his original post.
While the stimulus bill was indeed not a bailout bill I have, in my mind, conflated both bills into a Government effort to address 2 parts of the same problem. Perhaps we can call them collectively “government intervention bills”. While I conflate the Tarp & Stimulus bills without apology I also do so without being judgmental as to their value of effectiveness. Again I would like to see where the money went as Wayne suggests.
I would bet that the Congressional Research Service has reports on this. Unfortunately, CRS reports are not available online. The only way to get them is to write your Congressman or Senator and request them, but if you are interested in the subject matter, they are well worth the trouble.
ReplyDelete