Surprise! GWBush and Paulson didn't see the crash coming? Oh come on. Number 1001 why I will never ever forgive Bush. He almost destroyed the USA economically, allowed our children to shed their blood for a war based on lies for his personal gain, and borrowed from China placing the USA in a very bad position defense wise. I will never forgive GWBush!
Does this actually surprise anyone? Anyone that listened would know this was going to happen. While liberals are masters at logicall fallacies (we didn't spend enough, but we cannot prove our thesis), conservatives are demonized for telling teh truth. Too bad there are only a handfull of conservatives in Washington. Too bad Bush wasn't a conservative. Too bad none of the current crop of GOP candidates are conservative. We are in a deep hole getting deeper.
Maybe you got a good point. To me, the conservative thing to do is exhaust every reasonable avenue to prevent war. War is expensive and ruins nearly every young person sent to do the government's murder policy. It's not a conservative policy to go off shooting as the result of every insult and cross-eyed look, but that's the Republican philosophy. Ergo, the GOP is not a conservative organization.
Yes, skyk, GM paid back most of what they owed. With money borrowed from another government handout. That means essentially they paid a credit card with a credit card. Only in America.
The TARP bailout, which occurred under George W. Bush, has nothing to do with the bailout of the auto industry, which occurred under Obama. The auto bailout was a huge success, with Detroit now stronger than ever and the repayment ahead of schedule. The TARP bailout, on the other hand, only allowed the Too Big To Fail banks to get even bigger, pay out even huger bonuses, and lobby against stricter regulation, while doing nothing to help the homeowners that faced foreclosure. So don't conflate the two issues, CBS.
I reckon the taxpayer has already gotten 15% back...after the wheels that drove the collapse of the American Dream distributed that $132.9B to themselves as "capital gains".
Somebody needs to call Erin Burnett and give her this news. She is evidently under the incorrect impression that all that TARP money was paid back to taxpayers. When Burnett was doing her report on the Occupy Wall Street movement (the first of her new program on CNN), she castigated the occupiers for not understanding how beneficial the TARP bailout was to the public and how profitable the deal was for taxpayers. Now we see that Erin Burnett is "Seriously?!" mixed up.
Who in their RIGHT mind wants to return to Policies that made THIS necessary? Who in their right mind wants to again allow Corporate Wh@res in our Congress to De-Regulate Banks and THEN allow their Lobbyist to come into the halls of congress and write their OWN Regulations. ANYONE with a "R" before their name should be voted OUT of office..
$132 billion of of borrowed money down the toilet(and still counting with the loss of interest income on this silly investment) and some people consider this program to be a success.....only in America. I thought AIG and GM were now "profitable"? Shouldn't they pay back the loans? Of course not, there was absolutely no risk to them and no obligations. Check out the compensation packages currently being paid to the executives of these companies while they remain in hock to the taxpayers.. Shameful!!
Montana5, GM has paid back it's loan and THAT loan was entirely different that what was done with AIG. The GM Loan was provided an AMERICAN Car Maker so it could come out of Bankruptcy and produce JOBS for American Workers. AIG was part of the Corporate group that paid off the Republiklan Party to De-Regulate their Industry so they could be part of the Bank/Loan Rip off.
While the government's $182 billion bailout of insurance giant AIG was a scandal, GM had absolutely nothing to do with the TARP bailout, and is paying back their government loan ahead of schedule!
The story of American International Group explains the larger catastrophe not because this was the biggest corporate bailout in history but because AIG's collapse and subsequent rescue involved nearly all the critical elements, including delusion and deception.
Bailing out AIG effectively meant rescuing Goldman Sachs, Morgan Stanley, Bank of America and Merrill Lynch (as well as a dozens of European banks) from huge losses. Those financial institutions played the derivatives game with AIG, the esoteric practice of placing financial bets on future events. AIG lost its bets, which led to its collapse. But other gamblers -- the counterparties in AIG's derivative deals -- were made whole on their bets, paid off 100 cents on the dollar. Taxpayers got stuck with the bill.
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Bailing out AIG effectively meant rescuing Goldman Sachs, Morgan Stanley, Bank of America and Merrill Lynch (as well as a dozens of European banks) from huge losses. Those financial institutions played the derivatives game with AIG, the esoteric practice of placing financial bets on future events. AIG lost its bets, which led to its collapse. But other gamblers -- the counterparties in AIG's derivative deals -- were made whole on their bets, paid off 100 cents on the dollar. Taxpayers got stuck with the bill.