Posted on 10/06/2009 5:51:32 AM PDT by Just A Nobody
It’s not popular with his party, but Senate GOP leader Mitch McConnell is saying that the Wall Street bailout was a success – one year after the historic $700 billion vote.
The Troubled Asset Relief Program has “succeeded in stabilizing the banking system,” McConnell told reporters Friday.
Read more: http://www.politico.com/news/stories/1009/27851.html##ixzz0T9l2BtYV
If they had not done that, their estimation was that by 2:00 that afternoon, $5.5 TRILLION would’ve been drawn out of the MM system of the US,
would’ve collapsed the entire economy of the US and w/in 24 hours the world economy would have collapsed.
Now we talked at that time about what would happen if that happened.
It would have been the end of our economic system and our political system as we know it.
And that’s why when they made the point, we’ve got to act and do things quickly we did it.
"Why? Because if you don’t have a banking system, you don’t have an economy."
McConnell is retarded.
Pumping massive amounts of money into the banks kept them from... running out of money for a while?
and?
and?
I agree, it was quite a success.........FOR BANKERS.
These people are certifiably insane...
Anyone know if that fig's accurate?
How y'all betting?
Leni
Just gives you that warm feeling about 2010, doesn’t it?
McConnell — YOU LIE!
And then the wolves would have come out of the hills surrounding Washington and New York and eaten everyone. After that things would have started getting really bad.
I would love to see the official "estimates" of how bad things were going to be and see how much they changed until Congress buckled. Paulson probably kept upping the disaster scenario until the hundreds of billions started flowing to his friends at Goldman Sachs (and whatever other banks could pick some up too).
I completely agree. The TARP did help stabilize the banking system. It is utter Bullcrap that Obama pats himself on the back for stabilizing the economy, because the porkulus bill has done virtually nothing. Porkulus did not create the jobs it was suppose to. $787 Billion dollars could have easily been used to create 10 million jobs if it was used with market forces instead of just a bunch of random unnecessary infrastructure projects.
Making Glenn’s point for Glenn.
BTTT! Thanks
I’m betting McConnell is just another rich crook who needs to go.
Are you referring to TARP or Porkulus funds?
The difference between TARP funds of September 2008 and the February 2009 PORKULUS funds have purposely been blurred, IMO.
I do not care who says it, or why. TARP, because it never met its orginal objectives (to purge the toxic home loans from the portfolios scattered throughout every financial institution that was affected), was a consummate failure, and was almost a total waste.
Would the banking system have collapsed? That is only idle speculation after the fact. The reality is, the banking systen had ALREADY collapsed, and the TARP effort was only, at best, a rescue mission, one that failed. What collapsed was, first of all, CONFIDENCE, and confidence, a form of trust, once lost, is recovered only slowly.
Even more slowly, because the remedy used, the nilly-willy injection of cash into the system, did little to shore up or salvage anything from the mess created.
An economic Hurricane Katrina. The storm did not hit directly, but the waves created smashed the levees, and flooded the vulnerable places that lay in harm’s way. Worse, the warning signs were there, and those who COULD have stepped to the forefront to sound the warning and encourage people to make their escape, sat on their hands and signally failed to perform their appointed duties, ending up with the blame being placed on altogether the wrong persons, and assigning the wrong reasons.
Doing nothing would have proved less disasterous in the long run. It was like feeding highly caffeinated coffee to a drunk, you do not sober him up, you just have a drunk who is wide awake and wired.
Huh???
and constantly making my point ... ther are only one or two conservative senators in the repubican fold.
Oh .. I may as well say it .... Republicans ARE the third party. I’ll NOT vote for them as they are.
Republicans - doing the dirty jobs democrats are too smart to do.
Weren't we told something like the world would collapse unless the bailout were passed in the next 72 hours?
Which is the "bailout?"
I don’t think the first chapters of this story have been written yet, let alone the middle and final chapters. There are so many from both major parties with something to hide concerning the causes of the financial crisis, and then the chosen ‘solutions’ that it will be very hard to get at the truth. Probably take a few years.
But Goldman, Sachs seems to have come out smelling like a rose.
And do we even yet know where all those billions actually went?
Per Kanjorski in the video I linked in post #1:
Now Sec Paulson said let’s buy out these sub-prime mortgages, that’s when he came to congress, but he said give us latitude and large authority to do many things as we decide necessary … and give us $700 B to do that.
Shortly after we enacted our bill with those very broad powers, the UK came out and said No, we don’t have enough money to buy toxic assets. Instead we’re going to put our money into banks so that their equity grows and their not bankrupt.
And so the UK started that process and that’s true, it was much cheaper to put money in banks .. as equity investments than to start buying their bad assets because it came early we determined we would probably have to spend 3-4 Trillion of taxpayer’s money to buy these bad assets and we didn’t have that, we only had 700 Billion.
So Paulsen made a complete switch -- went in and started putting money in buying securities and re-investing in the banks of the US.
Why? Because if you don’t have a banking system, you don’t have an economy.
Who knows anymore!? TARP/Bailout? Stimulus/Porkulus? TARP/Stimulus/Bailout/Porkulus...they have all been run together so no one knows the difference, IMO.
Yes, it did.
When the run on the money market system started we were in incredible trouble. But then the banks discovered that Paulson-Bernanke were going to take swift action and that bank run was stopped.
We WERE going down. That was a VERY scary week. If the banks go, everything goes.
And much of the original TARP funds have already been repaid. Problem is, Zero took advantage and piled on with his Keynesian stuff.
McConnell knows that if given the chance his head will be in the noose along with many Congress Criminals...WE MUST SWEEP both parties’ incumbents out and we will have an honest investigation about who, what & why of TBTF, FRS Congress, Treasury, IRS, Hedge funds, etc, etc....who can be the Sheriff....I nominate the only true Maverick, SP!
With Republicans growing ever more useless and clueless, it will be interesting to see Rush justify sticking with the GOP.
Rush’s basis for sticking with the idea of being against a 3rd party is that the conservatives can take the party back. So far, that hasn’t happened. I can’t see a possible GOP win with the same people in control in 2012. Of course the democrats will cheat, so we would need a strong and committed GOP. I just do not see that yet.
Either way could mean the reelection of the communist.
wall street would have bailed itself to survive. where are the jobs?
Unfortunately, it has all been done before. And thereby hangs a tale of woe.
TARP’s free money for all banks and Obama’s Stimulu-pork for Democrat districts have buried us, and buried our children.
We’ll never be able to borrow enough real money to cover our thin-air, un-backed, fiat currency.
Debt, inflation, deprivation, dependence - America’s future. Thank you, Reid/Pelosi Congress. Thank you, George Bush. Thank you, Obama. Mmm, mmm, mmm.
Pphhhphh!!—HAHAHAHA!!!
Last Night on Greta Van Susteran there was some talk about Paulson “misleading” about the banks that got the TARP funds. Supposedly these banks were “healthy”, but in reality were not. A little fuzzy on the details...anybody else hear about this?
There were parts of TARP that were unfortunately necessary because we had constructed artificial government incentives which skewed the market.
TARP was also misused, because the legislation was poorly constructed, and that misuse has not been helpful.
But TARP is “successful”, compared to the stimulus package, which actually made things worse.
Success???? The guy is a Damm idiot the market would have corrected itself!
Maybe you are retarded for ignoring the facts.
Fact is, the tarp used for financial firms has been a huge success. The democrats bastardizing it and using it to bail out GM and Chrysler has not.
He and the rest of the old white men need to retire!
Serious dementia.
Way past time for a new minority leader. Else, the Republicans will never have a MAJORITY leader.
This is 100% non-verifiable. There is absolutely no way to falsify such a claim.
It's just as likely that someone got over big-time with lots and lots of money.
I’ve heard very successful investment advisers that I trust say also that TARP worked. I’m not sure we have the information to prove or disprove the assertion other than that there is no current panic about the banks.
We can prove that the Stimulus and the C4C program failed - the numbers there are quite clear.
Meanwhile the later Obama pushed bailout has completely failed to stem the tide of job losses.
Mitch McConnell ought to shut his mouth else show the world what a dumb ass he truly is.
As long as we have baboso’s like this the pubbies will forever be RINO turds.
Yep, Mitchie is MY senator! If you don’t think I’M proud!!
Every penny of that money should be repaid by the ones it bailed out.
“has been a huge success”
I don’t disagree with you, but my only question is were we really “looking into an abyss”? I realize there was a lot of turmoil in the financial sector - but would things truly have collapsed if we did nothing? I am just a layman, but I do understand that it was not in our best interests to let the financial market crash. I guess what I am driving at - as a layman, how do we know we weren’t being taken for a ride? I was really uncomfortable with the “need for speed”.
Yes I saw that on Greta. My point is what was he supposed to say? XYZ bank is insolvent, Panic ensues and their is a run on that bank.
Making Glenn’s point about how there is no real difference between the parties, but for a bit on the edges.
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