Posted on 10/21/2012 8:25:15 PM PDT by RoosterRedux
We talk a lot about the lies this Administration tells about the economy, but last week, we got a whopper. Here's the president on the campaign trail talking about TARP.
We got back every dime we used to rescue the financial system, but we also passed a historic law to end taxpayer-funded Wall Street bailouts for good.
Every dime? I wish it were true, but unfortunately the taxpayer is still out of pocket on the bailout of the financial industry. Naturally, Fannie Mae and Freddie Mac lead the way. Together they owe taxpayers $140 billion, actually more.
Remember they were at the center of the mortgage meltdown, backing billions in loans that went bust. Not only have they not gotten around to paying us back, but they are now more important to the housing market than in the headiest days of the housing boom. Then there's the international insurance company AIG. We're still owed more than $2.5 billion from the nearly $69 billion bailout it got. Government motors, I mean General Motors, got more than $50 billion- a bailout this president is very proud of. GM still owes us more than half of that!
Ally Financial, formerly known as GMAC, has barely repaid anything. The company still owes taxpayers nearly $11 billion. Vhrysler has re-paid most of its bailout, but still owes us more than a billion bucks. Those are just the companies you've heard of. There are also a slew of companies you may not be familiar with: CIT group, South Financial Sterling Financial, Midwest Bank Holdings, Integra Bank Corp., and a lot of smaller banks that got caught up in the mess.
(Excerpt) Read more at foxbusiness.com ...
If we do get any tarp back, it will be redistributed. This will be known as Retarp.
I like the name RETARP, but the redistribution will be named “OPERATION RETARD”, as in the American taxpayer is so retarded that they can’t see how Obama has snookered them again.
Bump
Well, they printed every dime. I’m sure ho doesn’t know the difference.
“I wish it were true, but unfortunately the taxpayer is still out of pocket on the bailout of the financial industry. Naturally, Fannie Mae and Freddie Mac lead the way. Together they owe taxpayers $140 billion, actually more.”
$140B is rounding error in Obama’s world of trillion-dollar-a-year deficits. I’m sure he views this as quibbling over details....
WE did get a LOT of TARP back (about $500 Billon from all the big banks, many of whom were forced by Paulsen to take it)
and yes, it was redistributed, it was not credited back against the deficit
It remains part of the “inherited mess” blamed on Bush, whose last term deficit was doubled by TARP, in the last 8 weeks of his office, and at democrat insistence that Bush sign it off, that Bush allow it to be used to takeover GM (not what Congress voted on) and that Bush sign off on everything before he left office so Obama could start spending it on Day One
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