Keyword: tarp

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  • Donald Trump targeted by Henry Paulson in op-ed endorsing Hillary Clinton

    06/25/2016 11:59:39 AM PDT · by Innovative · 58 replies
    CBS News ^ | June 25, 2016 | Reena Flores
    "This troubles me deeply as a Republican, but it troubles me even more as an American," said Paulson, a former Goldman Sachs chief executive who spearheaded the 2008 Wall Street bank bailout as treasury secretary. "Enough is enough," he wrote. "It's time to put country before party and say it together: Never Trump." Instead, he offered up Democrats' presumptive presidential nominee, Hillary Clinton, as the country's best alternative to Trump, encouraging his GOP colleagues to consider her when casting their ballot.
  • Millions Of Dollars In Fraud Revealed After Clinton Foundation Server Hacked (via TARP)

    01/27/2017 7:22:16 AM PST · by Enlightened1 · 50 replies
    News Target ^ | 01/26/17 | Don Wrightman
    Guccifer 2.0, has released files pertinent to the Clinton Foundation. Banks that received TARP fund sent kickbacks to Democrat polls to bribe them to vote for the TARP bailouts.   When Obama demanded that congress approve more bailouts between 2009 and 2011, it seemed as if kickbacks were offered to Democratic politicians from the big banks, but through the Clinton Foundation. This included Hillary, who was to ensure that the bailout got approved. Clinton aided the big banks in bribing the Democrat politicians. “Democrats funneled tarp funds back to their PACs! That’s taxpayer bailout money that went right to...
  • Pelosi blames Bush for $9 trillion in debt added under Obama

    01/13/2017 6:33:04 PM PST · by Beave Meister · 42 replies
    The Washington Examiner ^ | 1/13/2017 | AL WEAVER
    House Minority Leader Nancy Pelosi blamed former President George W. Bush and the Republicans on Friday for the more than $9 trillion that has been added to the national debt under President Obama's watch. Pelosi argued that under Obama, the annual budget deficit, which contributes to the national debt, has been reduced dramatically, and said that without Obama's work, the national debt would be even higher. She also mostly blamed Bush for not paying for the wars in Afghanistan and Iraq. "When President Obama stood on the steps on the Capitol eight years from next week, the [budget] deficit was...
  • [ From January 31, 2016] Why Are These 8 Banks too Bi to Fail?

    Some banks are too big to fail, whether we like it or not. We learned this in the Great Depression, when bank failures transformed an otherwise ordinary recession into a decade-long economic cataclysm that didn't end until World War II.
  • T.A.R.P.

    10/06/2016 7:45:54 AM PDT · by HarleyLady27 · 30 replies
    self ^ | Oct.6, 2016 | HarleyLady27
  • GOLDMAN SACHS settles mortgage FRAUD case for $5 billion

    04/11/2016 3:19:59 PM PDT · by dragnet2 · 41 replies ^ | 4/11/2016 | Joseph Lawler
    The special inspector general for the TARP bailout, said that "Goldman took $10 billion in TARP bailout funds knowing that it had fraudulently misrepresented to investors the quality of residential mortgages bundled into mortgage-backed securities.
  • Cruz blasts Trump's ties to Democrats

    01/18/2016 2:33:22 PM PST · by Isara · 213 replies
    The Hill ^ | January 18, 2016 | Jordain Carney
    Sen. Ted Cruz (R-Texas) blasted 2016 rival Donald Trump on Monday, questioning his ties to Democrats and previous support for liberal positions as the two battle for the top spot in Iowa."If he's giving checks to Democratic politicians and he supports their views... then it starts to suggest, 'gosh if he publicly supports their views if he finances their causes,'" Cruz told Boston radio station WRKO. "Then suddenly when he announces as a candidate for president, every single one of his views changes - listen if he has had a change of heart, I am thrilled." Cruz, who is competing...
  • How TARP Created Trump

    09/25/2015 5:03:30 AM PDT · by Eric Pode of Croydon · 31 replies
    First Trust Economics Blog ^ | 24 September 2015 | Brian Wesbury
    Back in 2008, rather than fix mark-to-market accounting, Treasury Secretary Hank Paulson, Federal Reserve Board Chair Ben Bernanke, and other members of the financial market crisis team, chose to use a government-funded bazooka. A $700 billion bank bailout named The Troubled Asset Relief Program, or TARP. President Bush, who authorized this approach, later explained it by saying he "abandoned free market principles to save the free market." That statement makes no sense. Either you believe in free markets, or you don't. Violating a free market means it's not free. More truthfully, the Bush team abandoned free markets because it was...
  • More on the (democrat Chris Dodd's) scandalous AIG billions of our taxpaying $$$ to foreign entities

    03/23/2009 5:32:47 PM PDT · by Milagros · 4 replies · 457+ views
    At least Campbell Brown of CNN ( has mentioned it today. A.I.G. Reveals Biggest Beneficiaries of Its Rescue March 15, 2009, 5:16 pm E-mail This Update | 8:49 p.m. The American International Group on Sunday released the names of financial institutions that benefited last fall when the Federal Reserve saved it from collapse with an $85 billion rescue loan and then three subsequent bailouts. The disclosure included counterparties to both its credit default swap operations and its securities lending businesses, both of which contributed heavily to A.I.G.s troubles, as well as to muncipalities who participated in certain investment programs. All...
  • Its (Still) a TARP! Elizabeth Warren is a corporate Welfare Queen

    12/15/2014 7:08:28 AM PST · by SeekAndFind · 7 replies
    National Review ^ | 12/15/2014 | Kevin D. Williamson
    The so-called cromnibus bill funding the federal government through this fiscal year was passed over the objections of (some) House conservatives and (some) self-proclaimed progressives, for familiar reasons: Conservatives, eager that the Republicans should begin governing like they have a majority in Congress before they actually have a majority in Congress, argued that the bill locked in long-term support for too many of Barack Obamas priorities to hell with an amnesty fight in February or gutting Obamacare after the new majority is seated, they cannot wait to start scrapping. The Democrats left flank, led by Nancy Pelosi right up...
  • The $9 Billion Witness: Meet JPMorgan Chase's Worst Nightmare [Satire]

    11/08/2014 6:09:57 AM PST · by outinyellowdogcountry · 56 replies
    Rolling Stone ^ | November 6, 2014 | Matt Taibbi
    She tried to stay quiet, she really did. But after eight years of keeping a heavy secret, the day came when Alayne Fleischmann couldn't take it anymore. "It was like watching an old lady get mugged on the street," she says. "I thought, 'I can't sit by any longer.'" Fleischmann is a tall, thin, quick-witted securities lawyer in her late thirties, with long blond hair, pale-blue eyes and an infectious sense of humor that has survived some very tough times. She's had to struggle to find work despite some striking skills and qualifications, a common symptom of a not-so-common condition...
  • AIG Bailout Trial Bombshell III: Paulson Lied to Congress About TARP

    10/21/2014 7:01:47 PM PDT · by Lorianne · 39 replies
    Naked Capitalism ^ | 17 October 2014 | Yves Smith
    Ive gone through only the first day of testimony from the AIG bailout trial, and we are already up to our third bombshell. The first witness called by the plaintiff, Starr International (an investment vehicle controlled by Hank Greenberg), was Scott Alvarez, general counsel for the Federal Reserve Board of Governors. Part of the testimony covered a discussion that took place late in the evening of September 15, the day Lehman declared bankruptcy in the wee hours of the morning. The topic was AIG. The participants included Alvarez, Timothy Geithner, Fed governors Don Kohn and Kevin Warsh, Ken Wilson, a...
  • The new AIG lawsuit should enrage every American taxpayer

    10/08/2014 8:42:41 PM PDT · by Lorianne · 12 replies
    Market Watch ^ | 07 October 2014 | David Weidner
    Imagine you have a friend who drinks a lot and often. Until now, they always seem to have a good time. He tells the best stories, gets all the girls. Hes the life of the party. Then, one day, he wrecks his car. And you and some buddies, who happened to be in the neighborhood, see your pal trapped. Of course, you rush to the rescue. You try to break open the door with a tire iron. Ultimately, you smash the window and pull the poor fellow out. And just when youd think this guy would sober up and see...
  • Caveat, investor: Now feds want a bite of your mutual fund

    10/02/2014 5:59:33 PM PDT · by TurboZamboni · 16 replies
    The Citizen ^ | 9-4-14 | Paul S. Atkins
    To oversee this process, Dodd-Frank created the Financial Stability Oversight Council (FSOC), made up of the heads of the financial services regulatory agencies. The council claims very broad power to designate certain activities (like asset management) or companies and products (including mutual funds) as systemically important and subject them to Federal Reserve bank-style regulation, including leverage and capital requirements. And the council is doing just that first with banks, then insurance companies and now, potentially, mutual funds. President Obamas independent insurance expert on the council issued a blistering dissent when it designated Prudential the nations second-largest life insurer...
  • SIGTARP: Excessive Pay at Bailed-Out GM

    09/30/2014 10:32:50 AM PDT · by jazusamo · 3 replies
    NLPC ^ | September 30, 2014 | Mark Modica
    A special inspector general report on compensation for executives at General Motors and Ally Financial blasts the Treasury Department for allowing excessive pay at the companies as taxpayers lost billions of dollars on the auto bailouts. The watchdog group issuing the report monitors the Troubled Asset Relief Program (TARP), which was set up to save financial corporations deemed "too big to fail" due to systemic risk to America's financial system. The program was expanded to allow for the bailing out of the auto industry, despite the questionable use of funds specifically designated for financial institutions. A NY Times piece...
  • The Coming Climate Crash, Lessons for Climate Change in the 2008 Recession

    06/22/2014 7:02:26 AM PDT · by Oldeconomybuyer · 45 replies
    New York Times ^ | June 21, 2014 | By HENRY M. PAULSON Jr.
    THERE is a time for weighing evidence and a time for acting. And if theres one thing Ive learned throughout my work in finance, government and conservation, it is to act before problems become too big to manage. For too many years, we failed to rein in the excesses building up in the nations financial markets. When the credit bubble burst in 2008, the damage was devastating. Millions suffered. Many still do. Were making the same mistake today with climate change. Were staring down a climate bubble that poses enormous risks to both our environment and economy. The warning signs...
  • Tim Geithner is no hero, no matter how many times he says that he is one

    05/14/2014 10:46:33 AM PDT · by Kaslin · 9 replies ^ | May 14, 2014 | Nick Sorrentino
    TARP was the absolute height of crony capitalism. Many of the big banks should have gone down, but in the midst of a Blackberry panic as David Stockman puts it the masters of the masters of the universe lost sight of reality and the nature of markets. Yes, Goldman Sachs would have gone down. But this would have been a GOOD THING. The blood which should have filled the the streets of Downtown Manhattan would have washed the unsustainable leverage clean from the system (for a while.) Giants are meant to fall. It would have been good for...
  • Chrysler Bankruptcy Still Affecting Economy

    04/21/2014 6:12:32 AM PDT · by LucianOfSamasota · 19 replies
    The Foundry ^ | 19 April, 2014 | Curtis Dubay
    This month marks the fifth anniversary of the Chrysler bankruptcy. President Obama will doubtless mark the occasion by talking about how his intervention saved the auto company. More noteworthy, however, is how the lawlessness of that intervention created tremendous uncertainty, which still chills the economy today. Todd Zywicki has written an excellent summary of President Obamas actions in the Chrysler bailout. A shorter version goes like this. Starting under President Bush and continuing under President Obama, the federal government used TARP funds to keep Chrysler afloat. This gave the government effective control over Chrysler. As a result, the Obama administration...
  • Why Would Matt Bevin Tell His Investors Something He Didn't Believe? | National Review Online

    02/11/2014 12:14:43 PM PST · by FreeAtlanta · 55 replies
    NATIONALREVIEW.COM ^ | February 11, 2014 12:06 PM | Patrick Brennan
    As Ramesh points out below, Kentucky Senate candidate Matt Bevin's campaign is claiming that he has consistently opposed the Troubled Asset Relief Program, drawing a contrast with Mitch McConnell, who has defended his role in passing the emergency bailout legislation. This is despite the fact that, as president of an investment firm in 2008, he signed a letter along with the firm's chief investment officer that says the following: Most of the positive developments have been government led, such as the effective nationalization of Fannie Mae and Freddie Mac, the passage of the $700 billion TARP (don't call it a...
  • Republican (RINO) Neel Kashkari announces run for California governor

    01/23/2014 1:25:33 PM PST · by fifedom · 30 replies
    San Jose Mercury News ^ | 01/22/2014 | Jessica Calefati
    former U.S. Treasury official Neel Kashkari on Tuesday said he will run for California governor. ... the fundraising committee he announced Tuesday is stacked with GOP heavyweights who were instrumental in financing Mitt Romney's 2012 presidential campaign.
  • Obama Didn't Invent the "Christie," He Just Uses it A Lot

    01/15/2014 3:18:30 PM PST · by Kaslin · 17 replies ^ | January 15, 2014 | John Ransom
    Another politico is claiming that he got Christied. This time its Jersey City mayor, Steven Fulop, who said that after he declined to endorse the Republican governor of New Jersey, Chris Christie, meetings with the governor were cancelled and money for hurricane relief dried up. I guess in this Alice-in-TV-Land world we live in, this counts as news. This comes on the heels of a federal investigation into Christies use of federal hurricane relief funds, which Obama is sure were used for nefarious purposes; presumably that means purposes that didnt include electing Democrats. While Barack Obama didnt invent the Christie...
  • U.S. Takes $9.7 Bil Hit in GM Bailout

    10/29/2013 1:29:52 PM PDT · by jazusamo · 21 replies
    Judicial Watch ^ | October 29, 2013
    President Obama loves taking credit for saving the American auto industry and this week a federal audit reveals that the rescue effort has fleeced U.S. taxpayers out of an astounding $9.7 billion. While this may seem inconceivable to most, the numbers dont lie. The United States Treasury has recorded a $9.7 billion loss on its $49.5 billion bailout of General Motors, according to a report released this week by the Special Inspector General for the Troubled Asset Relief Program (TARP). Remember the $700 billion boondoggle created to help stabilize the nations financial system during the 2008 crisis by purchasing toxic...
  • Hank Paulson: Some elements 'hijacked the debate'

    10/03/2013 8:49:07 PM PDT · by Tailgunner Joe · 13 replies ^ | October 03, 2013 | Matthew J. Belvedere
    The standoff between President Barack Obama and Republicans leaders is different from the 2008 financial crisis because this crisis is "self-inflicted," former Treasury Secretary Hank Paulson told CNBC on Thursday. "The most basic function of Congress is to pass a budget," Paulson said in a "Squawk Box" interview, exactly five years since his former bossthen-President George W. Bushsigned the Troubled Asset Relief Program financial bailout program into law. Republicans leaders and the president not only need to come together to fund the government and end the shutdown, but they must reach agreement to increase the debt ceiling before the mid-October...
  • Buffett speaks out against DC's 'extreme idiocy'

    10/03/2013 7:52:47 PM PDT · by Tailgunner Joe · 13 replies ^ | October 03, 2013 | Matthew J. Belvedere
    History will judge the Troubled Asset Relief Program more positively than people do now, Warren Buffett said on CNBC Thursdayfive years to the day since the financial bailout program was signed into law, and in the midst of the first government shutdown in 17 years. Appearing alongside former Treasury Secretary Hank Paulson on CNBC's "Squawk Box," Buffett first addressed TARPsaying people don't realize how tough a position Paulson was in when he crafted the rescue package. The chairman and CEO of Berkshire Hathaway said the bailout was vital at the time in order to shore up the credibility of the...
  • Did IRS Target Homebuliders on Behalf of Mobbed-Up Union?

    06/04/2013 5:14:39 AM PDT · by Kaslin · 24 replies ^ | June 4, 2013 | John Ransom
    In the fall of 2011 the National Legal and Policy Center (NLPC) submitted Freedom of Information requests to the Department of Labor and the Internal Revenue Service following an announcement that the administration was investigating homebuilders in an attempt to bolster union membership at the expense of housing sector jobs. “In a letter [from the Labor Department] cited by The [Wall Street] Journal,” wrote Crain’s Detroit at the time “homebuilders were asked to immediately turn over the names, addresses, Social Security numbers, pay rates and hours worked for all employees over the past two years. The letter from the Labor...
  • HAMP (Home Affordable Modification Program) defaults at alarming rate, says TARP IG

    04/25/2013 12:50:29 PM PDT · by SeekAndFind · 14 replies
    Hotair ^ | 04/25/2013 | Ed Morrissey
    Plus ça change, plus c’est la même chose … Struggling homeowners who received loan modifications under a federal government program are defaulting on their mortgages at an alarming rate, according to a watchdog report released Wednesday.The report from the special inspector general for the Troubled Asset Relief Program said the Treasury Department’s Home Affordable Modification Program, or HAMP, has failed to ensure that mortgage reductions are sustainable.Home loans modified in the third and fourth quarters of 2009 are now defaulting at a rate of 46 percent and 39 percent, respectively. As of the end of March, more than 312,000 homeowners...
  • Judge approves $2.43B Bank of America settlement

    04/07/2013 8:25:19 PM PDT · by haffast · 2 replies
    Associated Press ^ | Fri, Apr 5, 2013 | Associated Press
    NEW YORK (AP) A New York judge has approved Bank of America's $2.43 billion settlement of a class action lawsuit brought by shareholders over the company's acquisition of former competitor Merrill Lynch. A judge for the U.S. District Court for the Southern District of Manhattan approved the settlement Friday. The bank proposed the settlement in late September. The agreement resolves allegations that Bank of America did not disclose the state of its finances or those of Merrill Lynch when it agreed to buy Merrill in September 2008. Judge Kevin Castel said the settlement was "hard fought," but called the...
  • David Stockman: How America Is Doomed And How You Should Get Out Of The Market NOW

    03/31/2013 2:58:25 PM PDT · by blam · 41 replies
    TBI ^ | 3-31-2013 | Joe Weisenthal
    David Stockman Writes Huge Unhinged Screed About How America Is Doomed And How You Should Get Out Of The Market NOW Joe WeisenthalMarch 31, 2013, 1:05 PMFormer Reagan budget director David Stockman has a new book coming out on Tuesday, and he's warming up the public with a massive piece in today's New York Times titled Sundown in America, which basically says the future of America bleak because of massive government debts, crony capitalism, bailouts, megabanks, the removal of the gold standard, and even green energy. The piece can truly be characterized as Hard Money Buzzword Bingo, as Stockman tries...
  • M&T Bank CEO Wilmers Rails Against 'Astronomical' Banker Pay

    03/08/2013 1:32:55 PM PST · by haffast · 3 replies
    Fox News Business ^ | March 07, 2013 | Dow Jones Newswires
    M&T Bank Corp.'s (MTB) Chief Executive Robert Wilmers railed against the "astronomical" pay of his fellow bank executives, calling on them to rein in their compensation while singling out the "Big Six" banking "oligopoly" for its outsized paychecks and serial regulatory lapses that continue to shade the public perception of banks. Mr. Wilmers, who has led M&T for 30 years, issued his stark criticisms in his annual shareholder letter, in which he also took aim at "unnecessarily complex" accounting and new banking rules that amount to "misguided regulatory chemotherapy." snip While the Big Six are not named in the letter,...
  • Band-Aid on a gaping chest wound: former TARP official talks crisis politics with RT

    03/07/2013 11:43:45 AM PST · by mgist · 14 replies
    Russia Today ^ | 5/7/13 | Neil Barofsky
    Neil Barofsky, who was the special investigator general of the US governments Troubled Asset Relief Program until his resignation in 2011, spoke to RT about how the Washington-Wall Street political culture could lead to another devastating collapse. RT: You refer to Washington as an alien world - a culture more concerned with looking out for themselves or the next headline. What happened with the TARP program that led you to say such a thing? Neil Barofsky: It was a remarkable thing coming in. I was a life-long Democrat; I even contributed then to President Obamas presidential campaign. But I was...
  • TARP: The bailout success story that wasnt

    02/12/2013 11:19:48 AM PST · by illiac · 5 replies
    MarketWatch ^ | 2/12/13 | David Weidner
    Remember the Troubled Asset Relief Program, better known as TARP? When we last heard from the Treasury Department, on Jan. 23, TARP was being wound down. It was, in the estimation of Timothy Geithner & Co., a success: 93% of the $418 billion disbursed had been collected including $70 billion last year. Read the latest Treasury Department progress report on TARP . Best of MarketWatch The 5 most and least affordable U.S. cities for housing Here's the one other story that you can't afford to miss today /conga/story_of_the_day.html 249502 But hold the Champagne. It aint over till its over. The...
  • U.S Gives Bailed Out Cos Millions in Shameful Bonuses

    01/29/2013 10:13:45 AM PST · by jazusamo · 3 replies
    Judicial Watch ^ | January 29, 2013
    While American taxpayers bail out failing companies via the $700 billion Troubled Asset Relief Program (TARP), behind the scenes the Obama Treasury Department is awarding their top executives with millions of dollars in raises even though Congress passed a law forbidding it. Its an inconceivable scheme that rewards bad behavior with big bucks from taxpayers who have no say in the matter. In fact, the U.S. Treasury was forced by Congress to create rules against it yet a new federal audit reveals the agency repeatedly violates them to enrich the very people responsible for the companies failures (and need for...
  • Dec. 16: A date that should live in infamy

    12/04/2012 5:35:13 PM PST · by Perseverando · 20 replies
    WND ^ | December 03, 2012 | Joseph Farah
    Everyone knows were approaching a date that lives in infamy in American history Dec. 7, 1941, when the Japanese attacked Pearl Harbor. But theres another more recent date in American history that should live in infamy. Its Dec. 16, 2008. Thats the date on which President George W. Bush admitted what he did with the bailouts of the major investment firms and banks that were too big to fail. Heres what he said in that infamous admission: Ive abandoned free-market principles to save the free-market system, Bush told CNN, saying he had made the decision to make sure the...
  • Obama Administration Facing Massive Federal Lawsuit

    11/11/2012 1:31:17 PM PST · by Victor · 51 replies
    The Western Center for Journalism ^ | 11/7/2012 | Sean Franciso
    A lawsuit seeking the return of $43 trillion (with a t) and an audit of all the TARP programs by an independent receiver has been filed against senior members of the Obama Administration and the New York group known as the Banksters. The Wall Street Journals MarketWatch is reporting that the Spire Law Group, LLP has moved its mass tort action into the federal court in Brooklyn, New York. In this District Court lawsuit (Case No. 12-cv-04269-JBW-RML), the Spire Law Group, LLP is acting on the behalf of homeowners across the country seeking to halt all foreclosures nationwide until the...
  • CNBC Execs Children Murdered, 1 Day After CNBC Reports $43 Trillion Bankster Lawsuit

    10/27/2012 10:47:23 AM PDT · by opentalk · 73 replies
    Intel Hub ^ | October 26, 2012 | JG Vibes
    This week financial news organization CNBC gave some mainstream attention to the largest money laundering and racketeering lawsuit in United States History, in which Banksters and their U.S. racketeering partners are being accused of laundering of 43 trillion dollars worth of ill gotten gains. The lawsuit is said to involve officials located in the highest offices of government and the financial sector. Since this information was surprisingly revealed by the mainstream news organization there has been a very suspicious and deadly fallout at the CNBC headquarters. Within hours the original page for the article was taken down, and CNBC senior...
  • President Obama's Big Lie... EXPOSED (we got TARP back!)

    10/21/2012 8:25:15 PM PDT · by RoosterRedux · 8 replies ^ | 10/21/2012 | Gerri Willis
    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...
  • GM Wealth Redistribution Cover-Up

    09/17/2012 8:45:57 AM PDT · by Positive · 11 replies
    Wall Street Journal ^ | 9/17/2012 | Self
    This is an exerpt that illustrates my point: "At GM's Friday share price of $24.14, the U.S. would lose about $15 billion on the GM bailout if it sold its entire stake. While GM stock would need to reach $53 a share for the U.S. to break even, Treasury officials would consider selling at a price in the $30s, people familiar with the government's thinking have said." The real Elephant in the Room is that $15,000,000,000 would be locked in as a transfer of wealth from the taxpayers to the United Auto Workers. Of course, on the other hand, if...
  • Economists Expect Fed to Deliver QE3 and More Next Week

    09/09/2012 9:07:56 AM PDT · by wm25burke · 14 replies
    Wall Street Journal ^ | 07 Sep 2012 | Michael S. Derby
    A wide range of economists expect the Federal Reserve to restart balance-sheet-expanding bond buying in a bid to spark better growth rates, amid other, lesser stimulus options. For most forecasters, the release Friday morning of tepid-at-best August hiring data essentially seals the deal that when the central bank ends its two-day monetary-policy meeting next Thursday, it will in some fashion offer fresh stimulus to the economy. The way economists see it, comments by core central bank officials, most notably Chairman Ben Bernankes speech a week ago, make some form of action very likely....
  • Waging War on Corporate Welfare

    09/04/2012 12:59:22 PM PDT · by Sark · 8 replies
    Principles & Policy ^ | September 4th, 2012
    It's nearlyimpossible to find a subject on which the left and right agree in modern-day America. That's not necessarily a bad thing, but I'm sure that the current Congressional gridlock is driving the centrists and moderates of both parties absolutelynuts. While the gridlock will undoubtedly remain until one party achieves some sort of clear edge in November, I believe that there are a few topics on which many on the left and the rightdoagree. First and foremost, there's the issue of corporate welfare. Chances are, you don't like corporate welfare. Neither do I. Nobody does, and who would? Big business...
  • The UN Plan For Human Settlements (Obama Plan)

    05/15/2010 7:56:54 PM PDT · by bronxville · 71 replies · 1,030+ views
    Berit Kjos ^ | ,June 1996 | Berit Kjos
    Bicycles instead of cars? Dense apartment clusters instead of single homes? Community rituals instead of churches? "Human rights" instead of religious freedom? The UN Conference on Human Settlements (Habitat II) which met June 3-14 [1996]in Istanbul, painted an alarming picture of the 21st century community. The American ways-free speech, individualism, travel, and Christianity-are out. A new set of economic, environmental, and social guidelines are in. Citizenship, democracy, and education have been redefined. Handpicked civil leaders will implement UN "laws", bypassing state and national representatives to work directly with the UN. And politically correct "tolerance"-meaning "the rejection of dogmatism and absolutism"...
  • Boehner Calls Opponents To TARP "Knuckledraggers"

    08/14/2012 5:29:21 PM PDT · by Bigtigermike · 84 replies
    RealClearPolitics ^ | Tuesday August 14, 2012
    VAN SUSTEREN, FOX News: People think of him as hawkish on the budget, on expenses, but he voted for TARP. He voted for the auto bailout, voted for two stimulus in '08, voted against the '09 -- February '09 President Obama stimulus. How does -- I mean, how does he explain those, or I mean, how does -- politically, how does he sell that? BOEHNER: I mean, I think that he's a practical conservative. He's got a very conservative voting record, but he's not a knuckle-dragger, all right? He understood that TARP, while none of us wanted to do it,...
  • Paul Ryan explains his votes for TARP, bailouts and tax on AIG bonuses

    08/12/2012 1:10:08 PM PDT · by Da Bilge Troll · 51 replies
    The Daily Caller ^ | 02/14/2010 | Jon Ward
    A recent column in which blogger Matt Lewis questioned the conservative credentials of Rep. Paul Ryan, Wisconsin Republican, got a lot of attention on our Web site. A number of Daily Caller readers have commented about Ryan, saying he has cast votes they disagree with, particularly in favor of the $700 billion TARP bailout for Wall Street, the auto bailouts and the taxes on AIG bonuses. Heres how Lewis put it: "Though he talks like Nobel Prize-winning economist Milton Friedman, some of Ryans most high-profile votes seem closer to Keynes than to Adam Smith. For example, in the span of...
  • Say Hello To "Four More Years" (Mittens-Ryan)

    08/11/2012 4:40:16 PM PDT · by SatinDoll · 55 replies
    Market-ticker ^ | Aug. 11, 2012 | Karl Deninger
    There are a few hard, fast rules in politics when you're playing on the top of the ticket. The first is that picking someone that's dumber than a box-o-rocks may cost you the election, as the electorate may think about your untimely demise and whether they can live with the other party in the left seat. The second is that picking someone who's smarter than you are isn't that good of an idea either, because then the electorate may wonder if they made the wrong choice for the top of the ticket. And the third is that picking someone who's...
  • Regulator rejects plan from White House to forgive mortgage debt

    07/31/2012 1:04:29 PM PDT · by jazusamo · 15 replies
    The Hill ^ | July 31, 2012 | Vicki Needham
    A top housing regulator on Tuesday spurned a proposal from President Obama and Democrats to let homeowners write down the principal on their mortgages. Edward DeMarco, the acting director of the federal agency that oversees Fannie Mae and Freddie Mac, said the risk to taxpayers from the mortgage aid would far outweigh the benefits. We concluded the potential benefit was too small and uncertain relative to unknown costs and risks, DeMarco, the head of the Federal Housing Finance Agency (FHFA), said in a letter to Congress. DeMarco's move drew a swift rebuke from the Treasury Department, which had pushed FHFA...
  • TARP Was Even Worse Than You Think: An Abysmal Failure, Barofsky Says

    07/27/2012 11:45:40 AM PDT · by Kartographer · 48 replies
    The Daily Ticker-Yahoo Finance ^ | 7/27/12 | Aaron Task
    Much has been made about Barofsky's criticism of Treasury Secretary Tim Geithner, who told CBS News he is "deeply offended" by how he's portrayed in Barofsky's book Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street. Barofsky pulled no punches in our earlier segment about the ongoing rate-rigging scandal. (See: "I Hope We See People In Handcuffs": Neil Barofsky Weighs in on LIBOR Scandal) In the accompanying video, we focused more on TARP's failings to live up to its promise to help individual Americans, not just the big banks.
  • The Special Inspector General for Tarp Issues a Wakeup Call Lambasts the Government and the Banks

    07/23/2012 10:06:55 PM PDT · by Kartographer · 5 replies
    ZeroHedge ^ | 7/23/12 | George Washington
    The governments special inspector general in charge of oversight of the Troubled Asset Relief Program (the TARP bank bailouts) Neil M. Barofsky wrote a stunning editorial for Bloomberg yesterday, concluding: Americans should lose faith in their government. They should deplore the captured politicians and regulators who distributed tax dollars to the banks without insisting that they be accountable. The American people should be revolted by a financial system that rewards failure and protects those who drove it to the point of collapse and will undoubtedly do so again. Only with this appropriate and justified rage can we hope...
  • Into the Bailout Buzz Saw (TARP follies and fraud)

    07/22/2012 6:41:24 PM PDT · by neverdem · 6 replies
    NY Times ^ | July 21, 2012 | GRETCHEN MORGENSON
    IT might seem remarkable that theres more to say about our late Bailout Age. But there is more a lot more. Nearly four years after Washington began its huge rescues of banks with taxpayer dollars, an important player in this, one of the great financial dramas of all time, is offering a damning account of how the Bush and Obama administrations handled the whole episode. He is Neil Barofsky. Remember him the man whose job it was to police the $700 billion Troubled Asset Relief Program? And his new account, a book titled Bailout (Free Press), to be...
  • GAO: Hardest Hit Funds Consumed By Administrative Expenses and Too Little Money Getting to Borrowers

    07/20/2012 3:45:23 PM PDT · by whitedog57 · 2 replies
    Confounded Interest ^ | 07/20/2012 | Anthony B. Sanders
    The Government Accounting Office (GAO) released a report entitled TROUBLED ASSET RELIEF PROGRAM: Further Actions Needed to Enhance Assessments and Transparency of Housing Programs. The report is not a flattering portrayal of their efforts to provide transparency for TARP. I testified in the House of Representatives in 2008 on transparency for the $700 billion TARP saying that Greater transparency about use of the TARP money can alleviate concerns among U.S. taxpayers and the investment community that the funds are being used appropriately and not being wasted. Apparently, Secretary Geithner didnt agree with my testimony. So, what did the GAO conclude...
  • Former Obama auto czar, Treasury officials break in eleventh hour...

    07/10/2012 3:46:41 PM PDT · by Hotlanta Mike · 10 replies
    The Daily Caller ^ | 07/10/2012 | Matthew Boyle
    President Barack Obamas former auto industry adviser and two former Treasury Department officials cracked at the last minute before a House oversight committee subcommittee hearing and agreed to stop stonewalling an investigation into alleged union favoritism during the administrations General Motors bailout. Ron Bloom, Obamas former auto czar, and former Treasury officials Matt Feldman and Harry Wilson have refused to give interviews to the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) about their roles in topping up pensions for union workers while non-union workers lost nearly their entire pensions. The Treasury Departments actions during the auto bailout...
  • Federal Reserve Board Members Gave Their Own Banks $4 Trillion in Bailouts

    06/14/2012 9:00:07 PM PDT · by Errant · 14 replies
    AllGov News ^ | Thursday, June 14, 2012 | Noel Brinkerhoff
    Following the 2008 financial crisis, the Federal Reserve provided more than $4 trillion in near zero-interest loans and other help to banks and businesses whose executives also served as directors for the national bank. At least 18 current and former Fed regional bank directors had a direct stake in the trillion-dollar bailout given to teetering institutions, according to a report produced by the Government Accountability Office, but released by Senator Bernie Sanders (I-Vermont). "Snip" To bolster his case, Sanders cited the example of Jamie Dimon, chief executive officer of JPMorgan Chase. A director of the Federal Reserve Bank of New...