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.
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