Geithner: GOP will be proud of TARP

Politico ^ | 9/23/10 | BEN WHITE & ANDY BARR

[presidio9]

Treasury Secretary Timothy Geithner on Wednesday gave a full-throated defense of the Troubled Asset Relief Program — saying Republican leaders will eventually be "proud" of it.

In a speech that served as parting words for Herb Allison, who is leaving his post as head of the Office of Financial Stability, Geithner declared that lawmakers would embrace the program in time.

“TARP is now regarded by many experts as one of the most effective emergency programs in financial history,” Geithner said. TARP was “absolutely instrumental in keeping our nation out of a second Great Depression. That is a major achievement.”

Geithner credited the Bush administration for starting the program and said that Republicans who have voiced opposition to TARP will be proven wrong.

“President Bush, Secretary Paulson and Neel Kashkari deserve enormous credit for the steps they took in the fall of 2008,” Geithner said. “They were courageous. They did what was absolutely necessary. And they had the full support of Republican leaders in Congress.”

“I have no doubt that, over time, when they step back and look at the results, they will be proud of what they did,” he said.

[frogjerk]

“TARP is now regarded by many experts as one of the most effective emergency programs in financial history,” Geithner said. TARP was “absolutely instrumental in keeping our nation out of a second Great Depression. That is a major achievement.”

In other words...I could have been worse. Something we can really rally around. -sarc

[4rcane]

of course its great. Those who would’ve lost money were made whole and the lost were the taxpayers

[griswold3]

TARP was used to prevent a panic, IMHO. The money shored up some bank balance sheets but in the end the problem was simply kicked down the road. Nothing has been solved yet.

[Loyal Buckeye]

Is Geithner Treasury Secretary or a politician?

[kittymyrib]

Sure, we’ll believe this assessment from someone too dumb to figure out his TurboTax.

[ComputerGuy]

...when they step back and look at the results...

Not without a full disclosure of where the money went.

[griswold3]

Other than AIG (interest rate 18%) and GM word is that TARP has been paid back and the government made a profit. Last I heard Treasury (Timmah Geithner) had access to over $20B that was supposed to be used to pay down the deficit but has become Treasury’s slush fund.

[MNJohnnie]

Actually GOP just pledged to end TARP.

[Diogenesis]

“Romney praises Obama again
WASHINGTON (CNN) -- Former Massachusetts Gov. Mitt Romney praised President Obama
at a GOP fundraising dinner Wednesday ..
"I also think it's important for us to nod to the president when he's right," Romney said....
Romney, who spoke at a dinner for the National Republican Senatorial Committee,
said he's pleased with the president's plans to "finish the job" in Iraq and Afghanistan
-- lines that drew applause from the partisan audience. He also applauded the president
for standing up to the auto industry.
"I hope he continues to be tough ....The former businessman even offered faint praise for
Treasury Secretary Tim Geithner, saying that after a series of initial missteps,
"I think he's finally getting close to the right answer."

[Cheetahcat]

Yes and Why were the perverts and Thieves that caused the crises not put in prison??

[C210N]

TARP -> $38 billion to GM -> money to mostly dem’rat November campaign coffers. [ and Cantor, for the influence he might wield once R’s take control of the house ]

[ckilmer]

Treasury set to cut Tarp cost estimate

By Tom Braithwaite and Stephanie Kirchgaessner in Washington

Published: September 23 2010 00:38 | Last updated: September 23 2010 00:38

Many in the administration have become exasperated that the $700bn scope of the programme is often used in describing it and that it is widely seen as a Democratic initiative when it was created by the Bush administration and backed by almost half of House Republicans.

The Congressional Budget Office now pegs the actual cost at $66bn but the Treasury is expected to produce a lower estimate next week. Some officials and executives whose companies still owe Tarp money believe the final tally could see the government make a profit, depending on the initial public offering of General Motors and eventual sale of shares in AIG.

[RexBeach]

Yes, and we’re proud of you, too, little Timmy!

[GSWarrior]

I thought TARP was originally the brainchild of our esteemed Republican leaders.

[LibLieSlayer]

A ****ing idiot speaks... the idiot that is one of the few that is destroying Capitalism and with it our economy.

LLS

[Da Coyote]

Hey Geithner, some of us actually studied useful things in college...things like science and math.

You, sir, are an imbecile. Please leave and kill yourself.

Now.

[listenhillary]

I love it when the government makes an offer that I literally can’t refuse.

Makes me long for the days of Al Capone.

[presidio9]

Um, I’m not a Romney guy. Sorry to disappoint.

[4rcane]

oh that right, the fed bought up all the bad assets instead, up to a trillion worth, which mean everyone in society were robbed thru inflation