[Lonesome in Massachussets]

It would have marginally affected the price of U.S. Treasuries at auction — the “tangible cost” — and therefore did cost the taxpayers money.

Regardless of whether you guarantee a loan or make a loan, you are loaning money and paying interest on it. Same for the taxpayers.

[okie01]

Regardless of whether you guarantee a loan or make a loan, you are loaning money and paying interest on it.

If, at the time, we were talking about the balance sheet at GM or AT&T, I'd agree with you. The guarantee would've constrained corporate finances...just a little bit.

But we're talking about the federal government's balance sheet here. If the procedure cost any individual taxpayer as much as a penny, I'd be shocked.

Understanding that neither of us can prove it, one way or the other.