Posted on 07/26/2017 9:46:51 PM PDT by Lorianne
The price tag for the Wall Street bailout is popularly put at $787 billion—---the actual size of TARP--the Troubled Assets Relief Program. But TARP is just the best known program in an array of more than 30 overseen by Treasury Department and Federal Reserve that have paid out or put aside untraceable money to bail out financial firms and inject money into the markets.
To get a sense of the size of the real $14 trillion bailout, see MJ chart at web site. A guide to the pieces of the puzzle includes massive untraceable Treasury Department bailout programs.
Money Market Mutual Fund: In September 2008, the Treasury controlled by Obama/Emanuel announced that it would insure the holdings of publicly offered money market mutual funds. According to the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), these guarantees could have potentially cost the federal government more than $3 trillion [PDF].
Public-Private Investment Fund: This joint Treasury-Federal Reserve program bought toxic assets from banks and brokerages—as much as $5 billion of assets per firm. According to SIGTARP, the government's potential exposure from the PPIF is between $500 million and $1 trillion [PDF].
TARP: As part of the Troubled Asset Relief Program, the Treasury controlled by Obama/Emanuel made loans to or investments more than 750 banks and financial institutions. $650 billion has been paid out (not including HAMP; see below). As of December 21, 2009, $117.5 billion of that has been repaid.
Government-sponsored enterprise (GSE) stock purchase: The Treasury controlled by Obama/Emanuel bought $200 million in preferred stock from Fannie Mae and another $200 million from Freddie Mac [PDF] to show that they "will remain viable entities critical to the functioning of the housing and mortgage markets."
GSE mortgage-backed securities purchase: Under the Housing and Economic Recovery Act of 2008, the Treasury controlled by Obama/Emanuel may buy mortgage-backed securities from Fannie Mae and Freddie Mac. According to SIGTARP, these purchases could cost as much as $314 billion ---SNIP---.
LONG READ---go to web site to read more and checkout the shocking financial charts.
SOURCE http://motherjones.com/politics/2009/12/behind-real-size-bailout
I think it is past time for the government to carry out a “soft antitrust” on financial institutions.
The basic concept is that any financial corporation that is “too big to fail”, is also “too big to continue”.
The idea of a soft antitrust is to let these corporations know that if they continue on their present course, the government will break them up. And the way to avoid this is to break themselves up, in a more orderly manner.
To do such a breakup, they must follow some very firm rules.
1) No “shell” breakups. Assets and debts of each part of the new companies shall be about equitably divided.
2) No sharing of board members or investors. Other organizations with board representation (proxies) are limited to just one board member of one of the companies in the breakup.
3) No territorial division, nor any other form of market collusion.
If soft antitrust works, it should be used for other industries, excepting the media, which should be “hard” antitrusted.
Yes; the Democrats essentially almost bankrupted the planet to gain money, votes and power. With Trump the chickens have come home to roost!
Thanks; I still don’t understand how the “victims” didn’t notice the withdrawals (if they had to be substantial enough for the bank to suck fees from the fake accounts).
I was so happy to see all those millions wasted on Hillary’s campaign; unfortunately some of it was mine (teachers’ union dues, funneled from me to her).
And who forced them into taking risky loans? Janet Reno and Bill Clinton.
Fanny and Freddy made the rules for lending to low income for the congress..
Fannie and Freddy bundled the housing mortgages and sold them to wall street. Who thought they were backed by the government..
Isn’t it the job of the SEC to find out what is going on? Evidently not. I know they were hard to find but they are being paid to be the watchmen.
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