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
Weren't we told something like the world would collapse unless the bailout were passed in the next 72 hours?
Which is the "bailout?"
I don’t think the first chapters of this story have been written yet, let alone the middle and final chapters. There are so many from both major parties with something to hide concerning the causes of the financial crisis, and then the chosen ‘solutions’ that it will be very hard to get at the truth. Probably take a few years.
But Goldman, Sachs seems to have come out smelling like a rose.
And do we even yet know where all those billions actually went?
Per Kanjorski in the video I linked in post #1:
Now Sec Paulson said let’s buy out these sub-prime mortgages, that’s when he came to congress, but he said give us latitude and large authority to do many things as we decide necessary … and give us $700 B to do that.
Shortly after we enacted our bill with those very broad powers, the UK came out and said No, we don’t have enough money to buy toxic assets. Instead we’re going to put our money into banks so that their equity grows and their not bankrupt.
And so the UK started that process and that’s true, it was much cheaper to put money in banks .. as equity investments than to start buying their bad assets because it came early we determined we would probably have to spend 3-4 Trillion of taxpayer’s money to buy these bad assets and we didn’t have that, we only had 700 Billion.
So Paulsen made a complete switch -- went in and started putting money in buying securities and re-investing in the banks of the US.
Why? Because if you don’t have a banking system, you don’t have an economy.
Who knows anymore!? TARP/Bailout? Stimulus/Porkulus? TARP/Stimulus/Bailout/Porkulus...they have all been run together so no one knows the difference, IMO.
Yes, it did.
When the run on the money market system started we were in incredible trouble. But then the banks discovered that Paulson-Bernanke were going to take swift action and that bank run was stopped.
We WERE going down. That was a VERY scary week. If the banks go, everything goes.
And much of the original TARP funds have already been repaid. Problem is, Zero took advantage and piled on with his Keynesian stuff.
McConnell knows that if given the chance his head will be in the noose along with many Congress Criminals...WE MUST SWEEP both parties’ incumbents out and we will have an honest investigation about who, what & why of TBTF, FRS Congress, Treasury, IRS, Hedge funds, etc, etc....who can be the Sheriff....I nominate the only true Maverick, SP!
With Republicans growing ever more useless and clueless, it will be interesting to see Rush justify sticking with the GOP.
Rush’s basis for sticking with the idea of being against a 3rd party is that the conservatives can take the party back. So far, that hasn’t happened. I can’t see a possible GOP win with the same people in control in 2012. Of course the democrats will cheat, so we would need a strong and committed GOP. I just do not see that yet.
Either way could mean the reelection of the communist.
wall street would have bailed itself to survive. where are the jobs?
Unfortunately, it has all been done before. And thereby hangs a tale of woe.
TARP’s free money for all banks and Obama’s Stimulu-pork for Democrat districts have buried us, and buried our children.
We’ll never be able to borrow enough real money to cover our thin-air, un-backed, fiat currency.
Debt, inflation, deprivation, dependence - America’s future. Thank you, Reid/Pelosi Congress. Thank you, George Bush. Thank you, Obama. Mmm, mmm, mmm.
Pphhhphh!!—HAHAHAHA!!!
Last Night on Greta Van Susteran there was some talk about Paulson “misleading” about the banks that got the TARP funds. Supposedly these banks were “healthy”, but in reality were not. A little fuzzy on the details...anybody else hear about this?
There were parts of TARP that were unfortunately necessary because we had constructed artificial government incentives which skewed the market.
TARP was also misused, because the legislation was poorly constructed, and that misuse has not been helpful.
But TARP is “successful”, compared to the stimulus package, which actually made things worse.
Success???? The guy is a Damm idiot the market would have corrected itself!
Maybe you are retarded for ignoring the facts.
Fact is, the tarp used for financial firms has been a huge success. The democrats bastardizing it and using it to bail out GM and Chrysler has not.
He and the rest of the old white men need to retire!
Serious dementia.
Way past time for a new minority leader. Else, the Republicans will never have a MAJORITY leader.
This is 100% non-verifiable. There is absolutely no way to falsify such a claim.
It's just as likely that someone got over big-time with lots and lots of money.
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