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10-01-2010, 06:14 AM
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#1
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2005
Posts: 5,381
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Three Cheers for TARP
TARP will cost far less than once thought.
Quote:
Now Treasury reckons that taxpayers will lose less than $50 billion at worst, but at best could break even or even make money.
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Small price to pay for preventing economic catastrophe. Props go to all involved, Paluson, Bernanke, Geithner, Obama, and yes, Bush.
__________________
Retired early, traveling perpetually.
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10-01-2010, 08:27 AM
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#2
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Thinks s/he gets paid by the post
Join Date: Oct 2004
Location: LaLa Land
Posts: 4,698
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The government allowed this mess the least they can do is figure a way out. JMHO.
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10-01-2010, 08:30 AM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,021
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Quote:
Originally Posted by 73ss454
The government allowed this mess the least they can do is figure a way out. JMHO.
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Right. We all know the govt's track record on figuring a way out of self-inflicted messes.
__________________
Numbers is hard
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10-01-2010, 10:37 AM
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#4
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
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We did learn one thing: If we want to recover the cost of bailing out businesses, place caps on executive compensation as a precondition to receiving the funds. That will leave them begging, borrowing or stealing to pay it back.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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10-01-2010, 03:45 PM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2006
Posts: 7,733
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Quote:
Originally Posted by ziggy29
We did learn one thing: If we want to recover the cost of bailing out businesses, place caps on executive compensation as a precondition to receiving the funds. That will leave them begging, borrowing or stealing to pay it back.
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Man ain't that the truth. When they first started talking about the pay restrictions, I figured it was just populist pandering by Congress and government official. Still it seemed reasonable to me at time that if we the taxpayers were large stock and/or debt holders that we restrict their pay. I posted something along those lines defending TARP.
The unintended consequence turned out to be terrific though. A bunch of bankers could say "we are determined to pay the tax payers back" in part because TARP was so unpopular, but mostly cause they hated having a pay czar costing them millions.
It seems to me that if Government official had made the case initially on TARP, "we are confident that taxpayers will be paid back, because we are confident that banker are greedy and hate having their compensation cut" most everybody would have nodded their heads in agreement.
But since I don't remember any government official in either administration making this case, I think they just got lucky.
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10-01-2010, 03:49 PM
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#6
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,021
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Quote:
Originally Posted by clifp
But since I don't remember any government official in either administration making this case, I think they just got lucky.
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Hey, give the beltway bunch a little credit! I'm sure they had this all figured out from day one and knew exactly what they were doing.
Now pardon me while I work on removing my tongue from my cheek where it appears to be embedded...
__________________
Numbers is hard
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10-09-2010, 05:26 AM
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#7
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Recycles dryer sheets
Join Date: May 2010
Location: SW Ohio
Posts: 360
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Quote:
Originally Posted by Gone4Good
Small price to pay for preventing economic catastrophe. Props go to all involved, Paluson, Bernanke, Geithner, Obama, and yes, Bush.
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These crooks pulled the biggest heist in history. They should be in jail.
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10-09-2010, 07:53 AM
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#8
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2008
Location: No fixed abode
Posts: 8,765
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Quote:
Originally Posted by jayc
These crooks pulled the biggest heist in history. They should be in jail.
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No real comment on this one. I just wanted to quote it before i t gets modded out of existence.
__________________
"Good judgment comes from experience. Experience comes from bad judgement." - Anonymous (not Will Rogers or Sam Clemens)
DW and I - FIREd at 50 (7/06), living off assets
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10-09-2010, 08:14 AM
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#9
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Thinks s/he gets paid by the post
Join Date: Jul 2005
Posts: 4,366
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Makes those "spent $800B bailing out Wall Street" campaign ads I keep having to listen to seem a little on the crazy side.
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10-10-2010, 09:26 AM
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#10
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2005
Location: Lawn chair in Texas
Posts: 14,183
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Quote:
Originally Posted by jayc
These crooks pulled the biggest heist in history. They should be in jail.
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There was gold in them thar hills, and hogs aplenty at the trough, if you'll pardon the mixing of metaphors. Maybe if we let the dope smokers out of prison, we'll have room for the mortgage brokers, banks, investment banks, and, last but not least, politicians who created this mess...
But, quite frankly, the superiority one might feel for stopping the "moral hazard" from occuring would be cold comfort around the campfire in Hooverville...
__________________
Have Funds, Will Retire
...not doing anything of true substance...
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10-10-2010, 02:00 PM
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#11
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2004
Location: South Texas~29N/98W Just West of Woman Hollering Creek
Posts: 6,674
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TARP probably helped heal a self-inflicted wound. I do not believe that things were nearly as bad as the administrations led us to believe tho.
__________________
Part-Owner of Texas
Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx
In dire need of: faster horses, younger woman, older whiskey, more money.
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10-10-2010, 02:47 PM
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#12
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2007
Posts: 5,072
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What was that?? Three Jeers!
I believe they did what they think would stabilize things during the meltdown.
I am not in favor of anymore TARP or for that matter more QE.
Enough fixing damage has been done!
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10-11-2010, 08:06 AM
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#13
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Recycles dryer sheets
Join Date: Jun 2008
Posts: 94
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Quote:
Originally Posted by Gone4Good
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Yes three cheers, the government had both the power and ability to save you from certain disaster. The proof? Well nothing happened right? I'm sure all the people crawling over their own mothers to distance themselves for that vote will be glad to hear it.
Democratic Bailout Baloney | FactCheck.org
I'll stop the next disaster for 30 billion.
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10-11-2010, 08:18 AM
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#14
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2005
Location: Lawn chair in Texas
Posts: 14,183
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Quote:
Originally Posted by RDamien
Yes three cheers, the government had both the power and ability to save you from certain disaster. The proof? Well nothing happened right? I'm sure all the people crawling over their own mothers to distance themselves for that vote will be glad to hear it.
Democratic Bailout Baloney | FactCheck.org
I'll stop the next disaster for 30 billion.
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Gotta love politics...
We need to fix "to big to fail", at least to the extent that we can. Since we "bailed out", we can only guesstimate how things would have been had we not. Could have been REALLY ugly, or it could have allowed asset prices to find the appropriate level faster, allowing prosperity to return...
__________________
Have Funds, Will Retire
...not doing anything of true substance...
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10-16-2010, 02:59 PM
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#15
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2005
Posts: 5,381
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Quote:
Originally Posted by HFWR
Could have been REALLY ugly, or it could have allowed asset prices to find the appropriate level faster, allowing prosperity to return...
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I love the "allow asset prices to clear" argument, until you stop to think where housing prices would clear in an all cash economy, and what that would mean for the rest of the real economy. It brings you back to the first part of the sentence . . . REALLY ugly.
__________________
Retired early, traveling perpetually.
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10-17-2010, 10:59 AM
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#16
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2005
Location: Lawn chair in Texas
Posts: 14,183
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Quote:
Originally Posted by Gone4Good
I love the "allow asset prices to clear" argument, until you stop to think where housing prices would clear in an all cash economy, and what that would mean for the rest of the real economy. It brings you back to the first part of the sentence . . . REALLY ugly.
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Forgot my tongue-in-cheek smiley...
__________________
Have Funds, Will Retire
...not doing anything of true substance...
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10-18-2010, 02:20 PM
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#17
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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So, in other words, TARP was the ultimate FDIC for BANKS, not BANK ACCOUNTS!!
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Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
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10-20-2010, 06:37 AM
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#18
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2005
Posts: 5,381
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TARP Returns 8.2% profit to taxpayers, beating treasuries
Quote:
The U.S. government’s bailout of financial firms through the Troubled Asset Relief Program provided taxpayers with higher returns than they could have made buying 30-year Treasury bonds -- enough money to fund the Securities and Exchange Commission for the next two decades.
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If only we had more "spending" programs like this one, we'd have a balanced budget in no time.
__________________
Retired early, traveling perpetually.
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10-20-2010, 09:39 AM
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#19
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
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Quote:
Originally Posted by Gone4Good
If only we had more "spending" programs like this one, we'd have a balanced budget in no time.
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Sounds like all we have to do is pass a law that puts a cap on executive pay and allow corporations to pay a very large fee to be exempted from the cap. Brilliant!
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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10-20-2010, 10:06 AM
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#20
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2005
Posts: 5,381
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Quote:
Originally Posted by ziggy29
Sounds like all we have to do is pass a law that puts a cap on executive pay and allow corporations to pay a very large fee to be exempted from the cap. Brilliant!
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Well that could work, except that wasn't really the program now was it?
And I'm not aware of anyone claiming that the government extorted above market prices on the repayment of warrants and the like. In fact, companies had the option of letting the Treasury auction off their securities if they couldn't agree on a price to repurchase them. Several banks did just that. With such a system either the banks bought the securities at a price they found attractive, or the Treasury got a true market price. That doesn't sound much like a "fee" to me.
But I find it interesting that we've reduced a large program to one of its most trivial parts, and are now pretending that that part represents the whole. I guess its easier to do that than admit the program not only achieved its stated objective, but did so at a profit for taxpayers.
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Retired early, traveling perpetually.
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