I'm not going to really go point by point because I think the topic is very much a "agree to disagree" type of situation. However...
Quote:
Originally Posted by Jim in CT
"not to mention he pushed for the first wave of financial bailouts."
Also a valid point, and something I disagreed with at the time, and still do. Although I'm not a macro-economist...Also, remember that the vast, vast majority of those bailouts have been repaid. So while I didn't like TARP, the fact is, it didn't cost us a ton of money.
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The banks paid us (the American Taxpayer) back with our own money. Banks literally took money out of the taxpayer's left pocket and then put it into their right pocket - borrowing money at a lower rate while also fulfilling the requirements placed on them through TARP. This is completely confirmed by the TARP Inspector General.
http://www.sigtarp.gov/reports/congr...o_Congress.pdf
The US Treasury were pretty much the only ones claiming they'd earn a profit on TARP. Zero Hedge has couple great articles the sum things up.
Myth Buster: TARP Bailout May Realize A Positive Return for Taxpayers? | Zero Hedge
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