Remember TARP, that government blunder that was going to cost our children their pensions? Yeah well, it's paid back. It's profit from here on out.
http://www.cleveland.com/business/index ... fth_t.html
TARP breaks even
TARP breaks even
- Ragorn
Shar: Leave the moaning to the people who have real issues to moan about like rangers or newbies.
Corth: Go ask out a chick that doesn't wiggle her poon in people's faces for a living.
Shar: Leave the moaning to the people who have real issues to moan about like rangers or newbies.
Corth: Go ask out a chick that doesn't wiggle her poon in people's faces for a living.
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- Sojourner
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Re: TARP breaks even
So was Enron and Bernie Madoff. The government, red or blue, has every reason to hide the true cost to the American people.
"You see, the devil haunts a hungry man.
If you don’t wanna join him, you got to beat him."
- Kris Kristofferson (To Beat the Devil)
If you don’t wanna join him, you got to beat him."
- Kris Kristofferson (To Beat the Devil)
Re: TARP breaks even
They retreived their money from TARP yet managed to commit enormous long term damage to the country by saving poorly run institutions at the expense of well run institutions.
They got smart at some point and realized there was no more political appetite for bailouts so they started doing them stealthily. For instance, having the Federal Reserve print money and buy up all the toxic debt off the bank's books at it's nominal value. It hasn't been marked down yet due to accounting shenanigans so on the books it looks like a wash. Oh, and lending money to banks at below market rates so that the banks are guaranteed a profit. Sure there is no giveaway there. And yet, either through inflation or opportunity cost the taxpayer gets fucked.
The fallacy of the government's approach to the financial crisis will be demonstrated through at least one and perhaps two 'lost decades' similar to that of Japan. We will have 9+ percent inflation 10 years from now, and probably longer. That and I give it about a year before we hit that fabled 'double dip' recession - and if you thought the last one was a doozy..
They got smart at some point and realized there was no more political appetite for bailouts so they started doing them stealthily. For instance, having the Federal Reserve print money and buy up all the toxic debt off the bank's books at it's nominal value. It hasn't been marked down yet due to accounting shenanigans so on the books it looks like a wash. Oh, and lending money to banks at below market rates so that the banks are guaranteed a profit. Sure there is no giveaway there. And yet, either through inflation or opportunity cost the taxpayer gets fucked.
The fallacy of the government's approach to the financial crisis will be demonstrated through at least one and perhaps two 'lost decades' similar to that of Japan. We will have 9+ percent inflation 10 years from now, and probably longer. That and I give it about a year before we hit that fabled 'double dip' recession - and if you thought the last one was a doozy..
Having said all that, the situation has been handled, so this thread is pretty much at an end. -Kossuth
Goddamned slippery mage.
Goddamned slippery mage.
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- Sojourner
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Re: TARP breaks even
I actually have some doubts about the whole saving badly run organizations thing.
Just because a casino loses money for a few nights does't mean it's poorly run.
Just because a casino loses money for a few nights does't mean it's poorly run.
"You see, the devil haunts a hungry man.
If you don’t wanna join him, you got to beat him."
- Kris Kristofferson (To Beat the Devil)
If you don’t wanna join him, you got to beat him."
- Kris Kristofferson (To Beat the Devil)
Re: TARP breaks even
So you think the banks just had a couple of bad days, huh?
Having said all that, the situation has been handled, so this thread is pretty much at an end. -Kossuth
Goddamned slippery mage.
Goddamned slippery mage.
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- Sojourner
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Re: TARP breaks even
Corth wrote:So you think the banks just had a couple of bad days, huh?
Realistically, Corth, even if the organizations died, the same rats would climb on top of new piles.
"You see, the devil haunts a hungry man.
If you don’t wanna join him, you got to beat him."
- Kris Kristofferson (To Beat the Devil)
If you don’t wanna join him, you got to beat him."
- Kris Kristofferson (To Beat the Devil)
Re: TARP breaks even
Disagree.
Having said all that, the situation has been handled, so this thread is pretty much at an end. -Kossuth
Goddamned slippery mage.
Goddamned slippery mage.
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- Sojourner
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Re: TARP breaks even
Hmm.. I'm of a similar mind to Teflor. Most of the same rats would end up on top of new piles.
Once you get to a certain level... you can do no wrong. Look at HP's CEO and that female "event planner". He was basically overpaying her to be his personal escort. Got fired for that and circumventing the board and then Oracle created a position just for him and hired him just because he's "great".
ever heard of "failing upwards"? Yea managers who screw up continually promoted to higher positions.
Once you get to a certain level... you can do no wrong. Look at HP's CEO and that female "event planner". He was basically overpaying her to be his personal escort. Got fired for that and circumventing the board and then Oracle created a position just for him and hired him just because he's "great".
ever heard of "failing upwards"? Yea managers who screw up continually promoted to higher positions.
Re: TARP breaks even
How much demand is there these days for former AIG execs?
Having said all that, the situation has been handled, so this thread is pretty much at an end. -Kossuth
Goddamned slippery mage.
Goddamned slippery mage.
Re: TARP breaks even
kiryan wrote:Hmm.. I'm of a similar mind to Teflor.
AKA Independent Thought. :P
Most of the same rats would end up on top of new piles.
Once you get to a certain level... you can do no wrong. Look at HP's CEO and that female "event planner". He was basically overpaying her to be his personal escort. Got fired for that and circumventing the board and then Oracle created a position just for him and hired him just because he's "great".
ever heard of "failing upwards"? Yea managers who screw up continually promoted to higher positions.
Aren't you the guys who think anyone who's rich earned it somehow? Doesn't this kind of fly in the face of that?
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I detest what you write, but I would give my life to make it possible for you to continue to write. - Some Guy Who Paraphrased Voltaire
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- Sojourner
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Re: TARP breaks even
Corth wrote:Disagree.
While I can think of any number of disgraced execs, including AIG execs that climbed upon new rat piles, I will concede that you probably know better than I on this as I don't really follow how well disgraced top management do.
However, there are a significant number that do.
"You see, the devil haunts a hungry man.
If you don’t wanna join him, you got to beat him."
- Kris Kristofferson (To Beat the Devil)
If you don’t wanna join him, you got to beat him."
- Kris Kristofferson (To Beat the Devil)
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- Sojourner
- Posts: 7275
- Joined: Sat Apr 14, 2001 5:01 am
- Location: Los Angeles, CA and Flagstaff, AZ
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Re: TARP breaks even
Corth wrote:How much demand is there these days for former AIG execs?
Give it a few years... realize these guys are very intelligent people with tremendous amounts of ambition, knowledge experience and connections. They may now be shunned by their connections (for now), but they still have the remaining positives... including the unique experience of being in the middle of a financial crisis and seeing how everything comes together to "rescue" it.
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