Tuesday, April 6, 2010

Possible Taxpayer Profits on Bailout Loans Not Complete Truth.

I posted this interesting story thinking all is well:

According to the Financial Times:
The US government has made more than $10bn so far on banks’ repayments of bail-out funds, according to a new analysis that suggests taxpayers might turn a profit on the unprecedented help extended to the financial sector during the crisis.
We should still regulate the hell out of the bastards, break 'em up and let 'em fail next time. BUT WE MIGHT BE MAKING MONEY ON THEM. Kinda' worth dodging another Great Depression.

April 7: Even though we are making some money on the loans, we actually lent out more than the press is ballyhooing:
Banksterusa.org- Today, the Financial Times reported that the U.S. made $10 billion off bank repayments on the bailout funds. $10 billion, hooray! We are in the black! Unfortunately, our recent comprehensive bailout accounting puts taxpayers $2 trillion in the red. That is right $2 trillion. While most of this money was in the form of loans, and American taxpayers might recoup those funds one day, it is foolish for the press to declare "Mission Accomplished" based on a thin study by the SNL Group. (Saturday Night Live strikes again?) Especially when taxpayers also lost $14 trillion in wages, retirement, college savings and housing wealth. Declaring "Mission Accomplished" on the bailout may make some democrats facing reelection
happier, but the public, which is still suffering from one of the highest foreclosure and unemployment rates in history, is not buying it. The U.S. goverment should give taxpayers zero percent loans and we will show you that we can make money too.

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