I remember at the time not knowing what the right thing to do was. I wasn't sure. So, when the decision was made I never felt I could challenge it.
I think you were pretty confident in your position at the time. I just never was. We got the money back, mostly, and i'm not sure what would have happened without it.
That is my point today of its history. I think at the time most of us was mad about the govt was going to bail out everyone that was underwater in their new zero down no background check homes. Santelli's rant is still on youtube, why should I pay for my neighbor's house? But Congress passed it and everyone was happy, nobody was going to get thrown out of their houses.
Guess what, after a few days passed, Bush told Paulson to take that money Congress authorized to help people losing their homes and to do with it whatever he wanted. Pauslon did, he passed it out worldwide to reimburse his banker friends who were left holding the bag on all of these bad house loans. (CDS)
To sum up, wallstreet was reimbursed for losing their asses on CDSs, yet the people losing their homes didn't get any help and continue to lose their homes today. Elizabeth Warren was chairman of the Tarp oversight committee and didn't have any problems THEN with Paulson passing out a trillion dollars worldwide. Nor was anything said by any members of Congress that authorized the original TARP funds to help people being thrown out of their houses. If I was a member of Congress and voted for Tarp and found out Paulson gave billions of TARP to Deutsche Bank, I'd be all over the Sunday talk shows.
As I see it, the TARP funds were embezzled and everyone involved should be brought before a jury of Americans.
They were all in it together because I truly believe there wasn't a snowball's chance in hell of Congress passing a TARP bill if Americans knew a trillion dollars were going to be used to bail out banks worldwide instead of helping Americans losing their homes.
While you're here, I'm cynical enough to think looking back that Obamacare was the "Tarp" for the healthcare industry, what 1/6th of our GDP? Another payoff......
If Trump wants to do something, let's open all the books starting with every dollar Bush and Obama passed out worldwide. |
