Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: Geoff Altman who wrote (437805)	7/29/2011 9:00:57 AM
From: TideGlider	1 Recommendation Read Replies (1) \| Respond to of 793914

Oh...it is gone but I doubt it was retired as a portion of debt. Geitner was talking about using it as a continued TARP reserve. You can bet it is gone. Can anyone find anything that indicates it was used to retire and equal amount of debt?

To: Geoff Altman who wrote (437805)	7/29/2011 9:21:04 AM
From: goldworldnet	1 Recommendation Respond to of 793914

Two short articles on TARP Funds: Treasury: TARP Money Returned to Taxpayers Exceeds $250 Billion By Damian Paletta - NOVEMBER 23, 2010, 4:03 PM ET blogs.wsj.com The Treasury Department on Tuesday updated its projections for the cost of the 2008 Troubled Asset Relief Program, saying that for the first time the amount of funds that has been returned to taxpayers exceeds $250 billion. TARP was created to be a $700 billion program, but much of the money wasn’t used. The Dodd-Frank financial overhaul law essentially capped the amount of money that could be used at $475 billion. “Nearly 70% ($477 billion) of the original $700 billion has been repaid, offset with profits, or canceled,” Treasury said on Tuesday. Treasury projected that more money would continue to come in through the program, and it reiterated an October estimate that the “overall lifetime cost” of the program would be roughly $50 billion. ----- Article Two ----- Status Quo: White House Threatens to Veto Bill Shutting Down TARP & Saving Taxpayers $8B Posted by Don Seymour on March 09, 2011 speaker.gov The Obama Administration has threatened to veto legislation that begins the process of shutting down the TARP bailout program and saves taxpayers $8 billion – the latest example of the Democrats who run Washington fighting for an unacceptable status quo. In a “Statement of Administration Policy,” the White House defends its veto threat by arguing the TARP program Republicans aim to eliminate with H.R. 830 is “vital to the Nation’s sustained economic recovery.” How many people have used this “vital” program? 44. Despite the program’s failure, more than $8 billion in TARP funds have been set aside by the Administration to keep it going. That’s why, as the Washington Post reports, H.R. 830 “would terminate” this TARP program “and put the unused funds toward paying down the deficit.” With a $1.6 trillion deficit and a struggling economy, Washington can’t afford to keep spending money we don’t have on programs that don’t work. Instead, several new surveys show the American people want Washington to cut spending to help create a better environment for growth. Resurgent Republic, for example, found that 60 percent of Americans agree “spending cuts are necessary to get government spending back to a level we can afford and produce a better environment for creating private sector jobs.” And many economists agree that “immediate action is needed to rein in federal spending” to “support real economic growth and support the creation of private-sector jobs.” Republicans are listening and working to cut spending to help end some of the uncertainty facing job creators so they can begin hiring again. When will Democrats get serious about cutting spending? * * *