The Glade 4.0

So TARP officially ended today. Which basically means that they can't use any more of the monies set aside for additional programs or bail outs.

While the amount earmarked was 700 Billion, the amount actually spent was no where near that much. In total about 360 Billion was spent. Of that only 160 Billion is yet to be repaid. Current expectations are that the program will probably cost about 50 Billion once everything is said and done.

Money well spent if you ask me.

Heh... couldn't help but consider the original meaning of RIP, its use, and your use here, which doesn't represent your feelings.

But I agree... glad it's over. Probably not for the same reason though.

I'm not sure I follow, but don't mis-understand me. I didn't "like" TARP. It was most definately a necessary evil, and it irks me that we had to spend even just the 50 Billion to save a bunch of companys that behaved in a reckless manner. It further irks me that the Republican political machine is making as much hay out of TARP on this midterm election, because the majority of the populace only remember 700 Billion and they get wound up in a froth. But 50 Billion to prevent the complete collapes of our economic system is money well spent.

Good riddance.

Worthless program that did nothing. Unemployment still sucks, we're still in a recession. Hooray government.

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Holy shitsnacks!

But did it really prevent anything? Or just enable the bad behavior by postponing consequences and ensuring that no lessons were learned or taken to heart.

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"Aaaah! Emotions are weird!" - Amdee
"... Mirrorshades prevent the forces of normalcy from realizing that one is crazed and possibly dangerous. They are the symbol of the sun-staring visionary, the biker, the rocker, the policeman, and similar outlaws." - Bruce Sterling, preface to Mirrorshades

^^

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Yeah the obvious question is, what did it accomplish if we didnt use most of it? We rewarded bad behavior and bailed out companies that didnt deserve it.

For all the "sky is falling" predictions had we not done it, things are still crappy and Obama and the Democrats added on a metric assload of new spending and entitlements on top of everything else.

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“Strong people are harder to kill than weak people, and more useful in general”. - Mark Rippetoe

Great program if you like bailing out corporations from their bad business practices. We bought TOXIC ASSETS (IE stuff that is unsellable because its worth is impossible to know) with taxpayer money instead of having corporations swallow the bitter pill.

Hey government I've got a load of tree trimmings - its worthless please buy it off of me with taxpayer dollars. WOO HOO I also got some old shingles and quickcrete that got wet in the bag.

Thanks.

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"...but there exists also in the human heart a depraved taste for equality, which impels the weak to attempt to lower the powerful to their own level and reduces men to prefer equality in slavery to inequality with freedom." - De Tocqueville

See that's the issue Elmo. Not all of the assets were Toxic. In fact if you just do some back of the napkin math, slightly less than 14% of the assets we bought were toxic.

50B / 360B = 13.8%

You do understand how Tarp payouts were "repaid" don't you?

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"...but there exists also in the human heart a depraved taste for equality, which impels the weak to attempt to lower the powerful to their own level and reduces men to prefer equality in slavery to inequality with freedom." - De Tocqueville

By the companies replaying their loans. In effect we gave them some operating capital to get their **** together and straightened out.

yes yes, by what mechanism did they repay their loans? And no, we gave them money for unknown goods - what they use them for is/was up to them.

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"...but there exists also in the human heart a depraved taste for equality, which impels the weak to attempt to lower the powerful to their own level and reduces men to prefer equality in slavery to inequality with freedom." - De Tocqueville

Enlighten me.