TARP Makes Cash
October 21, 2010
(ChattahBox Op/Ed News) – I almost missed this but thanks to our crack staff at Chattahbox.com I was able to read the good news. We the American people made fat cash thanks to President Obama and those who had the courage to make the right decisions by passing TARP two years ago. The TARP program has “earned $25.2 billion on its investment of $309 billion in banks and insurance companies, an 8.2 percent return over two years, according to data compiled by Bloomberg.”
Recall for a moment the outrage from the right when the Troubled Asset Relief Program (TARP) was first proposed. Wait a minute George W. Bush first proposed TARP and there wasn’t outrage until Barack Obama became president and it was his responsibility to prevent an economic disaster. A funny moment came out of the whole affair. Remember when prez candidate John McCain RUSHED back to Washington to help oversee the crisis but then wasn’t allowed into any of the emergency committees because he wasn’t a member of any of the committees? Yeah, that was pretty funny.
The outrage came once Obama became president and it hasn’t abated. Now, I’ll be the first to admit that certain aspects of the bailout wasn’t handled properly. The fact that the same guys are still running the banks which caused the mess is troubling. Or that lending hasn’t turned out the way we had hoped. Or that the banks are still too big to fail. Or, or, or…. There’s much not to like about the way TARP was administered. However, if government did not take swift action the consequences could’ve been devastating.
That being said, the fact that the investment is actually making money for the U.S. is good news.
What’s that you say Mr. Conservative?
Today’s part of “Mr. Conservative” will be played by myself. Myself will be played by me.
Conservative me:”Der, der Well, govmint has no place bailing out banks and stuff”
Me me: “So, you believe we should’ve stood by while our economy melted down leaving us in America’s second great depression?”
Conservative me: “Der, der Gods, Guns, Religion, Sarah Palin and liberals suck!”
Me me: “I should’ve saw that coming”.
The political tragedy here is that Obama and the Dems will most likely get any credit. I watch the news like a Tea Party candidate misquotes the constitution and I missed it. I missed it because it’s not getting much interest from the media. I’ll be damned for once Sarah Palin was right about the media.