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TARP Still Drains the Treasury

Written by Gary North on February 13, 2013

TARP was shoved down the throats of voters in 2008. They opposed the bailouts of corporations, but to no avail.

They have forgotten. John Boehner, who was the the man who rammed the program through the House Republicans, is still Speaker of the House.

The TARP bills still mount up. The government bought a stake in failed companies, such as AIG. Today, the Treasury is having trouble unloading the IOUs of these companies at face value. It must take losses of 20% to 35%. The investing public wants discounts on these IOUs.

Then there were tax write-offs due to losses. They reported in 2011 profits because they escaped taxes. They wrote off the bad debts. It was all legal.

Do the firms give bonuses? Lots of them. Why? Because Congress does not care. The voters have no clout. “Let bygones be bygones.” So, the boys whose ships nearly went down on their watch did not get fired. They got bonuses instead.

The plutocracy is alive and well. Congress is generous. The voters have forgotten. The losses go to the Treasury.

Too big to fail? You bet! Too small for Congress to care about bonuses? You bet!

Until the Great Default makes all this impossible, nothing will change. The system is rigged against the voters.

Isn’t democracy grand?

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5 thoughts on “TARP Still Drains the Treasury

  1. And some wonder why the citizens are so disgusted with politics in general!

  2. Ya gotta love those good ole boys in Congress… Always taking care of everyone but the taxpayers!

  3. If you havent figured it out yet ,U are the pay E EEEEEEEEEEE, not the reciepent of anything ,But other peoples short commings ,When all that stuf came down ,I told the wife ,I would not Bail out a single one of those cooperation or businesses ,I would let them go under ,There is supposed to be Chapter 7 or was it 11 ,as many times as they have been helped !! iT would have been less headackes ,Just look at what has transpired ,and someone said those bosses are still getting their multi million Bonuses !! not to mention Salendra and the many other Conumdrums, Obama has invested our money in and lost billions!! WE must have a L written on our fore heads ,but now they want to put numbers on our foreheads or on our bodys ,will they consume us like cattle !!! Thats what they do to cattle ,They put tags or brand them, ,We must be somebodys property ,But dont know it Yet ,So give Obama another 4 years and where will we be,In Deep troubleI imagine ,and they want to taKE OUR GUNS SO WE CAN'T HUNT OR DEFEND OURSELVES ,BUT THEY WILL HAVE PROTECTION .i'M LOOKING IN THE MIRROR TO SEE IF THERE IS A L ,ON MY FOREHEAD AFTER i LEAVE THIS COMMENT ,Something is wrong somewhere !!! You might want to check yours tooooooo.

  4. blessmedear says:

    My last comment was deleted by the Admin on this site. The comment didn't violate any rules that I know of. In it I just point out how the Obama administration has stolen billions of monetary resources from America.

  5. blessmedear says:

    I didn't realize the Tea Party Econimist was becoming politically correct. I resent one of my comments being deleted. There was nothing offensive in it.