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Thread: Treasury Dept's Shell Game with TARP & AIG

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    Senior Member Franco's Avatar
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    Default Treasury Dept's Shell Game with TARP & AIG

    www.foxbusiness.com/markets/2010/10/26/treasury-overstates-tarp-success-inspector-general-says/

    Inspector General Borofsky says TARP and AIG payback isn't a rosy as the Treasury would have tax payers believe.

    Just more tax money wasted and as usual, the gov's solution is worse than the problem!
    “Hitler did not have to destroy democracy; he merely took advantage of the decay of democracy and at the critical moment obtained the support of many to whom, though they detested Hitler, he yet seemed the only man strong enough to get things done.” F. A. Hayek from his book, "The Road To Serfdom".




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    Senior Member YardleyLabs's Avatar
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    Barofsky has been an interesting piece of work since his appointment in 2008. In Jul7 2009 he was estimating the cost of the bailout at more than $23 trillion, or more than 30 times what was appropriated. Today he's focused on whether the cost will be less than 20% or less than 10% of what was appropriated. That's a heck of a shift in 18 months.

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    Senior Member Franco's Avatar
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    Quote Originally Posted by YardleyLabs View Post
    Barofsky has been an interesting piece of work since his appointment in 2008. In Jul7 2009 he was estimating the cost of the bailout at more than $23 trillion, or more than 30 times what was appropriated. Today he's focused on whether the cost will be less than 20% or less than 10% of what was appropriated. That's a heck of a shift in 18 months.
    One very good reason why tax payers should have never been burdened with bailing out the crooks. Gov had absolutly no idea how much trouble they and AIG vis investment banks had created. So, they just started to blindly throw money at the problem instead of letting those businesses die a natural death. With the AIG situation, we are now stuck with a chump stock(tax payers 90% ownership) we won't be able to dump.

    If any investor puts thier savings in a pension fun, 401k, mutaul funds, stocks, bonds there is NO certainty that thier money will make money and there are risk! If I risk my money in a bad investment, I expect to loose it and not have the warm and fuzzy gov bail my ass out.
    Last edited by Franco; 10-26-2010 at 09:28 PM.
    “Hitler did not have to destroy democracy; he merely took advantage of the decay of democracy and at the critical moment obtained the support of many to whom, though they detested Hitler, he yet seemed the only man strong enough to get things done.” F. A. Hayek from his book, "The Road To Serfdom".




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