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Many good points, but the bottom line is we need a French style revolution.
Government has no place in picking winners and losers.
Agreed on the need for 1776 Version 2.0....however, I don't think it will happen unless a way is found to permanently shut down all idiot boxes across the country. Unfortunately this also means the net, because thanks to the social media crack-like addiction many lemmings willingly participate in, there is no desire or spirit for resistance. Besides, that whole 'fighting back' thing is hooarrd, and I've got positively millions of messages to respond to on Facebook before Dancing with the Stars comes on! Toodles!
Sigh. We're freakin' doomed, people.
the banks "paid back" TARP via sourcing FDIC-guaranteed debt and by borrowings from the Fed, as well as via QE1.
The political hue and cry over TARP was huge, so Treasury fashioned a program immediately so that the banks could borrow the money at tiny rates and "repay."
All so obamatons can say "the banks paid Busch's TARP back" and get into inane political cheerleading.
i bought a lot of silver and overdrafted my bank account. LOL
Good for ya.. lol
I shoulda become a bankster! Why was I born with a conscience?
Repeat after me, "Because I did not go to Harvard, Yale or Princeton."
question of education... conscience is worth much more than toilet paper.
I don't know why GW and similar folks keep hammering away on corruption in government and banking. It's the new normal. It's the new feudal system of oligarchs above the law and peasants under the law. It's the new America.
When did the change occur? When the oligarchs captured the courts.
Terminate JPM.Terminate GoldmanShafts.Terminate the FederalReserve.Terminate fractional reserve practices.Terminate federal government of the USSA.
Well look at GS, hailed as true patriots repaying the full 1.1 billion, and thanking the US taxpayer in the process.
Let's see, what is the cost of the option to "insure" a one trillion dollar balance sheet + hundreds of billions of dollars in off balance sheet liabilities, that are teetering on the brink? I think all here at ZH can agree that that option was a tad bit underpriced for uncle sam to backstop a balance sheet of that size/risk.
Moral of the story... heads I win tails you lose.
"Be not intimidated... nor suffer yourselves to be wheedled out of your liberties by any pretense of politeness, delicacy, or decency. These, as they are often used, are but three different names for hypocrisy, chicanery and cowardice": John AdamsThank you
thank you very much gw. excellent!
Barry Ritzholtz - thats a nice presentation of the banks payback, thus far...thanks, VERY VERY informative...another piece of specific detailed information...that somehow nobody else bothered to make SURE the PUBLIC is informed..INCLUDING ZH long long time ago TARP and THIS IS THE FIRST ZH exposition, indirectly at that, via Washington...
Is THIS the Official ZH position/attitude regards Barry?? Sarcasm? http://en.wikipedia.org/wiki/Sarcasm
negative...and why? wrong politics, wrong conclusions, politically incorrect, off-the party line?
whats the resentment factor here?
Yes, and speaking of spreads...... What is a financial institutions take on a mortgage right now? Well, its one hell of a premium based history, not to mention the exorbitant fees, but no one seems to notice this.
Bloomberg did a piece which reported on historical spreads on mortgages 18 months ago, However, it didn't gain much MSM traction. Outside of Chris Whalen highlighting this nonsense via Reuters op-ed a month or two ago, it is under the radar.
I will concede, we are in a situation where there are not allot of mortgages getting done at the moment. None the less, its down right thievery the spread they are taking on a mortgage, and have been for quite some time.
It is nice to see the word "subsidy" being used correctly while addressing our banking system. The US banking system is the most subsidized POS industry in the history of mankind.
That's a horribly insulting thing to say about industry. Even the coal fired industrial nightmares of Dickens look like a trip through candyland compared to the apocalyptic nightmare that is the banking system.
it's amazing how many people on the Right and especially the Left believe the "We're making money on the deal!!" BS floating around the mSM...It's beyond "Stockholm Syndrome" it's...."Chumpholm Syndrome" i suppose....
Your moniker should have been Paul Revere GW! Although you are certainly a general in the info wars. Keep at it GW.
Although I guess this autobiography about you is pretty relevant now that I think about it: http://www.youtube.com/watch?v=sbRom1Rz8OA
Those arrogant pricks. And to think I actually believed their smug pronouncements.
why would a person ever believe that the banks will ever pay back ...
some sort of revelation. when the lips move of government and semi government officials ,,, think lie .
It's all rigged and we was robbed. We're all Irish now.
Taxpayers are all on the hook. Crime of the millenium.
Hey, the PDs are kiting the stock market. That must mean that everything is okay. I think I will go out and buy a 2nd home and a cigar boat since everything is fine.
December 7th is bank run day in Europe. Be prepared to hit the US banks Tuesday morning if the European's plan works.
Everyone that can should chip in, so that atleast there is a blip in the North American banking system. Watch this will be villified on the nightly news tomorrow, internet schemers causing runs on innocent banks, oh the horror!
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