VIDEO: Obama Won't Stop Telling Lies About The Bailout
The Deficit President speaks in Miami.
"We got back every dime we used to rescue the banks, including interest, and we also passed a historic law to end taxpayer-funded Wall Street bailouts for good."
Sorry Obankster, but that is simply not true. See this and this.
"As Secretary Geithner told SIGTARP, while the Dodd-Frank Act gives the Government 'better tools,' and reduced the risk of failures, 'in the future we may have to do exceptional things again' if the shock to the financial system is sufficiently large. Secretary Geithner's candor about the prospect of having to 'do exceptional things again' in such an unknowable future crisis is comendable. At the same time, it underscores a TARP legacy, the moral hazard associated with the continued existence of institutions that remain too big to fail."
In other words, Geithner reserves the right to break the law ('do exceptional things') in order to save the big banks the next time they get into trouble.
---
(CNSNews.com) – President Barack Obama said on Thursday that "we got back every dime we used to rescue the financial system." According to the Congressional Budget Office, however, the government will lose about $24 billion on the bailout, based on figures from Obama's own Office of Management and Budget:
“The cost to the federal government of the TARP’s transactions (also referred to as the subsidy cost), including grants for mortgage programs, will amount to $24 billion,” said the CBO report, which was released on the same day Obama spoke. CBO said that the cost of TARP “stems largely from assistance to American International Group (AIG), aid to the automotive industry, and grant programs aimed at avoiding home mortgage foreclosures,” noting that the losses will be so large they will eclipse the financial gains the government will realize from bailing out other large financial institutions.
Read the CBO TARP Report released today...
More here:
Barofsky: "The Market Still Assumes A Bailout..."
Oct 16, 2012 at 5:51 PM
Reader Comments (6)
http://dailybail.com/home/barofsky-financial-bailout-tally-could-reach-237-trillion.html
In reality, Obama is the nation's 2nd Bailout Party President. And Mitt Romney is fighting savagely to become our third:
http://usabailout.com/content/meet-mitt-romney%E2%80%99s-first-choice-treasury-secretary-big-screen-corporate-welfare-whore
The next bank-bailout blame game
Twenty-three months after President Obama gave us Wall Street “reform,” the results are in — and they’re not pretty. The Dodd-Frank law didn’t end “too big to fail”; it just gave Washington someone new to blame for the next blowup-and-bailout, namely the hapless regulators.
in full
http://www.nypost.com/p/news/opinion/opedcolumnists/the_next_bank_bailout_blame_game_aiBm4HYUTUVfmlmz284NLL
Dodd-Frank Not Likely to End Bailouts as Promised
http://news.heartland.org/newspaper-article/2012/07/16/dodd-frank-not-likely-end-bailouts-promised
How Wall Street Killed Financial ReformIt's bad enough that the banks strangled the Dodd-Frank law. Even worse is the way they did it - with a big assist from Congress and the White House.
http://www.rollingstone.com/politics/news/how-wall-street-killed-financial-reform-20120510
The Government Will Never End the Fed but the Fed is Destined to Die Anyway
http://judymorrisreport.blogspot.com/2012/09/the-government-will-never-end-fed-but.html
http://cryptome.org/2012/10/beck-hopelessness.pdf
September 11, 2012:
Taxpayers still owed more than $200 billion from bailouts
http://money.cnn.com/2012/09/11/news/companies/taxpayer-bailouts/index.html