How TARP Began: An Exclusive Inside View

US News & World Report:

When it first came into existence last September, TARP--the troubled assets relief program--sounded like just another ungainly government acronym. But since then, it has become an integral--and controversial--part of America's recession economy.

Read the whole story: US News & World Report

Comments

[dadw5boys]

FUNNY HOW THEY LEFT OUT THAT PAULSON PLACED AN AUDITOR AT AIG IN AUGUST OF 2004 !!!!

This Auditor was allowed to create INSTANT MONEY on AIG's books with a Book Keeping Entry.

AIG should have gone bankrupt in August of 2004.

But Bush would never have been Re-elected now would he !!!!!!!!!!!!!!

.

[nogimmicks]

What a great photo: a weak blurry Bush and a strong, scary, avaricious Paulson. The same with Obama vs Geithner/Bernanke.

[smchp]

It's all Pelosi's fault.

[LCLA]

A comment toward the end of the article confirms my concerns about TARP:
"The second part of it is, getting credit flowing into the economy. People seem to only focus on, "Why isn't this money being put into the economy?" That's important, of course, but you have to remember a significant portion of this money was there to be a buffer against future losses."
TARP is coming from we the taxpayers, but it is targeted only for an elite group of taxpayers, the uber banks. Any benefit we get from our investment will be unreliable and meager "trickle down" effect.
I certainly agree that something needed to be done to correct the situation, but I am hugely disappointed with all parties concerned, from Bush and Paulson to Obama and Geithner and the common denominator of Bernanke, for initiating and continuing the blank check mentality of not requiring ANY accountability or responsibility for the taxpayers' donations/loans.

[parrotista]

This is an excellent article and some of the people commenting here should, A) actually read it, and B) if they're going to comment on it, actually address some of the things it talks about instead of just repeating their cherished dogmas and cliches. Sorry to be blunt about it, but it's clear that most of the people now commenting on these threads about the banking crisis simply want to repeat simplistic smears of people like Geithner, Paulson, Bernanke, and even the President; and they just don't want to address the evidence that shows these people acting like grownups in the middle of a major crisis, acting with a great sense of responsibility whether you agree with all their choices or not.
- Craig

[OB-GYN]

I lost $40,000k in my kids 529 educational fund. Smack me up against the head for having ANY faith in our government any more. Yes, I will rale against our leaders should I choose.

[Placidbro]

I agree with jerrypl. Paulson is indeed such s trojan horse. JIm Willie, has been saying it for months.
http://inthesenewtimes.com/2009/05/15/false-dawn-trampled-green-shoots/.
This issue is kept too quiet. One wonders about the kleptocracy's control over the media. The taxpayer
is losing everywhere,

[tippydog11]

keep Tim G knows how they did it and remember worked under Paulson and and got his orders from who?? Tim G Had do say...

[tippydog11]

I found this comment on another blog...."One Company is singularly responsible"!
1.. Start with Enron, go to Worldcom, Tyco, Circuit City, Country Wide Mortage, Fannie, Freddie, GM Chrysler, AIG
2. Cross reference with Banks that need bailouts. There's a connection a common denominator..
3. Cross reference the entire Medicare Part D program companies..There is a connection
4. there is a simple explanation that is hidden in plain view.
5. Google it-- Edgar---it and ye shall find...Once you find, understand there is more lots more..
I am going to try this what that blogger wrote and see what comes up...

[JnrNorman]

Remember how Obama and Pelosi helped ramrodd TARP through?


Bloomberg's lies to NYC FireFighters;
http://www.brasschecktv.com/page/616.html

[Mintcondition]

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[jeanruss]

Where IS Hank Paulson???? Every other former official is plastered all over the news continuously, but Hank is AWOL. Maybe it wasn't a hoax that he was killed and replaced with a twin.

[sheilaofmiami]

I dreamed, as a child, about the Chinese invading. There were guns and shooting and people dying.

This is not the invasion I had envisioned. But it happened nonetheless.

So the banks used our money to buy our gov't. Where is the outrage, where are the investigations?

2013, my butt, 10 years of crap, maybe this mess is cleared up by 2018!

[sposton]

What they fail to tell you is that we are much poorer and will be poorer in the future. We aren't going back to where we were and just continue climbing. While the banks may repair their condition, American people will continue sliding downward.

[OB-GYN]

Decades in reduced standard of living, loss education, less jobs, I'm afraid. I feel most sorry for the children, the teens, and the parents who are struggling already.

[jerrypl]

We all know now that Paulson was a Trojan Horse for the Wall Street Financial Crime Syndicate, and that was the plan from the beginning to hand over the Treasury to the bankstas. They needed to scare Congress to bend over and give in to the "sky is falling, Chicken Little" call.

Goldman Sachs was in the room as the deals were made between Paulson and Bernanke. Of course, the fake suspension of McCain's campaign gave fodder for the financial take over by Wall Street.

So, where is the Grand Jury Investigation?

http://eye-on-washington.blogspot.com

[nichtviel]

So Paulson hands out $600 billion to private corporations and Geithner hands out another $700 billion and what does the American taxpayer get to restart the economy? Seven percent of the stimulus bill which amounts to a few billion dollars.

[PhilipTaylor]

Why are we worrying about this Cr!minal?

Where is the SINGLE-PAYER that Pelosi and Baucus took off the table?

Where is the fact OIL prices are being Manipulated again?

Where is the Green Energy Reform?

Where is Kurgman since he talked to Obama - DISAPPEARED?

Where is Taking Money away from the Wall Street Banks instead of PUMPING IT INTO THEM?

Where is "Bottom-Up" Help for Middle-Class that Obama Promised?

[nichtviel]

Obama took the payoffs: he lets Paulson walk because he's got Geithner stealing even more taxpayer money. Obama is as big a crook as George Bush was.

[sonofsamphm1c]

This is preposterous. Good luck with proving this lunacy.

Krugman probably figured out right away that he had been operating with less than a complete picture.