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December 4, 2012
Liberals rejoice, financial sector weeps: With her election to the Senate, Warren became one of the most powerful people in the country; now, she’s headed to one of the most powerful committees in the Senate. Financial regulation is Warren’s specialty; she helped oversee the distribution of TARP funds in 2009 and essentially created the Consumer Financial Protection Bureau. We can’t imagine the bank lobby wanted her on this committee, but then again, there’s probably not much they could have done to prevent it. (Photo: AP) source

Liberals rejoice, financial sector weeps: With her election to the Senate, Warren became one of the most powerful people in the country; now, she’s headed to one of the most powerful committees in the Senate. Financial regulation is Warren’s specialty; she helped oversee the distribution of TARP funds in 2009 and essentially created the Consumer Financial Protection Bureau. We can’t imagine the bank lobby wanted her on this committee, but then again, there’s probably not much they could have done to prevent it. (Photo: AP) source

12:58 // 1 year ago
November 9, 2012
Warren to nab powerful committee seat?  According to several Senate sources, Senator-elect and populist hero Elizabeth Warren has a good chance of getting a seat on the powerful Senate Banking Committee. This is a logical fit for Warren, architect of the Consumer Financial Protection Bureau, and would give her great power in her efforts to curb deceptive and unscrupulous practices on the part of financial institutions. "[G]iven her prominent work on those issues, she would certainly have a very good shot" at getting a spot on the committee, an aide tells Reuters. Having Warren on Banking is essentially the Republicans’ worst nightmare, but it’s worth noting that it’s a nightmare entirely of their own short-sited construction. source

Warren to nab powerful committee seat?  According to several Senate sources, Senator-elect and populist hero Elizabeth Warren has a good chance of getting a seat on the powerful Senate Banking Committee. This is a logical fit for Warren, architect of the Consumer Financial Protection Bureau, and would give her great power in her efforts to curb deceptive and unscrupulous practices on the part of financial institutions. "[G]iven her prominent work on those issues, she would certainly have a very good shot" at getting a spot on the committee, an aide tells Reuters. Having Warren on Banking is essentially the Republicans’ worst nightmare, but it’s worth noting that it’s a nightmare entirely of their own short-sited constructionsource

15:39 // 1 year ago
March 21, 2012
I keep hearing the president say he’s responsible for keeping the country out of a Great Depression. No, no, no, that was President George W. Bush and Hank Paulson.
Mitt Romney • At a town hall meeting today. We’re no political strategists, but we’re wondering how helpful it is for a presidential candidate to make a statement now, in 2012, that’s both pro-George W. Bush and pro-bailout. TARP, for instance, is currently sitting with a net -13 approval rating. Not exactly a winning issue. source (viafollow)
19:05 // 2 years ago
October 11, 2011
Mitt Romney, when pushed, refused to out and out denounce the TARP bailout, which while politically toxic for a GOP candidate, he says is based on his experience in the private sector. He insisted they were necessary to keep the whole system from collapsing, though he stressed he has no interest in any further bailouts. Also, he’d try to play a bigger role in the European debt crises, particularly Greece’s.
Be sure to check out more coverage over at DC Decoder!

Mitt Romney, when pushed, refused to out and out denounce the TARP bailout, which while politically toxic for a GOP candidate, he says is based on his experience in the private sector. He insisted they were necessary to keep the whole system from collapsing, though he stressed he has no interest in any further bailouts. Also, he’d try to play a bigger role in the European debt crises, particularly Greece’s.

Be sure to check out more coverage over at DC Decoder!

20:36 // 3 years ago
July 25, 2011
A little perspective on this whole deficit mess
This graph, courtesy of the New York Times, has been making the rounds today, and it’s worth examining. Note that health care reform, much-maligned by the right as deficit-killer, cost less than even the most inexpensive of George W. Bush’s policies (that policy being Medicare Part D). Note also that the Bush tax cuts alone added more to the deficit than all of President Obama’s new policies combined — and that’s including projected spending over the course of a theoretical second term.  source
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This graph, courtesy of the New York Times, has been making the rounds today, and it’s worth examining. Note that health care reform, much-maligned by the right as deficit-killer, cost less than even the most inexpensive of George W. Bush’s policies (that policy being Medicare Part D). Note also that the Bush tax cuts alone added more to the deficit than all of President Obama’s new policies combined — and that’s including projected spending over the course of a theoretical second term.  source

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23:09 // 3 years ago
February 28, 2011

Bailouts: Remember TARP? It’s almost entirely recouped, kids.

  • $700B the amount the U.S. spent on the Troubled Asset Relief Program back in 2008
  • $341B the amount it looked like taxpayers were going to lose on the bailout deal back in mid-2009
  • $25B the amount it looks like we’ll lose on TARP; this is because we gave the money to banks source

» Not all is rosy in Bailoutville: One of the biggest issues we still face are the dual sinkholes of Fannie Mae and Freddie Mac, which have reportedly cost taxpayers $150 billion and we like to think of as dual sinkholes. And some legislators feel that the effect has set us up for having to bail out unsuccessful companies in the future.

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10:11 // 3 years ago
November 29, 2010

TARP: Not as expensive as we’d thought it was

  • $109
    billlion
    estimated losses of the TARP program, as of last March, according to CBO
  • $66 billion that same estimate, revised five months later by CBO
  • $25 billion the most recent estimate of TARP’s losses, as of today  source
23:01 // 3 years ago
October 1, 2010

TARP’s final cost could be way less than first advertised

  • $700 billion the amount TARP cost taxpayers when it first happened two years ago
  • $50 
    billion
    the most TARP will cost taxpayers when all is said and done source

» Says who?: The White House’s Treasury Secretary, Timothy Geithner, suggested that the final bill for TARP could be 7 percent of the original cost – or less, depending on how the markets go. But don’t expect anyone to gloat about this. TARP is political poison.

0:10 // 4 years ago
September 30, 2010

Bailout bonanza: AIG brokers a payback deal with the U.S.

  • 92.1%taxpayers’ upcoming stake in AIG
  • what The U.S. government will receive $62 billion in common shares of AIG stock to replace the $49 billion in preferred shares it currently has floating around.
  • why Because, over time, the government will be able to sell these shares and hopefully make back some of the billions it paid AIG during bailout-o-rama. source
  • » But wait, there’s more: AIG also plans to pay back $20 billion that it received from the Federal Reserve Bank of New York credit facility. An end result of all of this is that taxpayers will see an instant paper profit of $10 billion along with the long-term profits from the sale. Who wants to say “screw all those future generations” and grab a piece?
11:04 // 4 years ago