Author Topic: The Bailout Was 11 Years Ago. We’re Still Tracking Every Penny.  (Read 624 times)

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Offline OfTheCross

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Eleven years ago, with the stock market in free fall, Congress passed a $700 billion bailout of the financial system.

ProPublica was still in its infancy, our website only a few months old. Like everyone else, we were just trying to get a handle on what was happening.

It wasn’t easy. After starting out as the Troubled Asset Relief Program, a plan to buy up troubled mortgages, the TARP soon morphed into a bailout of the giant insurer AIG, the nation’s banks, and then the auto industry. It was hard to keep up. So we decided to try.

propublica


We're tracking where taxpayer money has gone in the ongoing bailout of the financial system. Our database accounts for both the broader $700 billion bill and the separate bailout of Fannie Mae and Freddie Mac.

Altogether, accounting for both the TARP and the Fannie and Freddie bailout, $633B has gone out the door.

Money has been coming back in two ways: $390B of principal has been repaid, and the Treasury has collected revenue from its investments of $359B.

In total, the government has realized a $116B profit as of October 2, 2019.

propublica


 :pondering:

We actually made money on it...I suppose it was the right move after all  :shrug:
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Offline thackney

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Re: The Bailout Was 11 Years Ago. We’re Still Tracking Every Penny.
« Reply #1 on: November 06, 2019, 10:05:10 pm »
We actually made money on it...I suppose it was the right move after all  :shrug:

Nope, the government picking winners and losers is not justified by making a profit.
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Offline Free Vulcan

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Re: The Bailout Was 11 Years Ago. We’re Still Tracking Every Penny.
« Reply #2 on: November 06, 2019, 10:12:48 pm »
Doesn't even touch the trillions the Fed printed to bailout banks, brokerages, and overseas entities, and no idea how much was paid back.
The Republic is lost.

Online Hoodat

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Re: The Bailout Was 11 Years Ago. We’re Still Tracking Every Penny.
« Reply #3 on: November 06, 2019, 10:18:58 pm »
We actually made money on it...

Who is "we"?


.I suppose it was the right move after all  :shrug:

For Goldman Sachs, maybe.  For the American people?  Not so much.
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