Wednesday, September 30, 2009

Treasury's $2.3 billion TARP "Investment" in CIT to be Wiped Out

Thanks Hank Paulson!

Only 99% of calls to Congress opposed TARP. But you knew better.


eh said...

Not to mention Chrysler:

Chrysler May Not Make It Another Year

The Congressional Oversight Panel has already said taxpayers will not see most of the $81 billion that they put into the American car industry. The $14.3 billion put into Chrysler is more and more likely to be lost completely.

eh said...

I'm having a lot of trouble making sense of this:

The Fed seems to be painfully aware that as unemployment hits 10%, which it may have in September, that a jobless recovery will require ready credit availablity to consumers and businesses so that fourth quarter retail and capital equipment spending continue on the path that they set the last two months.

Does that mean the author thinks the Fed is going to make sure unemployed people can borrow money so they can do Christmas shopping? Otherwise the economy will fall apart?


It's amazing to me that the constant emphasis on credit expansion as monumentally important does not cause more people to wonder why our economy is so dependent on people and companies going into debt. Which just supports a leeching banking class that effectively makes a living by doing nothing but loaning money it creates out of thin air; that's the way things work in a fractional reserve banking system.

CP said...

Thanks for finding the auto bailout numbers.

Important to hold them accountable.

I am sure that $81 billion is gone forever.