Rooted in Reason: Nurturing the Seeds of Liberty


Taxpayer Bailouts Profitable – Bridge for Sale Cheap by grassroothawaii
November 1, 2010, 9:02 am
Filed under: Uncategorized

By George Berish

Saturday’s Advertiser carried a story from Bloomberg Press (owned by a Wall Street Billionaire). It claims taxpayers foolishly overlook their “profit” on the Trillions taken from them to bail out holders of Fannie Mae-spawned junk derivatives, like Bloomberg’s buddies, China, Germany, etc.

Since such self-serving manipulation of facts wasn’t spiked, here are some easily confirm facts readers should consider to balance it.

There were several “bailouts” totaling God alone knows how many Trillions of dollars, because Congress still doesn’t. TARP was the only one under President Bush. It spent $0.700 Trillion. Multiple bailouts totaling multiple Trillions later occurred under President Obama.

Some of TARP has been repaid with a “profit” of a few billions ($0.001 Trillions). The multiple Trillions of subsequent bailouts have returned nothing yet.

But $1.300 Trillion can be found on the Federal Reserve Banks’ consolidated financial statement (federalreserve.gov). The Fed bought that much Fannie Mae-spawned junk from the Wall Steeters and Banks who spawned it. The Fed paid full value. It reports it at full face value. In truth it is worth…less. When it’s disposed of the losses will be staggering.
Bloomberg is wrong. Taxpayers right. “Bailouts” were insanely conceived, immoral, wasteful, non-productive and “Unprofitable”!

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1 Comment so far
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along the same line, this may be of interest:

“So Much for Treasury’s [REDACTED] Transparency?”
http://www.theatlantic.com/business/archive/2010/10/so-much-for-treasurys-redacted-transparency/65209/

Comment by lat125




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