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155 Comments
- uHaveASmallDigg, on 02/05/2009, -18/+121What the ***** does WTF stand for? I see it everywhere.
- SherwinS, on 02/06/2009, -14/+110. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . _________
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: : : : : : :¯’’~~~~~~’’’ : : : : : : : : : : : : : : : : : : | : : : : : : : : : - blorc, on 02/06/2009, -4/+69The entire bailout is a waste, so add a 0 to the end of that 10% and you've got a much more accurate representation of said waste.
- ihatediggcom, on 02/06/2009, -1/+47somehow i have a feeling that a lot more than just 10% was wasted
- Insightful, on 02/05/2009, -9/+41I do not like bailouts - this is one of the few cases where that unite both conservatives and liberals. However, bailing out is not a partisan but a macroeconomic issues which is why you see it being done by virtually all industrialized nations.
So it has to be done - but what did we get in return? Nothing. Zilch.
I know conservatives are scared by the thought of nationalized anything but friggin a', if I paid $700 billions, I expect to own certain assets - and not just crappy ones.
Someone far smarter than me wrote the following on how save the banks and keep it private and capitalistic:
""Nationalization" is a dirty word in America. More to the point, it's far from clear that federal officials would have any better idea how to manage day-to-day operations than the current managers -- although it's hard to imagine how they could be managed any worse than they've been managed...."
"Back in the banking crisis of 1907, J.P. Morgan got all the major bankers into one room and forced a kind of reorganization on all of them. We need the same today -- a giant reorganization of the banks, in which their shareholders lose what little value they have left, their creditors get paid 20 cents or so on the dollar, and their assets are written down to about 20 percent of their face value. In effect, it's an industry-wide reorganization under bankruptcy. This way, bank balance sheets are cleared up, there's no run on any one bank, everyone starts anew, and taxpayers aren't left holding the bag."
http://robertreich.blogspot.com/2009/01/how-to-kee ... - shotgunefx, on 02/06/2009, -2/+31LOL, one of my first questions on a BBS was
"by the way, what does BTW stand for?"
To which I got the response...
"Exactly" - WarningSLO, on 02/06/2009, -1/+27Our founding fathers must be rolling over in their graves.
Well, maybe not Alexander Hamilton.
They tried to warn us, but we didn't listen. - solarman78, on 02/06/2009, -3/+28Wait! Are you telling me....are YOU telling ME the government, the government overpaid and wasted money? No, it can't be!....my whole perception of the world has just been flipped upside down.
Stupid Government. - SkittlesUSA, on 02/06/2009, -5/+23People are not careful with money when they spend other people's money on other people....
Please explain to me why you all feel the government is the most efficient system to solve our country's problems over the free market. - angryfirelord, on 02/06/2009, -1/+16How the hell do you overpay $78 billion? Did somebody decide to put a couple extra zeros on the check for no good reason?
Your wonderful government at work. I think we'd be better off if the government laid itself off. - Twag86, on 02/06/2009, -2/+17I see what you did there.
- rompom7, on 02/06/2009, -1/+16I see you've found bash.org
Welcome to the Internet. Enjoy your stay. - JoeJim, on 02/06/2009, -1/+16"This means that more than 10% of the 700 Billion in TARP funds were essentially wasted."
It would be wonderful news indeed if we were able to limit the waste level on TARP to 10%. - Ne007, on 02/06/2009, -1/+14and I thought I got lucky when the cashier gave me back an extra $20.
really....people and families get killed for WAY less than 78 billion dollars. What kind of punishment do these people get and why aren't they forced to give the money back?
Seriously...give us our ***** money back or you die? It's 78 BILLION! How is that an over-reaction? - PoizonFrog, on 02/06/2009, -1/+13Is it time to overthrow the government yet? Viva la revolution!
- financephi, on 02/06/2009, -1/+13...and it keeps on adding up. I'm beginning to think this bailout will cost more than the losses caused by the companies that are being bailed out. The tax payers should be getting a ROI and a detailed cost sheet telling us just how our money is being used. We're the lenders after all.
Or is it "not fair?" - RevJonathan, on 02/06/2009, -8/+19They're no more biased than anyone else, they just slant a different way than the others do. Every outlet has an agenda.
This is straight up reporting though. You can read into the opinion of the text however you see fit, but it doesn't change the facts. Digg it, this is some important stuff. - briLo, on 02/06/2009, -3/+13I wished these guys worked in my payroll department.........
- CompleteLime, on 02/06/2009, -2/+11Not surprised.
- xerigen, on 02/06/2009, -2/+11The money, whether handled properly or not, was all meant to be a waste from the very beginning.
- Anth0n, on 02/06/2009, -2/+11Why am I not surprised?
- ravage86, on 02/06/2009, -1/+10Wow, that's funny.
- inactive, on 02/06/2009, -0/+8When was the last time government actually fixed something?
What they do is create more programs, which lead to more funding, which leads to more programs.
Did people really believe government would save the system? If that's our last line of defense and our last hope of fixing this... then we are truly doomed. They were the ones CREATING this mess, all while people warned them. And now government knows best????
Someone remind me why I'm paying taxes again... - roho76, on 02/06/2009, -3/+11Government is a cancer on society.
- tekgnos, on 02/06/2009, -0/+8So we need the bad banks to go bankrupt and then be reorganized rather than just throwing money at them?
Agreed. - tekgnos, on 02/06/2009, -0/+8Hey I know! Why don't we do the same thing again, except this time we can spin it as a Stimulus rather than a bailout?
- Lazydriver, on 02/06/2009, -0/+8Hey that doesn't sound like too bad of an idea.
- inactive, on 02/06/2009, -0/+7Whoever is accountable needs to be sent to prison.
- inactive, on 02/06/2009, -0/+7this is the government, no one is accountable. did you see daschle going to prison? did you see geithner going to prison? no he even still got the appointment
- Ne007, on 02/06/2009, -2/+9how convenient
- spriggig, on 02/06/2009, -1/+8I seem to recall the DoD misplacing $1.1TRILLION of our money a while back as well.
- FOR3MAN, on 02/06/2009, -0/+7So... Science is the scam, and the guy who came back to life and parted seas is reality... and the Earth is 2,000 years old?
OK I got it now, well I better apologize to Santa, the Tooth Fairy, and Easter Bunny real quick I did not realize things we believe in trump things we know.
I'm going to pick Ra the Sun god as my savior. He's older than your god and would probably whoop him in a throw down. Don't step.
Babbabooey to you all. - kingofinternet, on 02/06/2009, -0/+7what happened to hank paulson? someone should put him in jail immediately.
- Snooper1989, on 02/06/2009, -0/+7World Trade Fedeation
- cam0man, on 02/06/2009, -0/+5This has always been happening....I don't understand why people are only voicing their outrage now.
- jayselle, on 02/06/2009, -2/+7Shocking headline! Government is inherently inefficient and wasteful.
- mattsull, on 02/06/2009, -0/+5but its fun to feed the troll
- SkittlesUSA, on 02/06/2009, -3/+8Our current economic crisis was not a product of capitalism, it was a product of government intervention.
Fannie Mae was chartered by Congress. You know, the entity that created a market for sub-prime loans that is the root of this crisis?
And then it was government intervention that resulted in the awful bailout.
If you think the bailout is a result of capitalism and not government interference in the market, you are absolutely delusional.
Besides, you never answered the question. Why do you think Big Brother knows how to solve all of our problems when all it does is create them? - m3arvk, on 02/06/2009, -1/+5Someone do the math and as a percentage of the value of the assets our government purchased, find out what 78 billion represents.
We have clearly been sucked into a black hole where everything doesn't make sense or work as it should. - inactive, on 02/06/2009, -0/+4Bush talked a good game on "capitalism," but like Reagan, he GREW THE GOVERNMENT. Capitalists tend to want a smaller government. It's ironic that Bush's big government failures are being blamed on his stolen-from-libertarians election time rhetoric, instead of on his actual (*****) governing record.
- merky1, on 02/06/2009, -0/+4But the bright spot is that we have received 271 Million in dividends for our 294 Billion spent. Only 800 quarters to go to break even...
- m3arvk, on 02/06/2009, -4/+8Breaking news...Fox News reports a story that actually _is_ fair and balanced...
- Dquist, on 02/06/2009, -0/+4That is not true at all. The government could have just shrugged it's shoulders and said, "I guess you guys shouldn't have given out ridiculous loans and raped US citizens with outrageous interest rates." ...Then after a short melt down, everything would slowly start pulling back together. The Treasury may have had to create a federal banking division or something so it could give very low interest loans out to those on the bottom in desperate need of it... But instead they said, "oh, that's fine guys. Go ahead and dick over the country. here's some more money so you can wipe your ass in the manner you've become accustomed. I'm sure once it's been used, you'll pass it down."
Anyway, Point is: Bailouts are going to the wrong people and it isn't doing *****. - inactive, on 02/06/2009, -0/+4"...treasury put in 254 billion dollars for which it received a 176 billion billion in value from the financial institutions...:"
----
Of the first $254 billion, over 30% were wasted. Another word, the Treasury overpaid by 44%. Your tax dollar goes to work.
Had enough? Call your elected representative and demand an end to the insanity NOW. If you don't, you will be paying the debt off for the rest of your life. Moreover, because they will find a way to avoid paying taxes, you will be forced shoulder the burden alone. - bootykika, on 02/06/2009, -1/+5I agree, the whole point of buying up the toxic assets at a higher-than-market price was to get them off the banks' books and provide an influx of capital
- drex8, on 02/06/2009, -0/+4One good news I just found in the midst of this economic downturn and in disheartening news like these...Apparently MPAA is feeling the pinch too, and going through some cutbacks:
"Source: 'Significant' layoffs at MPAA" http://news.cnet.com/8301-1023_3-10157731-93.html? ... - yocouchdigga, on 02/06/2009, -0/+3is that some logic, on digg!?
D: - dominator1989, on 02/06/2009, -0/+3Exactly!
- chefncrafty, on 02/06/2009, -0/+3just a little miscalculation only 78 billion
- OwlCreek, on 02/06/2009, -0/+3Hey, wait just a minute here. Does this suggest that the larger a government program is, the more money it wastes? I am shocked! Shocked!
Politicians look at taxpayer dollars the same way gamblers look at chips. They're not really hard earned money -- just tokens for playing the game. -
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