GAO Attacks “TARP Worked” Meme

By: Tuesday January 10, 2012 10:40 am

Along with Dean Baker and a few others, I’ve been fighting a lonely crusade against those who insist that TARP “made money.” In a new report, the GAO faults Treasury for constantly shifting the goalposts on how they report that “profit” from TARP. It’s a slightly different argument, but one that highlights how this illusion of a successful TARP lies in manipulation of the numbers.


Standard and Poor’s Downgrades Big Banks

By: Wednesday November 30, 2011 9:10 am

One of the ways in which the big banks were bailed out was through an artificially high credit rating based on the assumption that they would always get bailed out if they got into trouble. This was a major advantage for them over their competitors. Now S&P Rating Services is downgrading major banks.

Explosive Bloomberg Report Details Fed’s Monster Bank Bailouts: $7.77 Trillion

By: Monday November 28, 2011 7:00 am

A report by Bloomberg reveals that the Federal Reserve under Ben Bernanke and Tim Geithner (at the New York Fed) secretly loaned over seven trillions dollars to arguably insolvent banks and financial institutions to keep them afloat, while concealing the scope of the lending from Congress and even member of the Treasury Department charged with allocating TARP bailouts.

Only MOTUs and Banksters get TARPs

By: Tuesday October 18, 2011 6:00 pm

So there I was this morning, having completed my daily check for jobs in my chosen field of Software Quality Assurance and Testing (I do wish it would take longer than five minutes as that would mean there are actually some improvements in the economy but such is life), when I reached the NY Times and saw this article with the headline from Mayor Bloomberg that “‘Tent City’ Goes Beyond Free Speech”:

Obama on Bank Prosecutions: They Did Nothing Illegal, Only Found Loopholes That We Worked to Close

By: Thursday October 6, 2011 12:15 pm

For perhaps the first time, President Barack Obama was forced to explain why there have been no prosecutions of Wall Street executives for their fraudulent actions during the run-up to the financial crisis. Asked by Jake Tapper to explain this behavior, Obama basically suggested that most of the actions on Wall Street weren’t illegal but just immoral, and that his Administration worked to re-regulate the financial sector with the Dodd-Frank reform legislation.

Administration Floats Mass Mortgage Refinancing Scheme

By: Thursday August 25, 2011 8:40 am

The Administration is floating a massive scheme for mortgage refinancing, something that would have been an excellent idea in January 2009, but better late than never.

Bloomberg FOIA Request Reveals $1.2 Trillion in Secret Fed Loans

By: Monday August 22, 2011 8:55 am

I’m not sure if this is information we already knew from the Fed audit, or an additional set of data, or maybe just the specifics that came out of that Bloomberg FOIA request. At any rate, Bloomberg has presented it in a very direct manner with a very provocative title: “Wall Street Aristocracy Got $1.2 Trillion in Secret Fed Loans.” I think some activist snuck into the Bloomberg offices and wrote this report.

White House Has Several Unused Options When It Comes to Jobs

By: Thursday August 4, 2011 8:30 am

While there is a rhetorical pivot to jobs, jobs, jobs , what the White House is proposing is not even close to the most they could do. What we have here is actually a poverty of imagination. There are plenty of things that the executive branch can do – power they’ve had since they came into office – to boost jobs. They have $80-$100 billion in unused TARP funds that could be put to productive use, including at least $40 billion dedicated for housing. They could use Fannie and Freddie much more aggressively than this renting idea, creating a kind of modern-day HOLC to buy up homes.

FDL Book Salon Welcomes Ha-Joon Chang, 23 Things They Don’t Tell You about Capitalism

By: Sunday April 24, 2011 1:59 pm

What makes Ha-Joon Chang’s new book, 23 Things They Don’t Tell You About Capitalism, such a joy to read, is not the challenge it poses to the bad economics that undergirds global finance, though it does precisely that. Just as Thomas did nearly 40 years ago, Chang’s book succeeds, fundamentally, because it challenges the dead language that is used to market as progress our growing political discontent.

We Can’t Break AIG Bonus Contracts – But Worker Pensions? No Problem!

By: Wednesday February 23, 2011 9:40 am

So where was all this “fiscally responsible” fighting spirit when it came to paying out $32.6 billion in taxpayer funded banker bonuses?

Well, as Larry Summers said, “we are a country of law.”

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