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Here's why Paulson bailed on the TARP...
...or at least the original version of it, that is, buying up troubled assets.
As part of the Citigroup bailout announced this morning, we learned Citi's got at least 306 billion in toxic assets on the books. That's practically half the whole thing right there.
He bailed because he knew 700 billion wasn't going to be enough to cover everybody else.
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Kai Ryssdal is the host and senior editor of Marketplace, public radio’s program on business and the economy. Follow Kai on Twitter @kairyssdal.
For another expression of puzzlement on TARP see this brief note on the Information Arbitrage site.
http://www.informationarbitrage.com/2008/11/why-did-tarp-change-course.html
I think if the current administration puts
approximately 100 billion in solar heat and hot water . It will be a win win for all.
The break even is 6-10 years. The government gets it money back eventually. It gets a better return than the Wall street fat cats can give.
The government also helps the public. Since the oil consumption reduces to almost 10% for the current need for heating homes and hot water. That money flows into the local economy.
This creates alot of jobs. And can help pension funds make money too
Zino
How many corporate jets do Citigroup and AIG have? And, why isn't the same "jet" criteria being applied to them as it is to the auto industry? Are there different standards being applied to white vs. blue collar workers? Do people who shuffle paper and money deserve a bigger break than those who actually produce something useful? Or, is it because the auto guys only want a low interest loan, and not a blank check that congress is giving them a hard time? I just don't understand the logic behind this, if there is any.
Ditto to wonkguy. Has there been any one group in America for the past several years that has been more stupid on average than financial services sector management? I think not. The disaster we find ourselves in today is the result of poor judgement, short-sighted greed, and extraordinary aptitudes for self-delusion. Did everyone realy think that already ridiculously overinflated housing prices would keep climbing forever? And that the poor shlubs foolish enough to buy houses at these prices would actually be able to pay the mortgages? Thanks for screwing up America, boys. Find the exits, leave behind the golden parachutes, and go stew in your own disgrace for a few years.
