Comments on: Bailout “profit” is taxpayers’ loss http://blogs.reuters.com/rolfe-winkler/2009/09/01/bailout-profit-is-taxpayers-loss/ Option ARMageddon Tue, 14 Oct 2014 13:06:34 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: Rockon http://blogs.reuters.com/rolfe-winkler/2009/09/01/bailout-profit-is-taxpayers-loss/comment-page-1/#comment-1986 Wed, 30 Sep 2009 05:41:00 +0000 http://blogs.reuters.com/rolfe-winkler/?p=3448#comment-1986 I read that headline 2 days ago about the Feds making a $14 Billion PROFIT of the bailout. It’s a shame that Reuters even published it. Shame on you REUTERS. There is only 1 real fix to this problem. ONE, make sure every single incumbent gets voted out during the next election at EVERY LEVEL. They were asleep at the wheel when this mess was going down. Get them ALL out of office, without exception. Our elected officials are in the pockets of lobbyist and campaign contributors. They need to be scared of losing their jobs.

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By: CBDenver http://blogs.reuters.com/rolfe-winkler/2009/09/01/bailout-profit-is-taxpayers-loss/comment-page-1/#comment-1321 Fri, 04 Sep 2009 18:30:00 +0000 http://blogs.reuters.com/rolfe-winkler/?p=3448#comment-1321 TARP = $700 billion. Payback so far ~ $4 billion. By my reckoning taxpayers are still in the hole $696 billion. “Profit” means what is made over and above initial investment. So we’ve got a long way to go before we profit from the TARP bailout.

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By: ty http://blogs.reuters.com/rolfe-winkler/2009/09/01/bailout-profit-is-taxpayers-loss/comment-page-1/#comment-1287 Thu, 03 Sep 2009 21:56:50 +0000 http://blogs.reuters.com/rolfe-winkler/?p=3448#comment-1287 There is only ONE reason we are in this siutation: stupid and corrupt government.

Our president is a moron and those who believe he earned his “Ivy” credentials should read about affirmative action.

So the holder of our highest office is actually moderately stupid and so is most of Congress. The Wall Street scoundrels are and always have been assholes and they easily take advantage of the American people. Congress and our pres are in their pocket and those of us both smart enough to think for ourselves and moral enough to not cheat others are the losers. We lose because we see the irony and arrogance but cannot do anything about it because of our assinine “democratic” government run by slimy lawyers.

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By: LTC RET http://blogs.reuters.com/rolfe-winkler/2009/09/01/bailout-profit-is-taxpayers-loss/comment-page-1/#comment-1269 Wed, 02 Sep 2009 17:34:32 +0000 http://blogs.reuters.com/rolfe-winkler/?p=3448#comment-1269 I agree to not vote for any incumbant until two things happen. First lobbist are outlawed, and second there are severe term limits for all. I admit I voted for Obama but what other choice was there really. Since the election I have been disappointed by most of his decisions from increasing the stimulus program and also increasing the “war on terror” and sending additional troops into Afganistan. The military/industrial system is worse than any banking system.

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By: Media Scatter http://blogs.reuters.com/rolfe-winkler/2009/09/01/bailout-profit-is-taxpayers-loss/comment-page-1/#comment-1268 Wed, 02 Sep 2009 17:11:40 +0000 http://blogs.reuters.com/rolfe-winkler/?p=3448#comment-1268 The bottom line is you can’t trust the republicans or the democrats. They both want to rob you. At least in the case of the republicans, you get money back each april before vomiting out money the other 11 months. democrats make you vomit for 12 months. Why was it we rebelled against the brits? Taxation without representation? Has anything changed?

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By: your friendly local atheist http://blogs.reuters.com/rolfe-winkler/2009/09/01/bailout-profit-is-taxpayers-loss/comment-page-1/#comment-1267 Wed, 02 Sep 2009 16:54:05 +0000 http://blogs.reuters.com/rolfe-winkler/?p=3448#comment-1267 Nothing will ever change until the electoral college stops awarding its votes on a winner-take-all basis and at least starts dividing up votes proportional to the popular vote. The electoral college keeps Democrats and Republicans in office. So long as there are only two parties, business can easily buy off both of them.

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By: Russ in PA http://blogs.reuters.com/rolfe-winkler/2009/09/01/bailout-profit-is-taxpayers-loss/comment-page-1/#comment-1265 Wed, 02 Sep 2009 16:27:47 +0000 http://blogs.reuters.com/rolfe-winkler/?p=3448#comment-1265 As I post this, there are 13 comments so far, 12 of which are strongly in support of this article. Yet, I know for a fact that many of you 12 went out and voted for Obama or McCain last November, after they made it patently clear that they are in the TARP camp, not yours.

Some of these responses echo a sentiment of futility, whining about “what can we do about it.” I’ll tell you what you can do: STOP VOTING FOR THESE PEOPLE. They have learned that it is OK to do the ridiculous things they do, because you’ll keep voting for them anyway. STOP DOING IT! If you don’t, you are responsible for the destruction of America as much as they are.

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By: John in Atlanta http://blogs.reuters.com/rolfe-winkler/2009/09/01/bailout-profit-is-taxpayers-loss/comment-page-1/#comment-1264 Wed, 02 Sep 2009 15:44:48 +0000 http://blogs.reuters.com/rolfe-winkler/?p=3448#comment-1264 I must respectfully disagree with most of the comments published above. While the term ”profit” is a bit of an overgeneralization, it is unmistakably true, as even the moderator tacitly admits, that there has been some ”return” on some of the investments,or loans, or -euphemistically, ”bailouts” – supplied by the government. That should inspire some optimism about future repayments but apparently not with this crowd. It is way too early to know if there will be additional return of more money in the future but the moderator’s dismal speculation that this will end so badly and so deep in the red because of philosophical differences with the program is no substitute for analysis on a point by point basis. While it is true that a lot of people do not understand economics, it appears to me that a lot of those who are ignorant in such matters are the first to make comments here based on philosophy and not facts.

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By: Dan Burgos http://blogs.reuters.com/rolfe-winkler/2009/09/01/bailout-profit-is-taxpayers-loss/comment-page-1/#comment-1262 Wed, 02 Sep 2009 15:07:23 +0000 http://blogs.reuters.com/rolfe-winkler/?p=3448#comment-1262 A very good article and an example of the general media’s narrowly focused “not seeing the forest for the trees” approach to reporting. While it is good news that there is a return on investment on this portion of the bailout, the fact that this is just a small piece of the much larger total rescue package puts everything into the proper context. The truth is with such a large portion of the assets on the balance sheets of these large financial institutions composed of toxic assets that are impossible to valuate, the possibility that the American taxpayers will get any of the money back much less a profit is highly unlikely.

We need more balanced reporting that presents the whole story and not just the “good” or “bad” portions that make great headlines and great sound bites. This is political red meat and I can already see the politicians circling the waters and stumbling all over themselves in order to take credit for supporting this program.

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By: Michael Beal http://blogs.reuters.com/rolfe-winkler/2009/09/01/bailout-profit-is-taxpayers-loss/comment-page-1/#comment-1261 Wed, 02 Sep 2009 14:53:49 +0000 http://blogs.reuters.com/rolfe-winkler/?p=3448#comment-1261 Under Bush’s leadership the American Financial sector screwed up and screwed up big time. The Obama administration is desperately trying to correct the problem. He didn’t want this, he didn’t ask for it and it sure in hell isn’t under any progressive agenda that I’ve ever heard about.

To listen to the commenter’s on this article you’d swear that they think they should all be the next Reserve Chairmen if only the American people were ‘smart’ enough to appreciate their wisdom.

Give me a break. FDIC insures over 13 trillion dollars worth of deposits. The last I heard the FDIC has 50 billion worth of assets to accomplish this bit of capitalistic magic.

The Financial Sector is the largest Ponzi scheme in the world and always has been. Is it the ‘best’ system I couldn’t tell you but look around, we’re the most prosperous country on the planet. So long as we keep the idiotic ‘no-regulation-no-government’ Reagan ideologues away from the steering wheel we just might survive this mess.

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By: f belz http://blogs.reuters.com/rolfe-winkler/2009/09/01/bailout-profit-is-taxpayers-loss/comment-page-1/#comment-1260 Wed, 02 Sep 2009 14:44:16 +0000 http://blogs.reuters.com/rolfe-winkler/?p=3448#comment-1260 Really, what can the average american do. He has no say because his representatives are bought off by the banking group and numerous other groups. Does anyone know if we still teach civics in our schools or ethics. Seems like we tell our children that they go to school so they can get a fat paycheck and enjoy life. Citizenship is more than complaining. It is getting involved and making changes, such as starting a third, or fourth political party, to replace the puppet parties we have now that say Rah Rah follow me, with their hand out for payment of “selling their vote”

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By: blackbean http://blogs.reuters.com/rolfe-winkler/2009/09/01/bailout-profit-is-taxpayers-loss/comment-page-1/#comment-1259 Wed, 02 Sep 2009 14:10:34 +0000 http://blogs.reuters.com/rolfe-winkler/?p=3448#comment-1259 I almost exploded when I read that headline 2 days ago about the Feds making a $14 Billion PROFIT of the bailout. It’s a shame that Reuters even published it. Shame on you REUTERS. There is only 1 real fix to this problem. ONE, make sure every single incumbent gets voted out during the next election at EVERY LEVEL. They were asleep at the wheel when this mess was going down. Get them ALL out of office, without exception. Our elected officials are in the pockets of lobbyist and campaign contributors. They need to be scared of losing their jobs.

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By: hapax http://blogs.reuters.com/rolfe-winkler/2009/09/01/bailout-profit-is-taxpayers-loss/comment-page-1/#comment-1258 Wed, 02 Sep 2009 14:01:27 +0000 http://blogs.reuters.com/rolfe-winkler/?p=3448#comment-1258 There is “nothing new under the sun” because it’s all happened before – no empire or political system is immune to corruption and collapse if it permits the bankers to make the rules and print fiat paper money – while bankrupting the populace and violating the planet with impunity. We’re going down – and it’s not going to be pretty.

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By: Roger L. Jones http://blogs.reuters.com/rolfe-winkler/2009/09/01/bailout-profit-is-taxpayers-loss/comment-page-1/#comment-1257 Wed, 02 Sep 2009 13:39:58 +0000 http://blogs.reuters.com/rolfe-winkler/?p=3448#comment-1257 There was an economist in the 50’s and 60’s (and also a gold bug) by the name of William J. Baxter, who once commented that 97% of the people are wrong about money 99% of the time.

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By: Mark Ricciarelli http://blogs.reuters.com/rolfe-winkler/2009/09/01/bailout-profit-is-taxpayers-loss/comment-page-1/#comment-1256 Wed, 02 Sep 2009 12:55:38 +0000 http://blogs.reuters.com/rolfe-winkler/?p=3448#comment-1256 The trouble is that a lot of American people know all this and do nothing.

The worst part is we get blamed for everything because we are uneducated and conspiracy theorists. I just hope there is something new under the sun.

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By: Nicholas D Scheidel http://blogs.reuters.com/rolfe-winkler/2009/09/01/bailout-profit-is-taxpayers-loss/comment-page-1/#comment-1254 Wed, 02 Sep 2009 11:15:53 +0000 http://blogs.reuters.com/rolfe-winkler/?p=3448#comment-1254 Finally, someone who knows the real story and realizes how uninformed so many Americans can be. God helps us.

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By: Franz http://blogs.reuters.com/rolfe-winkler/2009/09/01/bailout-profit-is-taxpayers-loss/comment-page-1/#comment-1251 Wed, 02 Sep 2009 08:28:55 +0000 http://blogs.reuters.com/rolfe-winkler/?p=3448#comment-1251 As briefly touched upon in the article: accounting rules have been tweaked in order to allow banks show profits where there’s still a loss and likely will always be. Now some of them are using these inflated balance sheets and profit&loss accounts to pay “back” the TARP etc. money, and the reason behind it is clear: were it a financially sound decision then they’d hang on to the money in such an economic scenario as today’s for dear life and rather use it to lend, gaining from interest arbitrage etc.
The ONLY reason I see they don’t is simply that it curtails their ability to pay out bonuses for the performance of their balance sheet which is -again- based on false accounting allowed under the relaxed rules.
So, in actual fact, any refund of TARP money is a sign of worse storms to come, in other words the EXACT opposite of what it is read to be.
So much for the economic savvy of all the national news editors and anchors and it shows that unless CEOs are held accountable with their private funds these things are going to repeat themselves EVEN IF the fiat paper-money system that was and is the root cause of this mess were abolished.

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By: Casper http://blogs.reuters.com/rolfe-winkler/2009/09/01/bailout-profit-is-taxpayers-loss/comment-page-1/#comment-1249 Wed, 02 Sep 2009 07:17:57 +0000 http://blogs.reuters.com/rolfe-winkler/?p=3448#comment-1249 Good one Rolfe. Succinct and to the point. Just one concern: ‘A very dangerous misconception is taking root in the press, that in addition to saving the world financial system, the bank bailout is making taxpayers money.’ The World chipped, and is chipping in everywhere, even in Nigeria. Also, if the systems have been ‘saved’, how come the banks are still insolvent ? I am too lazy to do the sums, but your numbers above will be interesting per capita tax payers. Also, I wonder what the tax base is – individuals only or other juristic forms too ?

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By: MortgageGuyMN http://blogs.reuters.com/rolfe-winkler/2009/09/01/bailout-profit-is-taxpayers-loss/comment-page-1/#comment-1246 Wed, 02 Sep 2009 02:32:46 +0000 http://blogs.reuters.com/rolfe-winkler/?p=3448#comment-1246 Saying we’re making money on the bailouts is like saying you’re making money off of your nephew because he paid you back $6 on a $5 loan – while conventiently forgetting that he also talked you into co-signing his mortgage.

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By: nathan http://blogs.reuters.com/rolfe-winkler/2009/09/01/bailout-profit-is-taxpayers-loss/comment-page-1/#comment-1245 Wed, 02 Sep 2009 02:12:18 +0000 http://blogs.reuters.com/rolfe-winkler/?p=3448#comment-1245 The problem is that the majority of people in this country are simply too stupid to understand economics. Thats why we have the Federal Reserve system in the first place.

Trying to get more than a small minority of people in any country to understand how they are getting screwed is like herding cats.

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By: bbay http://blogs.reuters.com/rolfe-winkler/2009/09/01/bailout-profit-is-taxpayers-loss/comment-page-1/#comment-1243 Wed, 02 Sep 2009 01:39:45 +0000 http://blogs.reuters.com/rolfe-winkler/?p=3448#comment-1243 No doubt we are under siege.
Not all voted for this, but it is the battle we face openly, and without much success in eliminating it…

This very much validates why some Nations cannot effectively address the complete dismantle of their own Nations, without the assistance of a concerned community.

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By: the Shah http://blogs.reuters.com/rolfe-winkler/2009/09/01/bailout-profit-is-taxpayers-loss/comment-page-1/#comment-1240 Tue, 01 Sep 2009 19:59:04 +0000 http://blogs.reuters.com/rolfe-winkler/?p=3448#comment-1240 The trouble is that the American people have severe ADD and can’t be interested in anything long enough to realize they are getting screwed royally. *In the mind of the average American… TARP = $700b; TARP = bailout; TARP being repaid = good* Trouble is, TARP doesn’t equal the bailout, so the rest of the math should get thrown out too. Only it doesn’t, and ‘the people’ are off to the next buzz-word and hot-topic – can you say health(s)care?

Worst part is, there really is no way to further educate this generation to realize they don’t have a clue. Wanna blame everything on vampire squids and shadow conspiracies? HA! Let’s see where that gets you. I just hope somewhere, somehow, the next generation of Americans care enough to know their ass from a hole in the ground and will fight for change for the majority, not the vocal minority lobbies.

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