Tarp overseer debunks bailout myths big companies haven’t repaid tarp funds
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Tarp overseer debunks bailout myths big companies haven’t repaid tarp funds



Apologists for government bailouts

Apologists for government bailouts
push two main myths:



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Tarp overseer debunks bailout myths big companies haven’t repaid tarp funds Tarp overseer debunks bailout myths big companies haven’t repaid tarp funds Document Transcript

  • Tarp Overseer Debunks Bailout Myths BigCompanies Haven’t Repaid Tarp FundsZero HedgeApril 29, 2012…And Funds to Help HomeownersHAVEN’T Been PaidApologists for government bailoutspush two main myths: That all of the bailout funds have been repaid That the bailouts helped the average AmericanBut the official government overseer of the Tarp bailout program – the special inspector generalfor TARP, Christy L. Romero – has debunked both myths.Today, Romero wrote the following to Congress: After 3½ years, the Troubled Asset Relief Program (“TARP”) continues to be an active and significant part of the Government’s response to the financial crisis. It is a widely held misconception that TARP will make a profit. The most recent cost estimate for TARP is a loss of $60 billion. Taxpayers are still owed $118.5 billion (including $14 billion written off or otherwise lost).And earlier this month, Romero stated that the portion of the Tarp funds which weresupposed to help homeowners haven’t been disbursed: A fund to support homeowners in the communities hit hardest by the collapse of the housing bubble has disbursed just 3 percent of its budget and aided only 30,640 homeowners in the two years since its creation, according to a report released on Thursday by a federal watchdog office. The Hardest Hit Fund, which was created in the spring of 2010, grants money to state housing finance agencies for efforts to help families that are facing foreclosure. It has “experienced significant delay” because of “a lack of comprehensive planning” by the Treasury Department and limited participation by Fannie Mae, Freddie Mac and the large mortgage servicers, said the report by the special inspector general for the Troubled Asset Relief Program.“Look at the TARP money that goes out to the banks,” said Special Inspector General Christy
  • Romero in an interview with The Huffington Post. “That goes out in a matter of days. This hasbeen two years and only 3 percent of these funds have trickled out to homeowners.”Indeed, bailing out the big banks hurts – rather than helps – the American economy. See this, thisand this. (And it doesn’t take a PhD economist to guess that using bailout funds to buy goldtoilet seats and prostitutes is probably not the best way to stimulate the economy as a whole).The only way to really stimulate the economy would be for the government to give money tothe little guy on Main Street – instead of the big boys on Wall Street. And see this.Yet the big banks continue today to be bailed out through a wide variety of overt and hiddenschemes … while the little guy gets nothing.This is true even though the American people were opposed to the bank bailouts from day one,and continue to oppose them: As I’ve noted since 2008, Americans are united in their overwhelming disapproval for bailouts to the big banks. This has remained true right up to today. As Rassmussen found only last month (as summarized by KXLF news): Today’s Rasmussen Reports survey finds that most Americans don’t like bailouts for financial institutions. 60% Oppose Financial Bailouts; 74% Say Wall Street Benefited Most Survey of 1,000 American Adults *** • Just 20% think it was a good idea for the government to provide bailout funding to banks and other financial institutions, but 60% say otherwise. • While many activists try to link the Republican Party and Wall Street, Republicans think the bailouts were a bad idea by an eight-to-one margin. • Those not affiliated with either major party think they were a bad idea by a four- to-one margin. Democrats are much more evenly divided. Thirty-four percent (34%) of those in the president’s party say the bailouts were a good idea while 42% disagree. • Overall, 68% believe that most of the bailout money went to the very people who created the nation’s ongoing economic crisis, but 12% disagree and 21% aren’t sure. [And see this] As the Washington Post’s Greg Sargent notes, the recent proposal from lobbyists to the
  • American Bankers Associationrecommending ways to co-opt theOccupy movement accurately stated: Well-known Wall Street companies stand at the nexus of where OWS protestors and the Tea Party overlap on angered populism. Both the radical left and the radical right are channeling broader frustration about the state of the economy and share a mutual anger over TARP and other perceived bailouts. This combination has the potential to be explosive later in the year when media reports cover the next round of bonuses and contrast it with stories of millions of Americans making do with less this holiday season.(Except that it is the majority of Americans – not “extremists” on either side of the aisle –that share this anger).The “Tea Party” movement was centered on the protesting government bailouts of thegiant banks, before it was hijacked by the mainstream Republican party, Sarah Palin,Neocons and others. See this, this, this, this and this.Ron Paul said last month at a GOP debate: Bailouts came from both parties…. If you have to give money out, you should give it to people losing their mortgages, not to the banks.And one of the most common sayings of Occupy Wall Street protesters is: Banks got bailed out. We got sold out(See this and this.)
  • CNBC Anchor and CFR’s Erin BurnettPushes Bankster Agenda: ‘What if WeBanned Cash?’SGT ReportApril 29, 2012“We wonder, what if we got rid ofcash? After all, cash is what keepsterrorists, drug dealers and gundealers in business.” – ErinBurnettAs I outlined in my recent article,‘Stumbling Blocks to ‘GlobalGovernance in a ChangingWorld‘, mere “human resources”like us can get an insider’s look atthe very real problems plaguing thefolks that seek to enslave the world by tuning into the CFR’s own You Tube channel, wherethey regularly discuss these issues. Now we can get some of that CFR spin on CNBC too.CNBC’s Erin Burnett is a member of the Council on Foreign Relations, as is NBC’s BrianWilliams and many other public figures. And each does their best to toe the line for their BanksterOligarch masters, helmed by the Sith Lord himself, David Rockefeller.In this clip, Burnett excitedly promotes the NWO plan of killing physical money through her“interview” with formerIsraeli Ministry of Defense consultant Jonathan Lipow who demonizescash in a NY Times article onlyEdward Bernays could love titled ‘Turn in Your Bin Ladens’.Burnett asks:“So your solution is let’s get rid of the cash and that would cut off a lot of the illicit activityout there, and certainly a lot of the funding for terrorists.”Burnett doesn’t ask if this should be done, nor does she attempt to debate the concept in any way.She tows the line with this follow up question: “So how do we do that practically?”As we know, there is also a parallel Department of Homeland Security strategy to depict thosewho use physical cash as terrorists. This CNBC interview is yet another blatant piece ofBankster propaganda. A cashless society is part of a long-term plan designed to enslave you asthe Banksters push forimplantable biometric chips containing all of your personal financialdata. A meme eagerly conveyed here by the despicable Erin Burnett. And why not? Burnett hascommitted to the CFR’s mission of destroying national sovereignty and implementing global
  • governance. And as NBC Nightly News Anchor Brian Williams enthusiastically stated in theCFR’s own 2007 promo video: “I am always six to nine months away from next trip to Afghanistan and Iraq. And before I go I rely on the resources of the Council. I think it would be foolish not to.” - Brian Williams, 2007 http://www.infowars.com/
  • Banks cooperate to track OccupyprotestersMax AbelsonSF ChronicleApril 29, 2012The worlds biggest banks are working with oneanother and police to gather intelligence asprotesters try to rejuvenate the Occupy WallStreet movement with May demonstrations,industry security consultants said.Among 99 protest targets in midtownManhattan on Tuesday are JPMorgan Chaseand Bank of America offices, said MarisaHolmes, a member of Occupys May Dayplanning committee.Events are scheduled in more than 115 cities,including an effort to shut down the GoldenGate Bridge in San Francisco, where WellsFargo investors relied on police to get pastprotests at their annual meeting this week."Our goal is to kick off the spring offensive andgo directly to where the financial elite play andplan," she said.After evictions and arrests from Manhattans Zuccotti Park to London that began last year, themovement against income inequality and corporate abuse will regain strength, said Brian McNary, director of global risk at Pinkerton Consulting & Investigations. He works with international financial firms to "identify, map and track" protesters across social media and at their assemblies, he said. The companies gather data "carefully and methodically" to prevent business disruptions. Banks are preparing for Occupy demonstrations at the North Atlantic Treaty Organizations Chicago summit on May 20 and 21 by sharing information from video surveillance, robots and
  • officers in buildings, giving "a real-time, 360-degree" view, saidMcNary, who works on theproject.Banks cooperating on surveillanceare like elk fending off wolves inYellowstone National Park, hesaid. While other animals try invain to sprint away alone, elksurvive attacks by forming a ringtogether, he said.Planning for Tuesday in NewYork began in January in a fourth-floor work space at 16 Beaver St., about two blocks from WallStreet, according to Holmes. The date serves as an international labor day, commemorating adeadly 1886 clash between police and workers in Chicagos Haymarket Square.The midtown demonstrations will take place from 8 a.m. to 2 p.m., followed by a march fromBryant Park to Union Square and a 4 p.m. rally there, according to an online schedule.Protesters, including labor unions and community groups, have a permit to march from UnionSquare to lower Manhattan, according to police. Goldman Sachs headquarters is among financial-district picketing options, Holmes said.Banks are bracing. Deutsche Bank AG is closing the public atrium of its U.S. headquarters at 60Wall St., which protesters have used for meetings, Holmes said. Duncan King, a bank spokesman,declined to comment.New York police can handle picketers, said Paul Browne, a spokesman. "Were experienced ataccommodating lawful protests and responding appropriately to anyone who engages in unlawfulactivity," he said. "Were prepared to do both next month."Banks have a history of coordinating security with city authorities. At a 2009 U.S. Senate hearing, Police Commissioner Raymond Kelly described a partnership with financial- district firms that gives his department "access to hundreds of private security cameras." Footage is monitored in a downtown Manhattan center, he said. A 2005 letter Kelly wrote to Edward Forst, then chief administrative officer at Goldman Sachs, shows it was among firms getting space in the facility.
  • Turn in Your Bin Ladens: What If UsingCash Becomes a Crime?Will the simple act of using cash to pay forthings become a crime? Will it be labeled assuspected terrorist activity? Will cash bebanned? We are being phased into a totalcashless grid where payments andauthorizations must be electronic; and thesystem has long been conditioning us toaccept it and ditch ‘black market’ papernotes.Let’s flashback to some rather open admissions in the media, in this case: CNBC pundits andNaval Postgraduate School white paper writers (Turn in Your Bin Ladens, Dec. 2010) They callcash the currency of terrorists, drug dealers and criminals. Yes, military figures are equating theuse of cash with the War on Terror… that is a gross distortion and a bad sign.Biometric ID Cards Replace Cash - Mark Of The Beast.http://www.youtube.com/watch?v=EyjGD-USfDcIndeed, even paying cash for a cup of coffee has been branded suspicious by a series of memosput out by the FBI to breed a paranoid atmosphere around normal, everyday activities. Alex Jonesparodied this bizarre new Communities Against Terrorism campaign in his documentary NewWorld Order: Blueprint of Madmen (see it free here).Meanwhile the biggest criminals are those who manipulate the currency, starting at the privateFederal Reserve and top six mega-banks. Also to blame are the sectors on Wall Street who areengaged in various forms of looting via draconian crony-capitalist bailout deals, amassingnew global powers and admittedly laundering massive amounts of money for drug gangs. Yetmoves have been made to demonize and ban paying for “large” items in cash both in Europeand America, with ‘suspicious’ amounts set as low as 1000 or 2500 (*in dollars, euros, or etc.).Louisiana has gone so far as to ban cash in second hand transactions.These policies are trending towards total control, not only at the individual level, but in an overallclamp down of society. http://www.infowars.com/