This is why the current resident of the WH needs to be changed asap. They don't listen on the front end, and just blame the ethereal "them" on the back end.
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Treasury Secretary Timothy Geithner said Thursday it's "deeply unfair" that some financial institutions that got taxpayer-paid bailouts are emerging in better shape from the recession than millions of ordinary Americans.
He acknowledged public outrage over that and said people watched with disdain as Washington protected high-risk banks and investment houses, even as the national unemployment rate was soaring to double-digit levels for the first time in a generation.
But in a nationally broadcast interview, Geithner also argued that President Obama had no choice when confronted with a financial crisis.
"As the president has said, we had to do some very unpopular things," Geithner said. "People looked at what had happened."
"It's not fair. It's deeply unfair," he said. "He (Obama) had to decide whether he was going to act to fix it or stand back ... and that would have been calamitous for the American economy."
The government eventually embarked on a program of assisting the threatened financial institutions, and the sweeping, multibillion-dollar Troubled Asset Relief Program (TARP) created as a bailout engine.
Yeah, I'd say bailing out the jerks who caused the problem was wrong too. Imagine the IMMEDIATE bounce back if the gub'ment had put half or a quarter of the TARP funds into the consumers hands. Even if half of us just put the money in the bank, it would have spurred the economy.
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As it is, the companies that screwed up still exist in one form or another, and no jobs have been created outside the banks and gub'ment. Stupid is as stupid does.
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Schteveo
9 comments:
Stupid is as stupid votes.
All the gov't had to do is return the money to those who earned it. We know what to do with it. I could have paid down my mortgage and business loans, and gotten the money to the banks that way where I could benefit from my own money. And I would have more money to purchase new equipment, hire staff..... but that was not to happen. Now we all owe more than ever with no end in sight. At least others have homes on my dime they don't have to pay for. Not to mention all the other perks that come to those who idle.
Bill,
don't get me wrong, I'm against that idea at it's root too. But that $20K or $30K per household would have opened up more jobs in OUR hands that it would ever do on Wall Street or in Detroit.
Listen, if that dumbass Obama had just given money to brown skinned minorities, it would have helped more than this did.
"I tol' you I'd he'p ya!!"
I think we are in agreement. By giving back the money that the gov't stole, each and every one of us would be stimulating the economy. And with every transaction being taxed, the gov't would increase revenue as well without increasing the tax burden.
You're right. It's unfair that the banks got the "taxpayer-paid bailouts" instead of "millions of ordinary Americans" (even though it's more than likely that most of us here wouldn't be considered "ordinary Americans" by the Democrats).
OK, so we're in agreement, WE didn't want the TARP money, but IF they were going to give it away ANYWAY...
They shoulda give it all to us!
"NOW the bailout was a bad idea?"
As I said from it first raised its ugly head and now
Calm down guys, it's just getting started.
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