I heard today that the government is in the black for the bank bailouts and is likely to net $10 billion through this program.

For all of those who were opposed to the bank bailouts, does this change your opinion?

Also, for everyone who feels that the government can't do anyhting right and screws up everythng, this seems to be a great example of the government working quickly and effectively. By all accounts we were in a serious crisis mode and the whole financial system was on the verge of collapse, which would have screwed everyone.

Bush started the program and Obama followed through and stayed the course.
Despite of how unpopular the program was and the heat they took from the public, the politicians seemed to have done the right thing.

Well, I would love this to be true. Is there a link to where you found it? I would love to read about how they are going to give the tax payers back the money that was loaned to them, plus intrest! I could use a rebate.

Originally Posted by quinn14

Well, I would love this to be true. Is there a link to where you found it? I would love to read about how they are going to give the tax payers back the money that was loaned to them, plus intrest! I could use a rebate.

http://www.bloomberg.com/news/2010-1...reasuries.html

When the government first announced its intention to plow funds into the nation?s banks...many expected it to lose hundreds of billions of dollars. Two years later TARP?s bank and insurance investments have made money, and about two-thirds of the funds have been paid back. ...

?From the perspective of the taxpayers getting their money back, TARP has been a great success,? said Todd Petzel, chief investment officer at New York-based Offit Capital Advisors

?I am surprised at the numbers because the consensus seemed to be we threw good money after bad and wouldn?t get repaid,? said Jane King, president of Fairfield Financial Advisors Ltd ... The bank and insurance portion of the bailout, which includes $47.5 billion to New York-based American International Group Inc., will probably earn $11 billion in the end, taking expected losses into account, according to Treasury estimates.

Originally Posted by ODH

http://www.bloomberg.com/news/2010-1...reasuries.html

When the government first announced its intention to plow funds into the nation?s banks...many expected it to lose hundreds of billions of dollars. Two years later TARP?s bank and insurance investments have made money, and about two-thirds of the funds have been paid back. ...

?From the perspective of the taxpayers getting their money back, TARP has been a great success,? said Todd Petzel, chief investment officer at New York-based Offit Capital Advisors

?I am surprised at the numbers because the consensus seemed to be we threw good money after bad and wouldn?t get repaid,? said Jane King, president of Fairfield Financial Advisors Ltd ... The bank and insurance portion of the bailout, which includes $47.5 billion to New York-based American International Group Inc., will probably earn $11 billion in the end, taking expected losses into account, according to Treasury estimates.

I am sure that you are smart enough to realize that the article you attached was dated in October of 2010. Were you just trying to mess with us, or did you not know?

Originally Posted by quinn14

I am sure that you are smart enough to realize that the article you attached was dated in October of 2010. Were you just trying to mess with us, or did you not know?

Actually I am not smart enough to realize that.
I am not sure why the date is that critical. The report I heard was on the radio, so appearantly the story is still accurate.

I was opposed to the government forcing the loans on the banks. I am against the idea that the government will bail you out if you are deemed to big to fail. This has worked because the banks had incentive to pay back the loans and I am glad it has but I dont want to see it happen again. Look at what happened in the auto market, Ford refused the loans and came out stronger on the other end because they worked to correct their faults.

Now the real question is, which President do you give credit to, Bush who implemented the plan or Obama who is reaping the rewards if the plan. I say Bush because he did do much right and this is a silver lining on what I thought was a terrible presidency.

Originally Posted by UGLY

I was opposed to the government forcing the loans on the banks. I am against the idea that the government will bail you out if you are deemed to big to fail. This has worked because the banks had incentive to pay back the loans and I am glad it has but I dont want to see it happen again. Look at what happened in the auto market, Ford refused the loans and came out stronger on the other end because they worked to correct their faults.

Now the real question is, which President do you give credit to, Bush who implemented the plan or Obama who is reaping the rewards if the plan. I say Bush because he did do much right and this is a silver lining on what I thought was a terrible presidency.

I agree with you on the loans setting a bad precedent and the concept of being too big to fail is very dangerous. I had mixed feelings about the bailouts, it seemed like the government was playing favorites and rewarding companies that f'ed up, but I put trust in the economists who said this was absolutely necessary to avoid a crisis.
I just wanted to rasie for discussion the end result of the bailouts to prople who violently opposed them and also to people who think the government can't get anyhting right.

I give credit to both Bush and Obama for this working. They both at heart probalby hated this program. Bush becasue it was government interference and Obama becasue it was supporting big business who brought the mess uupon themselves. And bailouts were unpopular with voters across the political spectrum. Bush probalby deserves more credit since he started the program nad Obama only had to stay the course, although he was on his way out so it was probably easier for him to do what he thought was best for the country and not worry about the political fallout, while Obama still seems to be taking heat for the bailouts as they are often lumped into the deficit / spending issues we have.