Tuesday, March 2, 2010

TARP Losses ONLY $117 Billion

According to the Treasury Department spokesman, Andrew Williams, projected losses for the Trouble Asset Relief Program (TARP) are only going to be $117 billion not the $341 billion earlier projected. What a relief. When this program was first debated, and tea party types objected, we were told this isn't government spending, it's just a loan; it won't add to the national debt; it will all get paid back. Right. It galls me that the so called elites don't think the average person can understand the workings of finance and financial regulation. (Meanwhile Fannie and Freddie unlimited bailout cash doesn't even make the TARP books, so even this figure is an underestimated lie.) Screw ups like TARP are predictable by everyone except these elites. And to remind every Republican running for office, this donkey of a program was initiated with Republican votes under a Republican administration. If you jackasses want any Tea Party votes, you better start doing some serious work in cutting spending.

Not supporting Jim Bunning isn't such a good start either. Get with the program, I know you can't shut down everything, but one Senator showed some principle in demanding some offsets to deficit expanding extension of unemployment benefits. No matter how popular the programs being halted, unless the Republicans can show some fortitude on deficit reduction, they aren't really catching the mood of the country. Bravo to Scott Brown for applauding Bunning's stand. I know Bunning has issues, but the leadership in the Senate should have gotten their caucus together and made a principled stand on the long avoided promise that all programs will be offset to ensure they don't increase the deficit.

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