tag:blogger.com,1999:blog-5794529226190925993.post463189253650374618..comments2021-04-09T03:22:00.447-04:00Comments on The Maryland Crustacean: The Fungibility of Government FundingThe Maryland Crustaceanhttp://www.blogger.com/profile/18309250912148013290noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-5794529226190925993.post-66770946337702208132010-05-03T21:28:01.117-04:002010-05-03T21:28:01.117-04:00Don't you mean Bush's? Remember TARP?
It ...<i>Don't you mean Bush's? Remember TARP?</i><br /><br />It took the meddling of Hoover to begin the policies later expanded on by FDR. I think that history is repeating itself. But unfortunately, I don't ever see it swinging back toward small government conservatism. I hope I'm proven wrong though.J Curtishttps://www.blogger.com/profile/12746127431922685446noreply@blogger.comtag:blogger.com,1999:blog-5794529226190925993.post-77984993960921276952010-05-02T20:33:11.236-04:002010-05-02T20:33:11.236-04:00Adam,
Though I take perverse pleasure whenever I ...Adam,<br /><br />Though I take perverse pleasure whenever I provoke a fresh relapse of Bush Derangement Syndrome, no I did not mean Bush. Yes, I thought he was foolhardy in proposing TARP, which was put forward as a government solution to fix a government induced problem. The idea was to buy up toxic assets (mostly real estate based) which were brought to us courtesy of idiotic government policy known as the Community Reinvestment Act and facilitated by government sponsored entities known as Freddie Mac and Fannie Mae (The Bush Administration had warned us back as early as 2005 that the accumulation of "liar loans" were a disaster waiting to happen, but we were assured by Senator Christopher Dodd and Rep. Barney Frank that everything was just fine.)<br /><br />But I digress. Then candidate Obama and his ilk were screaming loudly for the passage of TARP because "we have to do something" . So was everyone else, but some courageous house Republicans did put up some initial resistance.<br /><br />I still think it was a stupid idea, but the original TARP was meant for the government to buy the toxic assets and holding them until the storm blew over, at which point the government would sell them and at least get a partial return on investment. When Obama becaome President, he morphed TARP by assuming authority not to buy the specific toxic assets which were threateneing to topple brokerage houses and financial insitutions, but to recapitalize banks by buying their stock, and also doing so with other troubled corporations in other industries, such as GM and Chrysler. This was arguably beyond the scope of TARP and therefore illegal, but Mr. Obama could do no wrong. <br /><br />In any event, as was made clear by the more thorough news reporting, GM paid off the loan portion of their bailout by using the TARP money with which the government purcahsed GM stock. And these are the findings of the Inspector General for TARP.<br /><br />http://www.washingtontimes.com/news/2010/apr/23/government-motors-repayment-fraud/The Maryland Crustaceanhttps://www.blogger.com/profile/18309250912148013290noreply@blogger.comtag:blogger.com,1999:blog-5794529226190925993.post-25399157645879818542010-05-01T22:33:51.388-04:002010-05-01T22:33:51.388-04:00By contrast, I also lamented the foolhardiness and...<i>By contrast, I also lamented the foolhardiness and questionable legality of the Obama Administration’s bailout of Chrysler and GM</i>.<br /><br />Don't you mean Bush's? Remember TARP? <br /><br /><i>The syndicated ABC radio news broadcaster announced excitedly that GM was able to pay off its government loan in full</i>. <br /><br />You probably heard one of the new GM advertisements... or the ABC is saving money by reporting adverts as news.<br />Here's one of the ads from GM's TV side of the campaign:<br />http://www.youtube.com/watch?v=SSNPFVLIWjI<br /><br /><i>used to purchase major shares of GM stoc</i>k<br /><br />Major? Oh really? <br /><br />Anyway, JD is right, why bother you with facts...Hunterhttps://www.blogger.com/profile/09285258053111697778noreply@blogger.comtag:blogger.com,1999:blog-5794529226190925993.post-73234683149900113082010-04-28T09:29:10.486-04:002010-04-28T09:29:10.486-04:00Why bother people with such confusing things known...Why bother people with such confusing things known as "facts"?J Curtishttps://www.blogger.com/profile/12746127431922685446noreply@blogger.com