Government Spending

Yes, TARP Cost Money

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ProPublica speaks for the public, and says: Yes, despite what you've hoid from the administration, TARP still seems to have cost us the people a load of bucks. Some details:

At ProPublica, we've provided a comprehensive bailout database since TARP's launch. It shows not only how much money has gone to each recipient, but how much each has paid in interest and dividend payments. With all this data, we're able to clearly show how deep in the hole the program remains. And the answer as of today is $123 billion.

Add that to the bailout of Fannie Mae and Freddie Mac—which our site also tracks and is separate from the TARP—and taxpayers are $257 billion in the hole.

Although the bailout has extended to nearly a thousand institutions, just a few are primarily responsible for the continued deficit: Fannie and Freddie, of course, AIG, and the auto companies (GMChryslerGMAC).

As for Fannie and Freddie, no solution seems imminent. They're currently $134 billion in the red (counting their dividend payments)—more than the entire TARP. Congress and the administration are in the initial stages of discussing how the companies should be wound down and how much of the investment could be recouped…..

Our Tim Cavanaugh has tracked TARP early and often.

NEXT: (Why) Do Artists Hate Capitalism?

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  1. The government has committed bailout money to 927 recipients

    that they’re willing to tell us about.

  2. And that isn’t even correcting for the trick of taking out loans from the government at 0% and then turning around and using the money to buy government bonds that pay out at higher interest rates. How much of the money the banks paid back came from that little scam?

    1. Its not a scam if it’s a design feature, its government policy.

  3. My reaction if I were a corporatist/statist lackey like the two major parties –

    “This story is an outright lie. Presidents Bush and Obama said it was a good idea. You American people are too obtuse to get why we have to bend the rules to save GM, Goldman Sachs, et al. and yet still, with a straight face, call it capitalism.

    Oh, yeah, and another thing, you people who WALK AWAY from your moral obligation to pay your mortgage are deviants – why only the “corporate citizens” have the moral right to break contracts – its a business deal for them. Understand!”

    Sincerely,
    The Republicans, The Democrats and their Media Apologists

  4. You’ve gotta spend money to make money.

  5. Next you are going to tell me that ObamaCare didn’t reduce the deficit.

  6. And the Fannie and Freddie bailout is probably just the beginning. If you add the total debt holdings of F&F, which the fed is now essentially guaranteeing, to that total it gets really scary.

  7. Nobody ever states the most obvious part of this scam–it’s too obvious for Captain Obvious!

    When they say they paid the money back–they don’t mean they paid the taxpayers back.

    They didn’t use the money that was paid back to buy back debt. They didn’t cut the budget by whatever amount was paid back. They didn’t cut taxes by the amount that was paid back…

    Even the money that was paid back?

    Wasn’t paid back to the taxpayers.

    Regardless of whether it was “paid back”, the money for TARP is still coming out of our paychecks!

    They can say it was “paid back” all they want, but whatever they mean by “paid back”, they don’t mean “the money isn’t coming out of your paycheck anymore”.

    Yes, that means your paycheck! This means you!

  8. TARP
    Taxpayer ass recycled protein.
    TARP is a program in which very expensive Kobe beef, paid for by taxpayers, and taxed, and than surtaxed, and local taxed, and state taxed is FED (Ha, Ha – get the “FED” reference)to crony bankers, who may eat a few vegetables with the beef, and than poop it back, and give it back to the taxpayers. The vegetable poop is considered interest, and there you have how the TARP costs the taxpayers NADA!!!!
    Now shut up and enjoy your steaming recycled beef.

    http://www.youtube.com/watch?v=DFPMOxQB1tg

    1. And don’t forget the sales tax on your sh*t sandwich!!!

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