“Oh you got greedy and got burned and now you want the taxpayers to bail you out? Fine, but there sure as shit had better be something in it for us.”
So far, that experiment is more than paying off. The government has taken profits of about $1.4 billion on its investment in Goldman Sachs, $1.3 billion on Morgan Stanley and $414 million on American Express. The five other banks that repaid the government — Northern Trust, Bank of New York Mellon, State Street, U.S. Bancorp and BB&T — each brought in $100 million to $334 million in profit.
The figure does not include the roughly $35 million the government has earned from 14 smaller banks that have paid back their loans.
Sure there’s still plenty of risk that the program could be a net loss, but its nice to see that we’re getting our money back with interest from at least some of the banks that got bailed out.
[sarcasm]WE WILL NEVER SEE A DIME OF THAT MONEY AGAIN! WE JUST WASTED $700 BILLION DOLLARS THAT MY GRANDKIDS WILL HAVE TO PAY FOR! WAKE UP PEOPLE! [/sarcasm]
LOL @ We getting our money back. There is no ‘we’ only ‘they.’ It’s just like the thru-way. People paid it and the government realized people could afford it so guess what? Yup, they’re just going to keep taking it.
lol i love how we are so excited about the government making money when unemployment is still on the rise, the federal income tax is on the rise and we wont see any of it. hooray i guess
They’re making money on 1 investment. Still in the hole a fuck load more on other bailout investments and national debt. So the overall net, they’re still in the red. I wouldn’t really call that “making money”.
Edit: Not really trying to be super negative here. It is good to see we are starting to get our money back on this.
its the government allowing the massive printing of fiat funds that are the root of the cause of the lost jobs, so im not about to congratulate a government that is employing people, when we could have avoided this mess in the first place if it wasnt for them.
Overproduction of money causes job losses through inflation. If anything, we’ve been seeing deflation. The devaluation of the dollar contributed to the oil price run-ups, but was not the reason for the recession. Private companies do just as much to expand the money supply by fractional reserve lending to shitty borrowers that shouldn’t be getting loans. Excess risk taken by private companies caused the recession. The only thing the government really did was under-regulation in the financial services industry, partly due to Gramm-Leach-Bliley and partly for outdated derivatives laws.
what you need to understand is that our type of “deocratic capitalism” was never meant to be operated along with a fractional reserve to a now fiat monetary system. The two are not synonymous. Fractional reserve banking allows for inflation by anyone who lends or holds money. That in itself is very dangerous. Like ive said like a broken record, there is a reason we are supposed to use precious metal and only precious metal as our currency. Letting a private bank print money and loan it to us can only spell disaster, and when evil men realize how they can twist an manipulate the system to deficit spend for as long as they can before letting uncle sam save them it only proves the inefficiency of the system. These people know they will be bailed out, they know they will be saved int he end. Its not like they are scared of anything.
Fiat enables the bubbles…fair enough. But fiat alone can’t cause a recession, you need massive private greed to create these bubbles.
That said…I’m NOT for the government being the biggest employer. I think it’s a horrible idea…those jobs produce nothing. But why would anyone need solid GDP anyways? LOL
