OWS: "We Want Our Bailout Money Back"

[kpete]

http://thinkprogress.org/special/2011/10/19/348671/protest-photo-%E2%80%98i-hate-drum-circles-but-i-hate-corporate-greed-more%E2%80%99/?utm_source=twitterfeed&utm_medium=twitter

[abelenkpe]

1. Sweet. K&R

[socialindependocrat]

2. Now that they make a profit...

there is no reason that they can't return the money given to keep them afloat.

This is part of the waste no one is working to reduce.

Even if they repay based on a percentage of their profits over time.

Let's get our money back.

[Indydem]

3. Ummm. We got it back.

98% of the TARP funds authorized by congress have been repaid to the treasury or were never paid out.

http://www.cbo.gov/doc.cfm?index=12118

This is not a particularly effective argument.

[girl gone mad]

32. Completely and totally false. Please get your facts straight.

We lost tens of billions on TARP alone.

Banks are still on the hook for at least $1.5 Trillion and that's leaving out quite a bit.



".....while the TARP bailout of Wall Street (not including the bailout of the auto industry) amounted to $330 billion, the government also quietly spent $4.4 trillion more in efforts to stave off the collapse of the financial and mortgage lending sectors. The majority of these funds ($3.9 trillion) came from the Federal Reserve, which undertook the actions citing an obscure section of its charter."

"..$4.8 trillion went out the door to aid financial companies and repair the damage they caused to financial markets, and $1.5 trillion of that is still outstanding."

[fasttense]

40. The Bailout has NOT been repaid. That repayment claim is a RW talking point and, of course, a lie.

The banksters would like you to believe they did their duty and paid back all that interest free money we gave them. It's an out and out lie.

Here are the real numbers:

Recipients:
926

Total Committed:
$633,575,722,738

Total Disbursed:
$579,952,314,483

Total Returned:
$277,816,965,263

On average each institution was back stopped by US taxpayers for over $684 million.

On average each institution was given $626 million of our US tax payer dollars (practically interest free). What could you have done with millions of interest free money?

On average each banking institution has paid back 47.90% of the loans. That's not even half of what was bestowed on to them by the 99% of Americans. And that total return includes penalties and interest (very few institutions paid any interest at all) that they were required to pay.

Here is a websites that tracks the real numbers, not the propaganda the banks are giving out to CNN and corporate news.
http://projects.propublica.org/bailout/list/index

[Indydem]

42. Oh, I guess the CBO is lying.

And you are not.

/sarcasm

[Raster]

43. It wouldn't be the first time the CBO altered the facts to suit...

Please see the VARIOUS references to the informaion on Pro Publica which is updated daily. They only report.

[Indydem]

44. The same pro publica funded by a bankster?

No thanks, I'll believe the CBO first.

[Raster]

45. I believe you are mistaken:

Governance
ProPublica is a non-profit corporation, and is exempt from taxes under Section 501(c)(3). It has its own Governing Board, chaired by Herbert Sandler. Mr. Steiger is a member of the Board. A Journalism Advisory Board of leaders in the field, and a Business Advisory Council has also been assembled.

[Indydem]

46. No, it is you who are mistaken.

"ProPublica is largely funded by former banker Herb Sandler"

He's a 1%er worth billions. Just because he funds your causes makes him no less of your enemy.

[Nye Bevan]

4. We already got it back.

NEW YORK (CNNMoney) -- Don't look now, but the bank bailout is starting to turn a profit.

The Treasury Department announced Wednesday that the money it gave to banks during the financial crisis has been paid back, and then some.

The bank bailout -- part of the Troubled Asset Relief Program -- is now $6 billion in the black, a profit that might ultimately rise to $20 billion, according to the Treasury.


http://money.cnn.com/2011/03/30/news/economy/tarp_program/index.htm

[Name removed]

6. Deleted message

Sub-thread removed by moderator. Click here to review the message board rules.

[BklnDem75]

14. Alex Jones?

Forget about it. Aliens abducted that money.

[Raster]

19. While I agree some of Jones' schtick is pretty out there, it would be a mistake, IMHO...

...to broadly dismiss every piece of information disseminated by Jones as 24-carat crackpot.

And quite frankly, I searched the prison planet website and I did not see one story, claim or reference that "Aliens abducted that money." Perhaps you misspoke, or forgot your:sarcasm: tag.

[BklnDem75]

22. Didn't think a sarcasm tag was needed when referring to Alex Jones

[Raster]

23. In your humble opinion.

[BklnDem75]

25. Which is the only opinion that matters to me

:hi:

[Raster]

28. At least it matters to someone.

:hi:

[BklnDem75]

29. Apparently that someone isn't only me.

I appreciate it. :)

[girl gone mad]

36. How?

I would honestly like to know how you believe it was possible for the banks to pay us back.

[bbinacan]

5. Almost all has been paid back

Better get a new sign.

[piratefish08]

7. no it hasn't. they need better propaganda.

[girl gone mad]

33. You must know that isn't true.

As much as we would all love to live in a magical land where insolvent banks miraculously become solvent and profitable in the midst of a global economic depression, we live in the real world.

Insolvent banks do not magically become solvent while entire economies are going broke. The truth is, they transferred trillions in bad debts onto the public's balance sheet, and they will NEVER be able to pay this money back.

But, really, since banks are parasitic institutions, what would it mean for them to pay it back? The only way they could collect the money is to suck even more money from the productive sectors of our economy through fees, speculation and front-running.

[OHdem10]

8. We got it back.

[OHdem10]

9. They had best check this out. They need to be accurate.

I am under the impression that most has been paid back.

Their demands need to be accurate.

[Avalux]

12. Nope, just some; depending on how interpreted. Look here:

http://projects.propublica.org/bailout/main/summary

[girl gone mad]

34. Then please explain how they were able to pay back the money.

Just once, I'd like to hear one of the people who purport that "we were paid back" explain how the banks could have possibly earned enough to pay back the trillions which was given to them.

They must be miracle workers on par with Jesus and Buddha to be able to earn enough money to give back trillions and still pay themselves hundreds of billions in bonuses in the middle of one of the worst economic periods in history.

What did they do to earn back all of this money which was lost when the biggest bubble of all time - the mortgage-based debt bubble that they created - collapsed?

[MrTriumph]

11. No, we did not. Much of it was used to speculate in commodites that, in turn, punished the USA

As they say, "No good deal will go unpunished."

Much of the bailout money was used to create bubbles in the energy and agriculture. These bubbles pushed prices up amd stalled the recovery.

Ask yourself why the US is awash in oil, but we are paying about 3.40/gallon today.

[Ruby the Liberal]

16. It was used to fuel bonuses and back door cash from AIG to WS too - but that does not matter

They paid it back.

[Raster]

17. Not according to information updated daily at Pro Publica...

http://projects.propublica.org/bailout/main/summary

The Bailout Scorecard

Our frequently updated database tracks every dollar and every bailout recipient. Below is a summary generated from the latest numbers. (Here's a rundown of the bailout info our site offers.)

The Treasury Department is authorized to spend a maximum of $475 billion on the TARP (In July 2010, the financial regulation overhaul reduced TARP’s spending cap to $475 billion from the original $700 billion.)

Altogether, accounting for both bailouts, $580 billion has gone out the door—invested, loaned, or paid out—while $278 billion has been returned.

The Treasury has been earning a return on most of the money invested or loaned. So far, it has earned $67 billion. When those revenues are taken into account, $235 billion is the net still outstanding as of Oct. 14, 2011.

[chill_wind]

21. And doesn't include the trillions toward the toxic mortgage mess

"the government also quietly spent $4.4 trillion more in efforts to stave off the collapse of the financial and mortgage lending sectors."

http://www.prwatch.org/news/2011/08/10924/money-still-owed-federal-bailout-15-trillion-still-owed-treasury-federal-reserve

[girl gone mad]

37. I really want to understand how people can reach such an illogical conclusion..

that "we were paid back."

Do they believe banks cured cancer or invented a new energy source? Those are the only means I can think of that would allow the banks to earn some $13 trillion dollars in 3 short years.

[chill_wind]

38. Totally surreal, isn't it?

:crazy:

[girl gone mad]

39. Not surprisingly...

I still haven't gotten an answer.

[chill_wind]

26. No.

No, The Big Banks Have Not "Paid Back" Government Bailouts and Subsidies

Read more: http://www.businessinsider.com/no-the-big-banks-have-not-paid-back-government-bailouts-and-subsidies-2010-12#ixzz1bKz2SCrs

http://www.prwatch.org/news/2011/08/10924/money-still-owed-federal-bailout-15-trillion-still-owed-treasury-federal-reserve


And not even in these terms alone:

http://projects.propublica.org/bailout/main/summary

[Brickbat]

10. OH MY GOD...I love that sign on the right.

I totally agree, sign-holder-on-the-right! Solidarity!

[Ruby the Liberal]

13. Bad argument. It was paid back ahead of schedule because the banks

were concerned that if they didn't, there may be pressure to curb executive pay and bonuses.

[Raster]

18. SOME of the TARP funds were paid back ahead of schedule. SOME.

Please see the reference to Pro Publica above.

[bdamomma]

15. well people out there have been giving

donations to OWS that is pretty good news, I am thinking about giving a donation, that will shake up the powers at be.

[chill_wind]

20. The big picture: Money Still Owed In Federal Bailout: $1.5 Trillion Still Owed to Treasury

Money Still Owed In Federal Bailout: $1.5 Trillion Still Owed to Treasury, Federal Reserve
Mary Bottari on August 3, 2011 - 9:23am

A new study released today by the Center for Media and Democracy (CMD) shows that, despite rosy statements about the bailout's impending successful conclusion from federal government officials, $1.5 trillion of the $4.8 trillion in federal bailout funds are still outstanding.

The analysis, presented in charts and an online table and program profiles, is based entirely on government records. This comprehensive assessment of the bailout goes beyond the relatively small Troubled Asset Relief Program (TARP) program to look at the rest of the Treasury and Federal Reserve's multi-trillion dollar response to the financial crisis. It shows that while the TARP bailout of Wall Street (not including the bailout of the auto industry) amounted to $330 billion, the government also quietly spent $4.4 trillion more in efforts to stave off the collapse of the financial and mortgage lending sectors. The majority of these funds ($3.9 trillion) came from the Federal Reserve, which undertook the actions citing an obscure section of its charter.

"In order to understand the big picture on the bailout, you have to look beyond TARP and examine the trillions the Federal Reserve has disbursed to keep the big banks above water. $4.8 trillion went out the door to aid financial companies and repair the damage they caused to financial markets, and $1.5 trillion of that is still outstanding," said Mary Bottari, director of CMD's Real Economy Project.

August 2011
http://www.prwatch.org/news/2011/08/10924/money-still-owed-federal-bailout-15-trillion-still-owed-treasury-federal-reserve

[uponit7771]

24. I love drum circles, especially when the sun is going down on the beach...

[saras]

27. My liking for drum circles is in direct proportion to the quality of the musicianship.

If a player is a 64th note late, and they don't KNOW that they're a 64th note late, and they don't know WHY they're a 64th note late - I don't want to listen to them. But an Afro-Cuban group that can PLAY? Heaven.

I find that this sort of critical attitude also helps me understand economics better.

[LSK]

30. We got most of it back with interest

:shrug:

[chill_wind]

31. $235 billion is the net still outstanding as of Oct. 14, 2011.

"Altogether, accounting for both bailouts, $580 billion has gone out the door—invested, loaned, or paid out—while $278 billion has been returned.

The Treasury has been earning a return on most of the money invested or loaned. So far, it has earned $67 billion. When those revenues are taken into account, $235 billion is the net still outstanding as of Oct. 14, 2011."

http://projects.propublica.org/bailout/main/summary

So no.

And once again the doesn't include the reality of the other trillions pointed out upthread.

[girl gone mad]

35. Not even close.

Please read some of the other replies in this thread.

Or maybe you can explain this Banking Miracle.

[fasttense]

41. You are mistaking RW talking points for facts. The bailout was NOT paid back.

On average, the institutions that got TARP, have paid back less than 50% of it.