I heart the Bailout? I heart the Bailout!

Via Waylon Lewis
on Oct 1, 2010
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Via green mover / shaker / party-maker, Rob Thomas:

“Good news for a Friday. Government program smooths out possible financial calamity and costs a fraction of original $700 billion, about $50 billion at worst. This is great news—let’s celebrate it, not tear it down.

Think our conservative and Libertarian friends will be happy? Me, neither.

Let’s hear it for doing the right thing—making a deeply unpopular move in an effort to pull a troubled economy back from the cliff—rather than merely the popular thing. ~ ed.

…The reviled mother of all bailouts — $700 billion to banks, insurance and auto companies — will expire at a fraction of that cost and may even turn a profit.
the once-unthinkable possibility that the $700 billion Troubled Asset Relief Program could end up costing far less, or even nothing, became more likely on Thursday with the news that the government had negotiated a plan with the American International Group to begin repaying taxpayers.The rescue of the troubled insurer included $70 billion from the bailout program that was enacted two years ago, at the height of the global financial crisis late in the Bush administration, initially to prop up big banks.

At the White House on Thursday, the Treasury secretary, Timothy F. Geithner, briefed President Obama about A.I.G. and about the broader outlook for the expiring rescue program, putting the projected losses at less than $50 billion, at most. Yet neither the White House nor Congressional Democrats are likely to boast much in the month remaining before midterm elections. For most voters, TARP remains a four-letter word…read the rest.


About Waylon Lewis

Waylon Lewis, founder of elephant magazine, now elephantjournal.com & host of Walk the Talk Show with Waylon Lewis, is a 1st generation American Buddhist “Dharma Brat." Voted #1 in U.S. on twitter for #green two years running, Changemaker & Eco Ambassador by Treehugger, Green Hero by Discovery’s Planet Green, Best (!) Shameless Self-Promoter at Westword's Web Awards, Prominent Buddhist by Shambhala Sun, & 100 Most Influential People in Health & Fitness 2011 by "Greatist", Waylon is a mediocre climber, lazy yogi, 365-day bicycle commuter & best friend to Redford (his rescue hound). His aim: to bring the good news re: "the mindful life" beyond the choir & to all those who didn't know they gave a care. elephantjournal.com | His first book, Things I would like to do with You, is now available.


One Response to “I heart the Bailout? I heart the Bailout!”

  1. elephantjournal says:

    John G
    good news about the costs being contained. but i'm still not particularly convinced it was ever necessary, much less "right", in the first place. although President Obama somewhat mystifyingly jumped on the gravy train with this program w…hen he was inaugurated, don't forget it was Henry Paulson and George W. Bush who pushed this. TARP was most definitely not a "liberal" idea, in any way, shape or form. a far better idea was the proposal to allow bankruptcy courts to reform upside-down mortgages, which was shouted down by the same interests that brought us the TARP.