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President Obama on Tuesday asserted that the government has "turned a profit" with taxpayer bailout money now being repaid by large financial institutions, seeking for the second straight day to bolster public confidence in his handling of the economy.
"In the first round of repayments" from financial institutions that received TARP money, "the government has actually turned a profit."
Originally posted by cautiouslypessimistic
Nothing but rhetoric trying to up confidence. Heck, they admit as much in the article.
President Obama said Tuesday the bank bailout has so far been a pretty good deal because the federal government "turned a profit" of $1.8 billion in interest payments on the first set of bank loans that were repaid.
But the president warned that not all of the bailout will be so sweet, saying the country "will not escape the worst financial crisis in decades without losses to the taxpayers."
For the second straight day, Mr. Obama sought to boost public confidence in his handling of the economy and bolster his argument that government intervention can work. He made the announcement a week after authorizing the government to take a majority stake in General Motors Corp.