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TARP cost will be a 'fraction' of original price tag

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posted on Dec, 16 2010 @ 11:18 AM
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TARP cost will be a 'fraction' of original price tag


money.cnn.com

The government created the $700 billion program at the height of the financial crisis in 2008. But the cost of TARP has been significantly reduced in the years since, as the economy has stabilized and investments made under the program have become profitable.
(visit the link for the full news article)




posted on Dec, 16 2010 @ 11:18 AM
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Well there ya have it...

Everythings cool... TARP wont be as expensive as originally thought... and in fact the American People will show a profit!

Wow.. ok with this great news do we think ATS usage will be less? More people getting into the Market? I'm guessing not..

So is there any evidence to the contrary? Sounds like this about sums it up?

money.cnn.com
(visit the link for the full news article)



posted on Dec, 16 2010 @ 11:39 AM
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reply to post by HunkaHunka
 


A lot of people never read the TARP bill. TARP is a $700 Billion revolving line of credit for the government to use. That means once invested the total investment cannot exceed $700 Billion but that does not prohibit respending of the same funds once repaid. TARP is going to be around a long time. The government is now in business of lending money to corporations.



posted on Dec, 16 2010 @ 12:10 PM
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It's all total BS.

TARP was simply a bank delay tactic, while they went looking for missing Notes, and cobbled together anything they could get to reaffirm their trash loan portfolios.

Troubled homeowners are NOT being helped, which is why they can't show a whole lot of "cost". Rejoice!!

I'm not talking about the totally irresponsible homeowners, who won't make payments. I'm talking about the ones you can read about in thousands of blogs, who have spent much of the past two years bleeding their life blood into bank coffers, and aren't going to see anything for their commitment.

Bank of America is the worst offender, an organization that is still completely mafia-run, just as it was at it's foundation (as the Bank of Italy). They have strung borrowers along far longer than anyone would have guessed, and are getting away with it.

Here's how their scam is working. First, grab government money that is supposed to help borrowers, telling the world they're on-board with the program, great PR. Next, get troubled borrowers into the HAMP program, initially "approving" them for "trial", which includes a period where the borrower pays "three" trial payments, at a level determined based on various preliminary factors.

Once the borrower begins down that path, BofA begins the process of HAMPering any real progress. The bank will lose virtually everything that is sent to them, they'll demand that the borrowers jump through hoop, after hoop, and then, only the most perfect borrowers, who have submitted everything several times, documented all, made phone calls to follow-up, several times per month, only then are they "approved".

EXCEPT that, it is also a fraud! What actually happens is that many borrowers are stuck in this doomed system, making payments, scared not to make them, and these payments mind you, are normally HIGHER than they can "afford" (officially, 31% of income), based on the program to begin with.

Because of institutionalized BofA delay tactics, these rather "good" borrowers (in comparison to true deadbeats), go month, after month, hoping against hope. Read what some of their blogs are saying. "Three" trial payments turns into six, into twelve, into 18 !!! Many of these people, completely acting in good faith, trusting their "government" literally (not so much the banks), are now so far down the road to bankruptcy, that they will almost certainly lose their homes! Is this good for anyone? The housing market? The economy? Peace and Order?

Beautiful. You really have to give these banks some credit.

Next part of the scam. The squeekiest wheels do indeed get some grease, but they're gonna need it when the broom-handle the bank is holding finds it's final target!

Perhaps after the "good" borrower suffers enough, a year has gone by, the borrower proactively documented to the moon, etc., the bank then sends them an "approval" letter, saying that they finally are "in", and should now await their FedEx packet of papers, to sign them.

Oh joy! But then, they wait...and wait...Each month, the borrower calls, saying, "I still don't have my remodification packet!" The diabolical bank tells them to be "patient". Months go by, they "know" something has to be wrong, but what could it be?

And then one day, they're speaking to a bank customer service rep, for the millionth time, and the rep casually lets them know that a notation on their "screen" shows they "failed NPV'. (Net Present Value)

The borrower is outraged! How on earth were they "approved" then? Why on earth have they made TWENTY huge payments then, if the bank was going to take their house anyway?

No worries! The bank says they need to wait to get the letter that shows why they failed the NPV, and maybe they can dispute it. But after a month, they DO get the letter. Except it has very little info on it, with the worst of it being something very alarming!

The NPV "failure" actually took place SIX MONTHS before they were even "approved" to initially enter the "trial payment" program, some two years ago!!

Borrower now VERY outraged!! The bank has accepted the better part of TWO YEARS of large payments, and the EVIDENCE shows they never had any intention of granting squat!! The borrower was strung along, all along.

This is already long! It gets WORSE! But I think everyone has the idea.

Last thought. The "government", with able spokesperson Obama, fooled a LOT of people. He spoke soothing words, but their scheme worked. The banks get some government money, lots of time, with no one breathing down their necks, they get the payments while waiting, from their gullible borrowers, AND the houses to boot, just as the housing market settles. Brilliant!

The Obama Administration should have absolutely NO credibility left, clearly he takes orders like the rest of them.

Disgusting.

JR



posted on Dec, 16 2010 @ 12:28 PM
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Yep. But somehow the government will overspend that money somehow.
oops we did it again.



posted on Dec, 16 2010 @ 12:32 PM
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WRONG! One could see its a lie, the economy stabilizing? Are you kidding me? TARP is a revolving account allowing the government to have a never empty " wallet ". This assures themselves for future fiscal spending.



posted on Dec, 16 2010 @ 01:14 PM
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Economy recovering? I guess if you only look at Wall Street, you could say that and get away with it. Look at Main Street and nearly 10% unemployment. Housing markets/values are still declining... blah blah blah.

Was this $3.3 trillion counted in the latest conservative figures. McDonald's and Dell computer got a chunk of this handout. Yes, McDonalds!!!! a NON BANK entity!!

Secret $3.3 trillion



posted on Dec, 17 2010 @ 07:31 AM
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reply to post by JR MacBeth
 


Awesome post!




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