Black People : TARP Will Make A Profit

Discussion in 'Black People Open Forum' started by Kemetstry, Apr 14, 2012.

  1. Kemetstry

    Kemetstry going above and beyond PREMIUM MEMBER

    United States
    Feb 19, 2001
    Likes Received:
    What will the elephant people complain about now?

    By news reports
    The U.S. Treasury Department said on Friday that the many programs that it, the Federal Reserve and banking authorities implemented during the darkest hours of the 2007-2009 financial crisis likely will end up making a profit for taxpayers. At a background presentation for reporters, a senior Treasury official who spoke on condition of anonymity said the department wanted to get word out about the success of the financial bailout before myths developed about it. The senior official emphasized that rescue of the tottering financial system, which was on the verge of collapse in 2008, had been a bipartisan effort undertaken initially by the Bush administration and continued when President Barack Obama took office in 2009.

    According to the report:
    Collectively, these programs—carried out by both a Republican and a Democratic administration—were effective in preventing the collapse of the financial system, in restarting economic growth, and in restoring access to credit and capital. They were well-designed and carefully managed. Because of this, we were able to limit the broader economic and financial damage.
    There were various pieces to the rescue that caused the Treasury to make investments in some big banks in return for bailout money, and they now are turning out to be profitable. The Fed is also remitting excess earnings from programs it ran to the Treasury.