The financial system bailout (Part 3) See...I Told You So!

Now's my time to gloat a little bit. 

In  my post on 9/24/08, I said "The proposal is not to give money to profligate investors. Most of these mortgages etc will be repaid in substantial part and considerably secured. The assets acquired will be later sold, many at a potential profit."

Looks like I was more right than wrong, after 2 years. From Daniel Gross, Yahoo! Finance, Tuesday, October 5, 2010:

The price to taxpayers of the bailouts and financial rescue of 2008 and 2009 continues to fall sharply. In figures to be released later today, the Treasury Department will report that the final net cost of the TARP is expected to be about $50 billion,Yahoo! Finance has learned. Add in expected returns from Treasury's interest in insurance company AIG, and the final net cost will be closer to $30 billion.

The news of the shrunken cost, which comes on the two-year anniversary of the legislation that created TARP, represents a dramatic improvement. It highlights the resilience of the markets, as well as the folly of short-term financial projections. In August 2009, the TARP cost was projected to be $341 billion. In its mid-session review, released in August of this year, the Office of Management and Budget projected the total cost would come to $91 billion.

 

I support you, local Tea Party....

I do support most Tea Party positions and greatly support citizen involvement in all areas of politics and government.

BUT....PLEASE!!

Get your facts together and do your research before you attend public meetings, especially with local governments.

I had to attend the Marion County Commissioners meeting this morning and it was pretty well attended by local Tea Party members. Well, they had the red t-shirts anyway.

You do yourselves and your points of view a disservice when you ask such ridiculous questions and make such stupid statements.  Okay, so there were only 3 of you who did that, but it made the rest of you look as dumb.

Local issues do not always involve some overarching federal issue.  Your being pissed off at the feds doesn't mean that it translates well to everything local.

Keep it local and do your homework.  Our local commission is already damned receptive to the public. Most local governments in Florida are. All you have to do to be taken seriously is to know what the hell you're talking about.

Take a few minutes. Do the research. And if you don't know what is going on around you, then try to learn more the next time....beforehand.

Too many are already trying to put the Tea Party and other concerned citizens in a very negative light.  Please....don't help them.