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MARINE1986

Once, always, Semper Fi
Articles Posted: 7  Links Seeded: 36
Member Since: 3/2011  Last Seen: 2/03/2012

Who passed the TARP bill again?

Mon Oct 10, 2011 8:20 AM EDT
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By Marine1986
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I had an interesting conversation this past weekend.  A friend of mine was talking about the bank bailouts and the Occupy Wall Street crowd.  He was blaming the Republicans for this mess.  I told him that it was the Democrats that passed the bill.  Not too many Republicans actually voted for it.

I found this link to the House of Representatives:

http://clerk.house.gov/evs/2009/roll026.xml

Here is another link to a very good website showing who voted for the bill and who did not:

http://www.govtrack.us/congress/vote.xpd?vote=h2009-26

The Democrats seem to have carried the vote.  Why?  Were they duped?  Was it incompetence?  In a weird twist the Senate had a good mix of votes, however, then Senator Barrack Obama, voted to pass the bill.  How come?

http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=110&session=2&vote=00212

If you want to be angry about the Bank Bailouts, keep in mind, the banks paid the money back, with interest.  It's funny, President Obama has taken more money in campaign contributions from these financial houses than any other President, ever.  Why aren't these protesters angry at him?  

This is just an interesting reminder about who created and passed the TARP bill.

The bill sponsors, if you will remember, were Barney Frank and Chris Dodd.  Both Democrats.

 

 

 

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Marine1986

How quickly we forget.

  • 3 votes
Reply#1 - Mon Oct 10, 2011 8:20 AM EDT
btco

Bull@!$%# if you think the OWS folks are not pissed at Obama.

I think they are and if you don't like TARP and you think Wall Street has too much influence, get out there and help the Occupy Wall Street movement.

  • 4 votes
#1.1 - Mon Oct 10, 2011 9:17 AM EDT
Marine1986

Here is an article. Not sure about the link...

http://theintelhub.com/2011/10/02/occupy-wall-street-protesters-call-for-totalitarian-government-re-election-of-obama/

I see lots of signs at these protests of corporations indicating a frustration at the bank bailouts. Yet, the banks paid the money back. Which is more than General Motors has done. I didn't like TARP. I am all for our Federal Government not picking and choosing which businesses get to stay or go. The Unions that are now involved and the movement itself is looking for President Obama to be reelected.

It will be funny to see how many MSNBC shows will be broadcasting from the middle of it. MSNBC is a corporation trying to profit off of those who protest corporate control of Washington.

Is this the Left Wing Tea Party? Maybe people are tired of two parties?

  • 2 votes
#1.2 - Mon Oct 10, 2011 9:54 AM EDT
btco

Read this and the linked article if you think TARP was paid back and we are all good....

HOW THE BANK BAILOUTS REDUCE OUR STANDARD OF LIVING

John Hussman takes the big banks to task in his latest missive and writes some important comments on how the bank bailouts negatively impact our society. These banks and their bondholders should have been forced to accept the massive losses they were on the hook for, but the losses were socialized and bad behavior goes unpunished. We are all paying the price. Hussman elaborates on the way the bailouts are helping to destroy our standard of living:
...
By bailing these firms out we ignored the markets natural clearing process that allocates capital to those firms that are not only highly productive, but sound stewards of the risks they must manage in their everyday business operations. Instead, we have promoted continued imbalances in the US economy by encouraging even greater financialization of the US economy.

  • 3 votes
#1.3 - Mon Oct 10, 2011 10:40 AM EDT
Marine1986

Interesting article. Thanks for the link.

  • 2 votes
#1.4 - Mon Oct 10, 2011 10:52 AM EDT
btco

Interesting article. Thanks for the link.

You are most welcome and if you are or were a Marine, thank you!

  • 4 votes
#1.5 - Mon Oct 10, 2011 2:58 PM EDT
Marine1986

BTCO - Once you become one, you're always one! Semper Fi!

  • 3 votes
#1.6 - Mon Oct 10, 2011 3:57 PM EDT
btco

I met a couple of former Marines and some Army Vets this past weekend at a pig roast, had a blast with them!

    #1.7 - Mon Oct 10, 2011 5:57 PM EDT
    Reply
    mstanley2265

    The first law was not know as TARP, it was called the Emergency Economic Stabilization Act. Both Dems and Reps voted for it, enough to get the EESA passed President Bush signed the bill:

    Public Law 110-343 (Pub. L. No. 110-343, 122 Stat. 3765, enacted October 3, 2008) is an Act of Congress signed into law by U.S. President George W. Bush, which was designed to mitigate the growing financial crisis of 2007–2010 by giving relief to so-called "Troubled Assets."[1][2]

    Its formal title is "An Act To provide authority for the Federal Government to purchase and insure certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers, to amend the Internal Revenue Code of 1986 to provide incentives for energy production and conservation, to extend certain expiring provisions, to provide individual income tax relief, and for other purposes."

    The Act created a $700 billion Troubled Asset Relief Program under the Emergency Economic Stabilization Act of 2008 (division A), and also enacted the Energy Improvement and Extension Act of 2008 (division B), Tax Extenders and Alternative Minimum Tax Relief Act of 2008 (division C), which also included the Paul Wellstone and Pete Domenici Mental Health Parity and Addiction Equity Act of 2008, and the Heartland Disaster Tax Relief Act of 2008.[3][4]

    This was the House's October 2008 successful vote to pass the Economic Stimulus Relief Bill, after HR 1424 was co-opted by the Senate as the vehicle to quickly pass the legislation. The House had already approved the bill as the Genetic Information Nondiscrimination Act of 2008 also called the Paul Wellstone Mental Health and Addiction Equity Act of 2008. This vote approves the Senate's amendment to re-write the bill as the stimulus bill.

    • 2 votes
    Reply#2 - Mon Oct 10, 2011 10:51 AM EDT
    Marine1986

    MStan - Thanks for the information. Here is the record on that Bill....

    http://www.govtrack.us/congress/vote.xpd?vote=h2008-101

    I still see the majority of votes for this bill being from the Democrats, don't you? My point is, why are they blaming the Republicans for the bailouts when the Democrats were the majority of votes?

    As per BTCO's comments, why are we led to believe the money was paid back?

    Thanks for the info again!

    • 2 votes
    #2.1 - Mon Oct 10, 2011 10:58 AM EDT
    mstanley2265

    Probably because a Republican President signed the bill. President's always get the heat for what Congress does. i already had the vote information back when :)

    The money was paid back. Or else the states wouldn't have gotten the unemployment money borrowed from the Feds to shore up their UE accounts. The interest was due Oct 1st 2011 though I haven't seen where they paid that yet.

    The Wall Street Journal JUNE 18, 2009 BY ROBIN SIDEL

    The government got $68 billion Wednesday from 10 financial firms eager to escape the curbs that came with taxpayer-funded capital infusions.

    Friday, January 14, 2011

    U.S. Treasury To Sell Citigroup Warrants

    The U.S. Treasury announced today that it intends to sell the remaining Citigroup warrants it owns sometime this quarter. It intends to sell these warrants in a public offering using a modified Dutch auction. Deutsche Bank is handling the sale.

    etc, etc.

    • 2 votes
    #2.2 - Mon Oct 10, 2011 11:05 AM EDT
    Marine1986

    Thanks again! Good info...

    • 2 votes
    #2.3 - Mon Oct 10, 2011 11:14 AM EDT
    Jonathan-2055273

    Marine:

    While I was not at all impressed with the need for TARP, as I knew that it was going to happen for years before it did, but as I was only a lowly systems person (meaning IT Systems development), so I didn't have any sway lol, at the time it happened, it WAS required. If it didn't happen, it would have basically pulled the entire global financial system down with it. (People often worry about terrorist scenarios like an EMP burst will take out the financial system, well nothing is worse than what the financial system unleashed unto itself).

    Now as far as the TARP funds. Those funds that have been returned, have been returned at a profit to the government. The problem with the statements that indicate that the government profited is that they are only taking a snapshot of the entire TARP program; which didn't all go into banks and the auto bailouts were also under TARP funds; So yes, it is EXTREMELY misleading to say that the government received a monetary profit from the TARP program.

    However, the other side of that question is, what would the cost to the nation and the globe have been if the financial system been pretty much destroyed if TARP didn't pass? It would have been FAR worse than the cost of TARP, probably in the multiple trillions dollars range.

    My biggest personal pet peeve with what has been happening however is that after the financial industry was bailed out, they refuse to accept even the most minimal of regulations to try and prevent it again, thinking that their actions were not a problem and that all is sunny and rosy again. THIS is the biggest problem. And the worst part is that the GOP is basically going on the line that regulations are going to starve the financial industry. Well if transparency and good business practices will starve the financial industry, then it isn't a viable industry. Regulate that sucker to hell because as far as I am concerned, THEY have violated the public trust that people expect of them (I say that as a someone that spent more than a decade in the financial industry).

    • 2 votes
    #2.4 - Tue Oct 11, 2011 12:30 AM EDT
    Marine1986

    Well said Jonathan. I feel as though the big economic meltdown is inevitable, TARP only pushed the pause/snooze button. They also never fixed the problem as you said.

    • 2 votes
    #2.5 - Tue Oct 11, 2011 9:50 AM EDT
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