TheRealMafoo said:
This is just crazy talk!
You have absolutely now evidence that TARP worked. None. In fact, you have a wealth of evidence that it didn't.
Being that you will die with the concept that your view of economics is right, with nothing in the world capable of shaking your beliefs, your only option is to make up how the world must have be, to try and fit your view of the course of events into it.
This idea by believers of your dogma that the wold "must have been worse" because your ideas didn't work is absolute bullshit.
Every indicator in the world suggests TARP did NOTHING. In fact, it was worse then nothing, because we now have to pay it back.
I mean if you look at the great depression, the slop of the unemployment line was constant. The line today is constant. To think that it would have exponentially shot up without TARP... unbelievable. |
Oh boy, apparently you aren't smart enough to realize I was talking about multiple things in one post.
You are really going to argue that TARP didn't work? Let's look at bank failures.
Great Depression:
http://www.livinghistoryfarm.org/farminginthe30s/money_08.html
As the economic depression deepened in the early 30s, and as farmers had less and less money to spend in town, banks began to fail at alarming rates. During the 20s, there was an average of 70 banks failing each year nationally. After the crash during the first 10 months of 1930, 744 banks failed – 10 times as many. In all, 9,000 banks failed during the decade of the 30s. By 1933, depositors saw $140 billion disappear through bank failures.
http://www.hyperhistory.com/online_n2/connections_n2/great_depression.html
1932:
10,000 banks have failed since 1929, or 40 percent of the 1929 total.
vs.
Now (article published on June 19th):
http://www.marketwatch.com/story/bank-failures-in-ga-nc-bring-2009-tally-to-39
SAN FRANCISCO (MarketWatch) -- Bank failures in Georgia and North Carolina have brought the number of failures in 2009 to 39, according to the Federal Deposit Insurance Corp. late Friday.
Even when not adjusting for the vastly increased number of banks in modern times, I don't really see how you can argue that TARP failed to prevent a substantial number of bank failures, which was the reason why it was created. TARP was an overwhelming success.
I never claimed TARP would stop unemployment from rising. But if you honestly think that unemployment would have not increased much faster if thousands and thousands of banks had to shut their doors, you need to have your head examined.
Not to mention the government would have had to pay the FDIC insurance of up to $250,000 on every account those banks had in them as well.
We had two bags of grass, seventy-five pellets of mescaline, five sheets of high-powered blotter acid, a salt shaker half full of cocaine, a whole galaxy of multi-colored uppers, downers, screamers, laughers…Also a quart of tequila, a quart of rum, a case of beer, a pint of raw ether and two dozen amyls. The only thing that really worried me was the ether. There is nothing in the world more helpless and irresponsible and depraved than a man in the depths of an ether binge. –Raoul Duke
It is hard to shed anything but crocodile tears over White House speechwriter Patrick Buchanan's tragic analysis of the Nixon debacle. "It's like Sisyphus," he said. "We rolled the rock all the way up the mountain...and it rolled right back down on us...." Neither Sisyphus nor the commander of the Light Brigade nor Pat Buchanan had the time or any real inclination to question what they were doing...a martyr, to the bitter end, to a "flawed" cause and a narrow, atavistic concept of conservative politics that has done more damage to itself and the country in less than six years than its liberal enemies could have done in two or three decades. -Hunter S. Thompson
