According to Friend-of-the-Blog and now chairwoman of the Congressional Oversight Panel examining the Troubled Asset Relief Program, Elizabeth Warren, our Treasury Department overpaid banks by as much as 30% for their assets.
"There may be good policy reasons for overpaying," Ms. Warren said. "But without a clearly delineated reason, we can't know." [NYT]
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Reason: The Gubment = Antichrist.
This doesn't surprise me in the least and that fact depresses me...
If you want to feel even better, read this: [www.washingtontimes.com]
"President Obama's economic recovery package will actually hurt the economy more in the long run than if he were to do nothing, the nonpartisan Congressional Budget Office said Wednesday.
CBO, the official scorekeepers for legislation, said the House and Senate bills will help in the short term but result in so much government debt that within a few years they would crowd out private investment, actually leading to a lower Gross Domestic Product over the next 10 years than if the government had done nothing.
CBO estimates that by 2019 the Senate legislation would reduce GDP by 0.1 percent to 0.3 percent on net. [The House bill] would have similar long-run effects, CBO said......"
I wish they would over pay me by 30% I may actually be able to pay some bills on time lol
Most likely due to the amount of toxic debt the Banks underestimated they had.
This smoke and mirrors game the banks are playing has collapsed, and now they're getting my money to continue it?
Sigh.
I was sayin the other day, our government is full of absolute idiots. Even if a valid reason for this comes out, it still stands. They haven't a clue what they are doing.
@K J:
Yep, the gov't is going to squeeze bonds and the stock market by continuing to seek debt. ridiculous that people see this, yet it doesn't appear to even be considered in washington.
Revolving door. That is the reason for every example of government waste that benefits someone. It isn't just government, it's government...key individuals in government...in bed with private industry.
No no no no no. They had to buy NOW beifre the prices skyrocketed like they did in the tech ballon of the 90's.
Money well spent, eh?
By "our" Treasury Department overpaid banks by as much as 30% for their assets, she means, "The Republican Party's" Treasury Department.
On the bright side, they originally wanted the $700B in one phat pile, divvied up only by Paulson, with no judicial review or Congressional oversight.
@K J: Yeah, because we should run to reactionary Moonies when deciding how best to chart our way out of our global financiapocalypse.
@Trai_Dep: You will close your ears and scream "REPUBLICAAAAAAN!!!!!!" but plenty of smart people see Obama's spendulus plan as ridiculous. Here's one:
This is unfortunate to say the least. There is no transparency, no accountability, and now no shame.