[tomder55]

I want to give a hat tip to magprob for comment #17

One year later the only thing that is not accurate in the comment is that the banks padded the bottom line with US securities that the Fed provided at zero percent interest... and who really knows if they did not also trade in foreign currencies, gold, interest rate swaps, carry trade swindles, and Swiss bank accounts.
The recovery is a potamkin village.

As I commented in my OP about TARP yesterday ;one year later, it is very clear that TARP has not done what it was intended to do ;and by all appearances appears to have been a swindle.

I feel very much unsafe and truly victimized by this unconstitutional patriot program too.

Jon123... How has the Patriot Act vicimized you ?

[NeedKarma]

...by all appearances appears to have been a swindle.

How do you feel you have been swindled?

[tomder55]

How do you feel you have been swindled?

Let's start with the fact that we were told that the $ 1 trillion + (which doesn't include the $400 billion rescue of Fannie Mae and Freddie Mac )in taxpayer obligation would go for the purpose of purchasing the so called "toxic assets" . Then we were told that if and when the market turned around the assets would turn a profit for the government . That is a lie . Not a single dime was spent for that purpose ;and Neil Barofsky the Inspector General says that it is extremely unlikely that the taxpayer will see a full return on its TARP investment.Now we should be happy when any of the money is returned at all . Then we were told that any money returned would be used for debt reduction (in fact that is one of the only unambiguos parts of the legislation) . Now the President wants to use the available TARP funds as an unmandated piggy bank for his pet projects. His own Congress should be outraged at this power grab and usurpation of their constitutional role .

We were told it would stablize the nation's financial system.. that has not happened. We were told it would free up credit . That has not happened. We were told TARP would stabilize home values .That has not happened. We were told it would create jobs. That has not happened. We were told that the architects of the bailout were to maximize returns to the American people . That has not happened . All the money did was shore up the bottom line of the zombie banks and to switch the moral hazard from the investment companies to the American people.

There is a total lack of transparency and accountability... and that was written upfront into the language of the TARP legislation. Without guidelines and proper oversight it made the Sec Treasury the most powerful man in American . Then the President selected a tax cheat to serve in the position.

No one can tell you how the financial institutions actually used the money ;except we know for certain that it did not get loaned out to the businesses that create jobs;and we can speculate that most of the bonuses these companies paid out last year were funded with TARP .

Meanwhile smaller banks that cater to local interests and actually do contribute to economic recovery and job creation are failing left and right.

The IG also pointed out this week that none of the goals of TARP were met and that it in fact is contributing to a possible greater financial collapse in the future because none of the root causes of the last "crisis" were addressed and have actually grown worse because of the infusion of taxpayer money.

[NeedKarma]

No, no, how have you personally been swindled? How did someone take money from your bank account by deceit?

[tomder55]

Don't be a fool . I never claimed to have been personally swindled like jon 123 claim about being personally victimized by the Patriot Act.

[NeedKarma]

Ok, just making that clear. You haven't been swindled.

[tomder55]

Indeed I have been as I am a taxpayer in this country. So far I have not heard of the instance where jon123 was "victimized " by the Patriot Act.

This was the essential point of the OP . People went nuts about the Patriot Act when it had little if any affect on their lives . But this TARP rips off ALL taxpayers.