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View Diary: Friday's Kaufman Hearing Transcript: The Must-Read Mother Of All Corporate Kleptocracy Posts (65 comments)

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  •  (the authors discuss this in the paper, BTW: (1+ / 0-)
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    virginislandsguy

    they discuss the objection that because the costs are hypothetical it's not a meaningful analysis)

    •  Thank you (3+ / 0-)

      You've cleared it up for me. If I remember correctly, it was never stated that a goal of TARP and related activities was to make a profit for the taxpayer. Minimize final cost to the taxpayer, definitely, but not make a profit.

      One night in Bangkok makes a hard man humble ... Murray Head

      by virginislandsguy on Tue Mar 08, 2011 at 04:03:02 AM PST

      [ Parent ]

      •  Your disingenuous commentary... (10+ / 0-)

        ...flies in the face of your other comments and rec's on this (and related) subject(s), here in this community (and elsewhere online, by the way). I could point the audience to numerous posts that claim that TARP is/will be "profitable" which you have rec'd up here at DKos.

        So, as long as you ignore the $267 billion TLGP tab coming due in the next 30+/- months, the hundreds of billions in stealthy GSE bailouts of Wall Street, the effort to turn the Wall Street mortgage subsidiaries into GSE's, themselves, and a myriad of other stealthy, taxpayer-funded travesties that occurred and continue on to this day, your posturing would be marginally factual. But, it's not even that.

        Then again, by ignoring record-breaking income inequality, a housing nightmare which eclipses Depression-era metrics, long-term unemployment, and numerous other inconvenient facts, it's easy to say to be critical of those that focus upon greater realities.

        (Kind of like focusing upon nominal/insufficient employment gains and/or manufacturing employment, which accounts for somewhere in the neighborhood of 6%-15% of the workforce, depending upon whose nos. you read, at the expense of much greater truths, such as the gutting of the middle class.)

        "I always thought if you worked hard enough and tried hard enough, things would work out. I was wrong." --Katharine Graham

        by bobswern on Tue Mar 08, 2011 at 08:31:18 AM PST

        [ Parent ]

        •  The most important line in the report (6+ / 0-)
          Or it gets worse. You enter another phase of what the Bank of England now calls a doom loop where repeated boom/bust bailout cycles lead you not just to some unfortunate situation where there's always a transfer from the public to the bankers, leads you to fiscal ruin.

          I think it's guaranteed -- we're in the doom loop.  I don't think the political state is such that the bankers can loot much more the next time they collapse.  Fiscal ruin awaits!

          Read pp. 1-7 of Krugman's _The Great Unraveling_ (available from Google Books). NOW.

          by neroden on Tue Mar 08, 2011 at 09:19:37 AM PST

          [ Parent ]

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