TARP now estimated to cost $356 billion

[TheBreeze]

I thought the taxpayers were going to make money on this thing:

WASHINGTON — The Congressional Budget Office has quietly altered its estimate of the ultimate cost to taxpayers of the $700 billion Troubled Asset Relief Program, now figuring the initiative will be much more expensive in the long run than it previously figured.

Some TARP outlays eventually will be returned to the government as banks return capital the Treasury has invested in them or as the government sells loans or securities it acquires as part of the financial rescue.

In January, the CBO pegged the ultimate cost to taxpayers of the $700 billion TARP at $189 billion. When the agency issued revised numbers in late March, it revised that to $356 billion, a change that drew little attention. The larger estimate reflects, among other things, the Treasury’s move to use the TARP to help avoid foreclosures, as well as the changing details of its aid to American International Group Inc., and the deterioration of financial conditions and of banks in which the Treasury has invested TARP money.

http://online.wsj.com/article/SB123880278764488701.html#mod=testMod

So much for TARP being ‘money good’.

[Allan from Fallbrook]

Breezhnev: Did you even read what you posted in the OP, and I quote: “The larger estimate reflects, among other things, the Treasury’s move to use the TARP to help avoid foreclosures, as well as the changing details of its aid to American International Group Inc., and the deterioration of financial conditions and of banks in which the Treasury has invested TARP money.”

UCLA maintains an excellent Project Literacy program ([email protected]) to help with your reading comprehension, and Strunk & White’s “Elements of Style” (available at fine bookstores everywhere) will shore up those sagging (and nagging) grammar and syntax issues.

Workers of the World Unite!

[Allan from Fallbrook]

Breezhnev: Did you even read what you posted in the OP, and I quote: “The larger estimate reflects, among other things, the Treasury’s move to use the TARP to help avoid foreclosures, as well as the changing details of its aid to American International Group Inc., and the deterioration of financial conditions and of banks in which the Treasury has invested TARP money.”

UCLA maintains an excellent Project Literacy program ([email protected]) to help with your reading comprehension, and Strunk & White’s “Elements of Style” (available at fine bookstores everywhere) will shore up those sagging (and nagging) grammar and syntax issues.

Workers of the World Unite!

[Allan from Fallbrook]

Breezhnev: Did you even read what you posted in the OP, and I quote: “The larger estimate reflects, among other things, the Treasury’s move to use the TARP to help avoid foreclosures, as well as the changing details of its aid to American International Group Inc., and the deterioration of financial conditions and of banks in which the Treasury has invested TARP money.”

UCLA maintains an excellent Project Literacy program ([email protected]) to help with your reading comprehension, and Strunk & White’s “Elements of Style” (available at fine bookstores everywhere) will shore up those sagging (and nagging) grammar and syntax issues.

Workers of the World Unite!

[Allan from Fallbrook]

Breezhnev: Did you even read what you posted in the OP, and I quote: “The larger estimate reflects, among other things, the Treasury’s move to use the TARP to help avoid foreclosures, as well as the changing details of its aid to American International Group Inc., and the deterioration of financial conditions and of banks in which the Treasury has invested TARP money.”

UCLA maintains an excellent Project Literacy program ([email protected]) to help with your reading comprehension, and Strunk & White’s “Elements of Style” (available at fine bookstores everywhere) will shore up those sagging (and nagging) grammar and syntax issues.

Workers of the World Unite!

[Allan from Fallbrook]

Breezhnev: Did you even read what you posted in the OP, and I quote: “The larger estimate reflects, among other things, the Treasury’s move to use the TARP to help avoid foreclosures, as well as the changing details of its aid to American International Group Inc., and the deterioration of financial conditions and of banks in which the Treasury has invested TARP money.”

UCLA maintains an excellent Project Literacy program ([email protected]) to help with your reading comprehension, and Strunk & White’s “Elements of Style” (available at fine bookstores everywhere) will shore up those sagging (and nagging) grammar and syntax issues.

Workers of the World Unite!

[davelj]

[quote=TheBreeze]

So much for TARP being ‘money good’.[/quote]

First… again – for the second or third time – previously I was discussing bank preferred TARP money. But you know this.

Second… again… I realize that you’re a stereotypically short-sighted and impatient American – and thus part of The Problem – but it would be nice to wait until perhaps the latter innings of the game to start discussing how things are progressing.

Finally, if there were an article stating that the TARP values were UP by $100 billion (pick a number), would I go out of my way to point that out here? Of course not. It would be absurd. We’re in the third inning of a nine inning game. We still don’t know how it’s going to turn out.

But that’s the difference between you and me. You’re more sure of everything – with no basis for such certainty – than I am of anything. Which makes you quintessentially American.

[davelj]

[quote=TheBreeze]

So much for TARP being ‘money good’.[/quote]

First… again – for the second or third time – previously I was discussing bank preferred TARP money. But you know this.

Second… again… I realize that you’re a stereotypically short-sighted and impatient American – and thus part of The Problem – but it would be nice to wait until perhaps the latter innings of the game to start discussing how things are progressing.

Finally, if there were an article stating that the TARP values were UP by $100 billion (pick a number), would I go out of my way to point that out here? Of course not. It would be absurd. We’re in the third inning of a nine inning game. We still don’t know how it’s going to turn out.

But that’s the difference between you and me. You’re more sure of everything – with no basis for such certainty – than I am of anything. Which makes you quintessentially American.

[davelj]

[quote=TheBreeze]

So much for TARP being ‘money good’.[/quote]

First… again – for the second or third time – previously I was discussing bank preferred TARP money. But you know this.

Second… again… I realize that you’re a stereotypically short-sighted and impatient American – and thus part of The Problem – but it would be nice to wait until perhaps the latter innings of the game to start discussing how things are progressing.

Finally, if there were an article stating that the TARP values were UP by $100 billion (pick a number), would I go out of my way to point that out here? Of course not. It would be absurd. We’re in the third inning of a nine inning game. We still don’t know how it’s going to turn out.

But that’s the difference between you and me. You’re more sure of everything – with no basis for such certainty – than I am of anything. Which makes you quintessentially American.

[davelj]

[quote=TheBreeze]

So much for TARP being ‘money good’.[/quote]

First… again – for the second or third time – previously I was discussing bank preferred TARP money. But you know this.

Second… again… I realize that you’re a stereotypically short-sighted and impatient American – and thus part of The Problem – but it would be nice to wait until perhaps the latter innings of the game to start discussing how things are progressing.

Finally, if there were an article stating that the TARP values were UP by $100 billion (pick a number), would I go out of my way to point that out here? Of course not. It would be absurd. We’re in the third inning of a nine inning game. We still don’t know how it’s going to turn out.

But that’s the difference between you and me. You’re more sure of everything – with no basis for such certainty – than I am of anything. Which makes you quintessentially American.

[davelj]

[quote=TheBreeze]

So much for TARP being ‘money good’.[/quote]

First… again – for the second or third time – previously I was discussing bank preferred TARP money. But you know this.

Second… again… I realize that you’re a stereotypically short-sighted and impatient American – and thus part of The Problem – but it would be nice to wait until perhaps the latter innings of the game to start discussing how things are progressing.

Finally, if there were an article stating that the TARP values were UP by $100 billion (pick a number), would I go out of my way to point that out here? Of course not. It would be absurd. We’re in the third inning of a nine inning game. We still don’t know how it’s going to turn out.

But that’s the difference between you and me. You’re more sure of everything – with no basis for such certainty – than I am of anything. Which makes you quintessentially American.

[Allan from Fallbrook]

Dave: You’ll recall my recommendation of Farhad Manjoo’s “Post Fact Society” writings. Breezhnev is a slavish adherent to a group that fails to differentiate between Information and Knowledge. There is plenty of the former and precious little of the latter floating around the blogosphere.

Thus, his inability to successfully argue points (because he lacks facts and knowledge) and instead simply contents himself to upchuck vast amounts of information, which offers the appearance of knowledge, but, in reality, is simply noise. When called on his obvious lack of knowledge, he then resorts to name calling and strawman arguments.

I warned you about the rabbit hole, didn’t I? Any attempts to have a good faith debate with him will come to naught and for two reasons: First, he is truly ignorant on the subjects he’s attempting to discuss, and, second, at heart, he’s a polemicist. Never argue with someone who lacks the basic ability to separate fact from fiction.

[Allan from Fallbrook]

Dave: You’ll recall my recommendation of Farhad Manjoo’s “Post Fact Society” writings. Breezhnev is a slavish adherent to a group that fails to differentiate between Information and Knowledge. There is plenty of the former and precious little of the latter floating around the blogosphere.

Thus, his inability to successfully argue points (because he lacks facts and knowledge) and instead simply contents himself to upchuck vast amounts of information, which offers the appearance of knowledge, but, in reality, is simply noise. When called on his obvious lack of knowledge, he then resorts to name calling and strawman arguments.

I warned you about the rabbit hole, didn’t I? Any attempts to have a good faith debate with him will come to naught and for two reasons: First, he is truly ignorant on the subjects he’s attempting to discuss, and, second, at heart, he’s a polemicist. Never argue with someone who lacks the basic ability to separate fact from fiction.

[Allan from Fallbrook]

Dave: You’ll recall my recommendation of Farhad Manjoo’s “Post Fact Society” writings. Breezhnev is a slavish adherent to a group that fails to differentiate between Information and Knowledge. There is plenty of the former and precious little of the latter floating around the blogosphere.

Thus, his inability to successfully argue points (because he lacks facts and knowledge) and instead simply contents himself to upchuck vast amounts of information, which offers the appearance of knowledge, but, in reality, is simply noise. When called on his obvious lack of knowledge, he then resorts to name calling and strawman arguments.

I warned you about the rabbit hole, didn’t I? Any attempts to have a good faith debate with him will come to naught and for two reasons: First, he is truly ignorant on the subjects he’s attempting to discuss, and, second, at heart, he’s a polemicist. Never argue with someone who lacks the basic ability to separate fact from fiction.

[Allan from Fallbrook]

Dave: You’ll recall my recommendation of Farhad Manjoo’s “Post Fact Society” writings. Breezhnev is a slavish adherent to a group that fails to differentiate between Information and Knowledge. There is plenty of the former and precious little of the latter floating around the blogosphere.

Thus, his inability to successfully argue points (because he lacks facts and knowledge) and instead simply contents himself to upchuck vast amounts of information, which offers the appearance of knowledge, but, in reality, is simply noise. When called on his obvious lack of knowledge, he then resorts to name calling and strawman arguments.

I warned you about the rabbit hole, didn’t I? Any attempts to have a good faith debate with him will come to naught and for two reasons: First, he is truly ignorant on the subjects he’s attempting to discuss, and, second, at heart, he’s a polemicist. Never argue with someone who lacks the basic ability to separate fact from fiction.

[Author]

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