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A TARP Clarification

chicago dyke's picture

A more informed person than I am just helped me better understand: the assets we'll be buying in TARP 2 are toxic, where the ones we've already bought are merely "worthless." That is, the bank "assets" we purchased in round one had no value, but the next round will be in fact a negative on the government budget sheet. This will becoming an important point in upcoming discussions about various types of "stimulus" and "liquidity."

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Submitted by jawbone on


While you're there, don't miss his latest column, Bad Faith Economics. If you've read it, reread it as it's a takedown of almost every argument the House Repubs used yesterday against the Obama Stimulus bill. Probably gonna hear them from the Senate Repubs as well.

pie's picture
Submitted by pie on

What would we do without him? If only Obama would listen, we might be getting somewhere.

Submitted by jawbone on

Obama Stimulus bill final vote debate on Wednesday. It was stunning--and ugly. Gotta admire their lockstep discipline, however, even now that they're down. They fight to the very end-- are influencing public perception with their lies to try to get back in power. Beware, Obama--you make nice with the bipartisan blah-blah-blah, and they're cutting off your balls politically.

And the MCM* is helping them. The concern of the MCM for the rump Repup Party is, well, amazing. Remember when Dems had to rent a hotel conference room for an ad hoc hearing (can't recall on what right now) bcz the R's had locked them out of the House facilities? And the MCM made fun of the Dems, virtually ignoring what they actually held the hearings about? Nagahappen to Repubs, by gum. The MCM paymasters have their employees well trained to resist real journalism. And Ashley Banfield is still an object lesson for those who wish to speak out.

Bookmark the Krugman piece, memorize the lies--call the ReThugs out on them going forward.

Read a blog post yesterday (where, oh where, has that little post gone?) about some woman Repub rep who said during the debate that BushCo had this fantastic economy going, with all sorts of job growth, until the Dems took over Congress in 2006. The Stupid, it burns, as Atrios says. But, damn, was this pol taken to task by any MCMers anywhere? Nope, took a blogger, afaik.

The question is, how can they lie to baldly, so often, so "sincerely"? Ah, yes; they're trained to do it.

*MCM--Mainstream Corporate Media (Oh, yeah, right. That middle word does explain soooo much....)

Oh, and don't miss this post Avedon linked to, which is more hopeful than most. Well, don't miss Sideshow any day.