The Financial Crisis Misunderstanding

Stormy weather has returned to Wall Street this week, thanks to the latest testimonies from several key players in last year's mortgage meltdown. If I didn't know better, I could swear that this was a well-intended ploy to distract John Q Public from the current tea-party ramblings as we approach Tax Day tomorrow, but I'll leave that for another post. Partisanship has once again reared its ugly head as both sides restart their finger-pointing at endless and pointless arguements about who's to blame, instead of focusing on effect as well as cause. This conincides with a lot of useless rhetoric about how evil the TARP idea was for America and how it benefited nobody but the big banks. Oh, Really? If you believe that, you seriously need to buy a clue. America stands to make HUGE profits from the TARP repayments, as nearly all of the major players have already repaid their loans, and at a high premium. But do you see any of that on the headlines? Oh, hell no -- all we hear is how it wasn't fair to bail out the Wall Street bloodsuckers and banks and yadda yadda yadda. Well, Guess What, America? The bailouts are working! The Treasury Department is expected to make a PROFIT from the repayments on the TARP funds. This goes clearly against the bitter thought process of the so-called economic experts who were quick to jump on the "it will kill us all" bandwagon. Now, they're slowly backpedalling, and because why? They're now armed with the FACTS. As for the rest of the anti-TARP crowd -- well, they know better than to get the truth get in the way of a good story.