Biden-Harris Presidency Thread

Yes. Look up the 2008 annual report. Ctrl-F for tarp. It's all spelled out there.

It definitely says that. I can't disagree that Chase has been consistent with this narrative. I'm not sure I would go as far as to agree that everything in an annual report is without any bluster but it's definitely on brand for the Bush II administration to have pushed banks to take loans they didn't need while chastising mortgage lenders for their irresponsibility.
 

Jerm

Moderator
Staff member

NSXr8ted

Man boobs in good lighting
Keeping the power off for longer than necessary, being bored as fuck and potentially freezing to death, all to own the libs.


I really like this approach, actually. Texas leadership was threatening to secede like two weeks ago. They're being consistent with the principles that their people elected them for.

If Texans don't feel like their leadership represents them, they can vote them out. The system works.
 
While I won't pretend this isn't absurd, to be fair, JPMorgan repaid the entire bailout plus interest after the minimum time possible. Dimon has been recorded under oath explaining that the Fed asked him to take a bailout he didn't need in order to convince the banks that did need it to accept. JPMorgan put the money in an interest bearing account and left it there until it could be repaid.


Also want to chime in here....

ALL the big banks had to take that bailout money for one reason and one reason alone. The Fed couldn’t signal to the market that half of the large banks in the country were in trouble. Wells and JPM didn’t really need the capital. Goldman didn’t want it but the Fed absolutely wanted to regulate them so made them sign a Bank Holding Charter so they could be regulated. It’s also why they have a retail lending arm now. May as well, since they’re chartered.

basically, the public didn’t get the full story of what happened in late 08/09 because it would have sent additional negative signals to the market.

the other part that’s not very widely discussed is that the fed also bought assets from these banks that were purchased back at a discount once they were more stable. This was because everyone knew what the fed was holding and whoever originated those loans had much more info about those portfolios to make appropriate bids on the assets.
 

NSXr8ted

Man boobs in good lighting

Cruz, a Texas Republican, said in the statement he flew down for a night because his daughters "asked to take a trip with friends."

Lol, he threw his daughter under the bus. "I flew down for a night and abandoned her there."

Oooook.
 

Cruz, a Texas Republican, said in the statement he flew down for a night because his daughters "asked to take a trip with friends."

Lol, he threw his daughter under the bus. "I flew down for a night and abandoned her there."

Oooook.

I'm so proud that we, as a country, ruined Ted Cruz's vacation.
 
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