I read this article with excitement as I was looking forward to becoming just a little dumber by the end of it. See, that's my new thing, dumbing myself down (insert joke) because I figure if I can really get down to a level I'm going to call "mid-American", I think I'll become a lot happier.
The quote from the article which really jumped out at me was this one:
In Hyannis Port, someone swiped a pair of "Jeff Perry for Congress" signs from the front of chiropractor Kristin Weber's heavily trafficked office, so she drove to her mother's house on a side street and grabbed one to replace it.I hear Kristin Weber loud and clear, for I too am fed up. My advice to her, and every other tea party idiot would be to start reading the same paper which quoted you. Because like "off-track betting in the Himalayas" there is a "smaller story" that I've been following:
"I think people are fed up with the government," said Weber, 41. "They're fed up with the overspending. They're fed up with the bailouts. It has not helped the economy, whatsoever. And we really do need change we can believe in."
TARP bailout has earned U.S. $25 billionBut don't let the facts distract you.
Yalman Onaran,Alexis Leondis, Bloomberg News
Thursday, October 21, 2010
The U.S. government's bailout of financial firms through the Troubled Asset Relief Program provided taxpayers with higher returns than yields paid on 30-year Treasury bonds - enough money to fund the Securities and Exchange Commission for the next two decades.
The government has earned $25.2 billion on its investment of $309 billion in banks and insurance companies, an 8.2 percent return over two years, according to data compiled by Bloomberg. That beat U.S. Treasurys, high-yield savings accounts, money-market funds and certificates of deposit. Investing in the stock market or gold would have paid off better.
When the government announced its intention to plow funds into the banks in October 2008 to resuscitate the financial system, many expected it to lose hundreds of billions of dollars. Two years later, TARP's bank and insurance investments have made money, and about two-thirds of the funds have been paid back.
Banks benefited from dozens of other programs instituted by the Federal Reserve and the U.S. Treasury Department, from the purchase of mortgage-backed securities to the bailout of home-lending giants Fannie Mae and Freddie Mac. The suppression of interest rates at close to zero for most of the last two years has also boosted banks' income, enabling them to borrow money at almost no cost and lend at higher rates.
Those low rates drove down yields on instruments used by American savers. U.S. Treasury 30-year bonds yielded an average of 4.1 percent from Oct. 20, 2008, through Tuesday, according to Bloomberg data. When the price appreciation of the bonds is taken into account, the return for the two years is 13.9 percent.
The $25 billion TARP return could fund the SEC for more than 20 years, based on the agency's proposed 2011 fiscal year budget. It could pay for all farm subsidies in the United States for more than two years.