Nationalizing the mortgage system has so far cost US taxpayers $145 billion

[fuji]

http://www.nytimes.com/2010/06/20/business/20foreclose.html?hp

Just in case there were any people around (OTB?) who think that the financial crisis has not been a money loser for American taxpayers.

It's expected to be $389 billion by the time it's over. That huge sum sunk into saving the housing market also essentially under-writes the profits of the banks that "repaid" their TARP loans. Arguably the $389 billion should be extracted from the financial industry rather than from the taxpayer at large.

 

[onthebottom]

My view is that the bailouts of the banks will make the US government money as the banks have ooh business models, Fannie and Freddie are a waste of capital and should be closed.

Wonder when GM will pay us back with money other than our own.

OTB

 

[nottyboi]

My view is that the bailouts of the banks will make the US government money as the banks have ooh business models, Fannie and Freddie are a waste of capital and should be closed.

Wonder when GM will pay us back with money other than our own.

OTB

That will never happen. the rest of the money provided to GM is supposed to come from capital markets when the govt sells its shares.. so it is supposed to come from ...you guessed it, tax payers. lol

 

[fuji]

My view is that the bailouts of the banks will make the US government money as the banks have ooh business models, Fannie and Freddie are a waste of capital and should be closed.

If done suddenly that would put practically all US banks out of business more or less instantly. Propping up those mortgages props up the financial system.

Wonder when GM will pay us back with money other than our own.

Wonder when the financial industry will repay the $389 billion taxpayers are stumping up to keep it alive.