It looks like the cost of avoiding another Great Depression will be about $51 billion — a lot less than originally thought. Turn off the TV, sit in a quiet corner and think about that for a minute.
The Troubled Asset Relief Program cost taxpayers a lot of money, but it was a cheap price for avoiding bread lines and 25 percent unemployment. It’s a price every taxpayer should be thankful for, but many are too angry to be thankful.
Bailing out banks is proving to be a money-maker for U.S. taxpayers. Whether or not you agree with the politics of the bailout, there’s no denying the Troubled Asset Relief Program has paid off for the U.S. Treasury.
Most of the money has been repaid, although a handful of banks have yet to pay us back for keeping them alive.
“Of the $205 billion the Treasury doled out to 707 banks, $137 billion has been repaid. From the 61 banks that have fully repaid, the Treasury has earned a tidy $13 billion profit,” Forbes.com reports.
Treasury Secretary Timothy Geithner has made a lot of headlines during the administration’s first year.
Today was no exception.
In an interview today he said it was “deeply unfair” that many Americans are still suffering while some companies are stronger than even after being bailed out by taxpapers. He understands why many Americans are hacked off.