The following resource from Time Magazine:
Looks at the TARP, and does some quick number crunching.
Since the Tarp was jammed through in October, Treasury has invested $165 billion into the nation’s eight largest banks.
Those same financial firms are now worth $418 billion less than they were four months ago. CBO calculates the taxpayer’s preferred shares are worth $20 billion less.
The government’s annualized rate of return on its investment in the nation’s largest banks is -1,096%.
As Time snarkily notes, even Bernie Madoff only lost 100%!
My Comment: See! Now you all know why I said the previous $700 Billion Bailout Plan did not work at all. Privatize the Gains by Wall Streets Rich people, but socialize the loss to us(Taxpayers). We are doomed!! Our government is always wasting our hard earn money into their own peggy bank. Even the so called new government plan is going to work nothing good. Let see the new jerk crown in Treasury how to play around our second half of bailout money. Also, if they are going to create "Bad Bank" to buy worthless garbage. I say here, the total cost would come up at least $2 to $4 Trillion. Yes, $2-$4 Trillion garbage. WTF. I am sorry to say that.....We are going doomed!! Even government printing machines are not fast enough to print out US dollar bills to cover all the mess. Why buy Garbage?! Why not use it for creating more jobs in our nations. Help the poorers...etc. Good luck to America!!
As the Title said "Are Your Banks Broke??" The Banks here now is our government.
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