Shocker: Fed Overpaid on TARP Purchase of Bank Stocks By About <i>Seventy Eight Billion Dollars</i>

Shocker: Fed Overpaid on TARP Purchase of Bank Stocks By About Seventy Eight Billion Dollars

But quick -- let's rush this spendulus bill through in a week. Acting hastily has been working gangbusters for us so far.

A government watchdog group says the federal government overpaid for stocks and other assets from financial institutions under its $700 billion rescue program.
The chairwoman of the Congressional Oversight Panel for the bailout funds told the Senate Banking committee Thursday that Treasury in 2008 paid $254 billion and received assets worth about $176 billion.

That's an overpayment of more than a third.

Think there's some overspending in the spendulus?

Again, from , I note an obvious example. In Lewiston, ME, they want $50,000 to build two dog parks.

In Chula Vista, CA, they want $500,000 to build one (1) dog park.

Um... what the hell? What does it even take to "build" a dog park apart from putting up a sign that says "Dog Park"? Does it take $500,000 to make such a sign?

If Chula Vista is buying the land -- um, no. I think you have plenty of government-owned park land so that you can just make an acre or two of it into a dog park.

Anyone want to bet that if they are asking for a half million to buy the land, that purchase just happens to be from someone politically-connected who's having trouble finding private sector purchasers?

Corrected and Linked: It's stimuluswatch.org, not com. Sorry for the loose shit.

Posted by: Ace at 03:32 PM

Comments

1 So will any conservative in favor of TARP in October admit they were wrong, yet?

Posted by: lorien1973 at February 05, 2009 03:36 PM (IhQuA)

2 Did anybody watch LOST last night?

Posted by: Fios at February 05, 2009 03:37 PM (oKlJy)

3 Don't you people get it? This is AN EMERGENCY! The Normal rules don't apply here!!

Pass the bill or wither away unto dust!!!!!

Posted by: Techie at February 05, 2009 03:37 PM (906oR)

4 You know, his first week was amusing.

But this shit is really starting to scare me.

Posted by: Sean Bannion at February 05, 2009 03:39 PM (epqk/)

Stop asking questions and spend the money!!!! A trillion bazillion jobs are being lost every second!!! The children are dying in the streets!!!! Only lord Obama can save us!!!!

Posted by: TheQuietMan at February 05, 2009 03:39 PM (1Jaio)

6 Ace, dylan Radigan is talking to a guy on CNBC who is saying that Americans are buying gemstones and diamonds. I guess to get out of cash?
So what does that mean then?

Posted by: hmmmm at February 05, 2009 03:40 PM (zplc6)

7 I'll sell 'em some of the carbon credits I made on the copier at work earned for only a billion or so. Gotta offset the trip to Williamsburg, doncha know.

Posted by: Tim at February 05, 2009 03:40 PM (3Wewy)

You know, his first week was amusing.

But this shit is really starting to scare me.

These people are like a bunch of junkies totally out of control, trashing the place looking for smack and money to keep their habit going. They've already whored themselves out, so this behavior is the natural progression.

Posted by: Browntown at February 05, 2009 03:41 PM (W0B71)

9 I'm thinking of buying wheelbarrow stock.

Posted by: FreakyBoy at February 05, 2009 03:41 PM (4s1it)

10 Pretty easy to spend money that isn't yours even when it's money those people you're taking it from don't have.

Congress has perfected this skill. It should be drawn and quartered. Then shot. Then nuked from space, just to be sure.

What a debacle... and utterly predictable. Good thing we have elections so that ~3% get the boot for screwing us over again and again. It proves democracy works.

Posted by: AnonymousDrivel at February 05, 2009 03:44 PM (sI5Ho)

11 So will any conservative in favor of TARP in October admit they were wrong, yet?

Why should we? It's working in some respects.

Posted by: Slublog at February 05, 2009 03:44 PM (qjKko)

12 If Obama was a car salesman, he'd be saying, "drive this baby off the lot before it's too late."

Posted by: Sebastian I. B. O. Bunionstow, esq. at February 05, 2009 03:44 PM (NLtVk)

13 Look, there's no way anyone can spend $700 billion quickly without waste and boondoggles. It comes with the Keynesian territory. This is an emergency; the normal rules do not apply.

Posted by: MSM at February 05, 2009 03:46 PM (IHbof)

14 Ummmm, when I try stimuluswatch.com, i get some domain-squatter called "joker" saying the name's available. what are you trying to pull, ace?

Posted by: jdub at February 05, 2009 03:47 PM (t9pKb)

15 Hilda Solis' husband just paid 16 years worth of back tax liens yesterday...nomination put on hold(to crank up spin machine).

Posted by: Reagan's Ghost at February 05, 2009 03:48 PM (3dy/G)

16 Wait, we're sorry. TARP that Bush's program, right?

WASTE!!! CORRUPTION!!! INVESTIGATIONS NOW!!!

Posted by: MSM at February 05, 2009 03:48 PM (IHbof)

17 If you people don't start panicking soon, we're not going to get anything done.

Posted by: nickless at February 05, 2009 03:49 PM (MMC8r)

I see you changed the link, ace. That's why newspapers are more reliable than blogs, you know. The multiple layers of oversight and editorial blah blah blah.

Posted by: Scott "Strykker" Beauchamp at February 05, 2009 03:50 PM (t9pKb)

Societies that spend taxpayer money to build "dogparks" at any time, are not serious about survival. Societies that spend money to build "dogparks" during a once per generation financial crisis are downright suicidal. I don't hardly see how you could argue otherwise.

I used to dream about being on a bus that was up against the guardrail and going over a cliff, and I couldn't do a fucking thing to change the course. I'd always wake up before we hit the bottom in order to escape death but would have a hard time slowing my heart down enough to go back to sleep. I'm about to live out my dream. Just not the one I wanted to.

Posted by: pendejo grande at February 05, 2009 03:51 PM (Qhz26)

20 You people are really putting a crimp in my crisis. How am I supposed to get anything done now?

Posted by: Rahm Emanuel, Crisis Opportunism Inc. at February 05, 2009 03:53 PM (sI5Ho)

21
Jesus was an over-payer.

Posted by: stupid typical fucking moonbat at February 05, 2009 03:54 PM (l6w/S)

22 Ha! The Feds overpaid themselves, again?! Oopsy doodle! I guess that means Americans owe them squat for the rest of their lives! "Let's celebrate the new arrangement with the adding of chocolate to milk!"

Posted by: Duesa at February 05, 2009 03:55 PM (Srqga)

23 Chula Vista is the only district in San Diego that has a democratic congressman. Funny they need $500K to build a dogpark.

Posted by: Goose at February 05, 2009 03:56 PM (FEL91)

24 @20 - premise shamelessly stolen from nickless (the Quick) @17.

Posted by: Jokes-R-Us Quality Control at February 05, 2009 03:57 PM (sI5Ho)

But it's gonna be the Greatest Dogpark Evah.

Posted by: Chula Vista dogpersons at February 05, 2009 03:58 PM (7DB+a)

26

YAY!!!!! I got 12 degrees of global warming today! HOORAY!!!!!!!!

Posted by: Tinian at February 05, 2009 04:01 PM (Ohodx)

27 Hmmm, let's see. A dog park. So we can see what "screwing the pooch" really means?

Posted by: BackwardsBoy at February 05, 2009 04:03 PM (ZGhSv)

28 Ace et al: Take a look at comments 14 and 20 on this thread: http://tinyurl.com/ceaaw6 They are scaring the crap out of me.

Posted by: hmmmm at February 05, 2009 04:03 PM (zplc6)

29 What does it even take to "build" a dog park apart from putting up a sign that says "Dog Park"?

It's expensive to make everything smell like ass and taste like a toilet.

Posted by: kbiel at February 05, 2009 04:15 PM (HAib+)

30 Um... what the hell? What does it even take to "build" a dog park apart from putting up a sign that says "Dog Park"? Does it take $500,000 to make such a sign?

Somebody has to go out there and pick up the dogshit. You can't exepct the owners to do it. Call it the dog-owner's bailout.

And where the hell is my unicorn?

Posted by: I R A Darth Aggie at February 05, 2009 04:16 PM (1hM1d)

31 "Sorry for the loose shit".

You will get a pass for your slight error. But when Obama utters the same words, I won't cut him a break. I will call it what it is, Diarrhea.

Posted by: dfbaskwill at February 05, 2009 04:17 PM (ympAm)

32 But wait a minute... even guys like Kudlow said the gubmint would make money on buying these assets, and hence the bailout would not only pay for itself, but turn a profit in the public till!

I'm starting to think the rules of the real world apply to the gubmint too. What happened to hope and change?

Posted by: George Orwell at February 05, 2009 04:17 PM (8WHJs)

33 Societies that spend taxpayer money to build "dogparks" at any time, are not serious about survival. Societies that spend money to build "dogparks" during a once per generation financial crisis are downright suicidal.

This is as succinct as anyone could want. And as frightening.

Posted by: George Orwell at February 05, 2009 04:20 PM (8WHJs)

34 TARP is a bag o shit, needs to be set afire and thrown at a Kennedy's door.
That said, headline and article on this post are inaccurate. They extrapolated from 10 samples, no reason to believe the estimate is near reality. Second, the market has continued lower for the most part, hence the drop in value. On what planet of morons does that mean anyone overpaid? Markets fluctuate, period. Should have just let them all fail, and clean up from there. Disaster coming, go big early, mushroom cloud to mark last call.

Posted by: dave at February 05, 2009 04:35 PM (UCSmT)

35 "Um... what the hell? What does it even take to "build" a dog park apart from putting up a sign that says "Dog Park"? Does it take $500,000 to make such a sign?"

Maybe they have automatic poop-scooping vacuum systems?

Posted by: PJ at February 05, 2009 04:50 PM (fyFnu)

36 Pendejo @ 19 "Societies that spend money to build "dogparks" during a once per generation financial crisis are downright suicidal. I don't hardly see how you could argue otherwise."

But but but you've got to understand! Back during the housing bubble, and back during the tech stock bubble, we couldn't AFFORD those dog parks. Only now have we got the wherewithal to make this important investment in the future of our children. OUR CHILDREN!, do you hear? Now stop asking so many damn questions! This is an emergency!

Posted by: Stoop Davy Dave at February 05, 2009 05:00 PM (f62vZ)

37 Chula Vista already has at least two dog parks, plus three or fours additional areas, including beach areas, that allow dogs. And that's just if you don't want to drive more than five minutes from your house. Otherwise, there are a hundred other dog parks and areas in San Diego. It sounds to me like someone's son/nephew/contributor owns a construction company specializing in dog parks.

Posted by: It's the Constitution, Stupid at February 05, 2009 05:37 PM (yE7AO)

38 @28. Comment 20 is spot on about the meeting on Mar 13th, but the Treasury information is slightly off and decades late. Their debt rating was downgraded to an F- in 1913 when the Feds took over the monetary system in America. I would encourage you to review this documentary by Aaron Russo. He died of cancer in 2007, so please pass this around and don't let his work be in vain. The Feds have been illegally taxing Americans for decades: http://tinyurl.com/3xgb9z

The really neat part? They know it, but are just not telling us.

Posted by: Duesa at February 05, 2009 05:38 PM (Srqga)

39 also, as far as Feb 27, with the UI benefits being capped off at the end of this month, this is the first time I have heard about this date, but I wouldn't put it past them to pull another rug out from under us. Don't give up your guns, because "knuckle-cracking" psycho Emanuel wants to disarm Americans and is already pushing for a bill to pass on "specific" groups. See if you can dig up any leftover dynamite from your 1988 fireworks assortment, too. I am only half-kidding on the dynamite.

Posted by: Duesa at February 05, 2009 05:45 PM (Srqga)

Um... what the hell? What does it even take to "build" a dog park apart from putting up a sign that says "Dog Park"? Does it take $500,000 to make such a sign?

Why does it take $50,000 for a Frisbee Golf course? All you have to do is staple some paper plates with numbers written in Sharpie to a bunch of trees. Buy one Econo-Pak of plates for $1.89 and you got yourself 11 courses.

Posted by: Tim at February 05, 2009 06:54 PM (sp1sQ)

41 Dog parks are speciesist (insufficiently inclusive). Chula Vista had better make a separate section just for cats, not to mention adding a couple trees for pigeons to poop from.

Posted by: PA Cat at February 05, 2009 07:21 PM (PGeV7)

42 Silly people, OF COURSE it doesn't take 500K to build a dog park.

Here's how the game works: I shovel a buttload of cash to my special friends; then, out of sheer joy and gratitude, all those friends go out and buy about 400K's worth of gift cards and redeem them on the DNC and 'Dear Leader's' fund-raising web links [so that more wonderful public projects can be created...]; rinse and repeat as necessary.

And that's just variation [A] of this wonderful game.

All that's left is get the Obama Jugen up and running, as well as Gore's Junior Green Shirts [special edition Captain Planet action figure included...], drive Talk Radio off the air, ban websites like this one, and then the real fun can begin.

Provided this can be done before 2010. Otherwise things might get sticky for the donks...Acorn can only whistle up so many zombie voters.

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