U.S. Government's Financial Rescue Plan Costs Less than Projected

U.S. Treasury Secretary Timothy Geithner says the U.S. government's financial rescue plan will cost about $30 billion. It is considerably lower than what was estimated.




U.S. Treasury Secretary Timothy Geithner defended the $700 billion Troubled Asset Relief Program (TARP) on Thursday.

He told a congressional panel that the Treasury expected a positive return on its remaining support for banks, automakers, credit markets and American International Group (AIG).

Geithner said the U.S. government's financial rescue efforts will cost less than 1 percent of gross domestic product, considerably below past systemic crises.

[Timothy Geithner, U.S. Treasury Secretary]:
"These programs achieved their objective at a fraction of their cost that almost any observer predicted , even as recently as three, six , nine months ago."

The Treasury's most recent all-in cost estimate for TARP, including expected gains from AIG investments, is about $30 billion, down from a previous estimate of $350 billion by the Congressional Budget Office.




He said the U.S. economy and financial system have not yet recovered from the crisis, with the unemployment rate still near 10 percent and small businesses still having difficulty accessing credit.




[Timothy Geithner, U.S. Treasury Secretary]:
"Now the government's financial programs including TARP were not designed and cannot solve all those problems and cannot on their own solve all the damage caused by the crisis. But these programs do what they had to do, what they were designed to which was to protect the value of America' savings, to restore a measure of stability to the financial system at the edge of collapse, re-open access to credit and to restart economic growth."

He said the housing market also remains weak, and the Treasury is continuing to use mortgage finance giants Fannie Mae and Freddie Mac to apply downward pressure on rates.

No comments:

Post a Comment

THE FINANCIAL ARMAGEDDON BLOG

Current Most Popular Posts

The Tax you pay is The Bill for Staying Stupid
Stefan Molyneux

When People lose everything and have nothing left to lose , They Lose It !

GERALD CELENTE
The one who Controls the Education System , Controls Perception
GERALD CELENTE

"The world will not be destroyed by those who do evil, but by those who watch them without doing anything."

Albert Einstein


In The Left Nothing is Right & in The Right nothing is Left

GERALD CELENTE

Taxing People is Punishing Success
GERALD CELENTE
Cutting Tax Rates stimulates Economic Growth creates more Profit , more Jobs and therefore The Treasury ends up with more Tax Money
GERALD CELENTE
Taxation is legalized Theft GERALD CELENTE

"The Objective of the Bank is not the control of a conflict , it's the control of the debt that a conflict produces . The real value of a conflict , the true value is in the debt that it creates . You control the debt , you control everything . this is THE VERY ESSENCE OF THE BANKING INDUSTRY , to make us all , whether we be nations or individuals , SLAVES TO DEBT " A Banker

Patriotism is the last refuge... to which the scoundrel clings .... Steal a little and they throw you in jail ..steal a lot and they make you king ....

Bob Dylan

Don't Steal The Government Hates The Competition
Ron Paul

"Buy The Rumor , Sell The Fact " Peter Schiff


You can love your Country and not your Government

Jesse Ventura


" The Government Works for ME , I do not answer to them They Answer to ME "
Glenn Beck

"Tyranny will Come to Your Door in a Uniform "
Alex Jones

"The Government is not The Solution to our Problems , The Government is The Problem "

Ronald Reagan

"Corporations are stealing billions in tax breaks, while the confused, screwed citizenry turn on each other. International corporations have no national allegiance, they care only for profit." Robert Reich


"The price good men pay for indifference to public affairs is to be ruled by evil men." Plato


The world is a tragedy to those that feel, and a comedy to those that think...Beppe Grillo

"The people should not fear the government for it is the government who should fear the people" GERALD CELENTE

"If You are looking for solutions to the world's problems , look in the Mirror , You Are The Solution , You have the power as a human being on this planet " GERALD CELENTE

"They don't control us , We empower them " GERALD CELENTE

"Serial Killers do on a Small Scale What Governments do on a large one..."

Serial Killer Richard Ramirez

There is a Class War going on in America, & unfortunately, my class is winning." Warren Buffet

"When the people fear their government, there is tyranny; when the government fears the people, there is liberty."

Thomas Jefferson

"College is a waste of Money"
Albert Einstein

Schools manufacture people who think that they're smart but they're not.
Robert Kiyosaki

Education is what you learn after you leave School
Robert Kiyosaki

" ‏Schools were designed to create employees for the big corporations."
Robert Kiyosaki


"If a law is unjust, a man is not only right to disobey, he is obligated to do so" Thomas Jefferson

Dissent is the highest form of patriotism
Thomas Jefferson

“True education makes you feel stupid. It makes you realize you have so much more to learn.” Robert Kiyosaki

There's the rich, the poor, and the tax payers...also known as the middle class. Robert Kiyosaki

"One day your life will flash before your eyes. Make sure it's worth watching." - Gerard Way

"Aspire not to have More but to be More "
GERALD CELENTE

The losers in life think they have all the answers. They can’t learn because they’re too busy telling everyone what they know.
Robert T. Kiyosaki ‏

"Failure is simply the opportunity to begin again. -This time more intelligently." Henry Ford


If you expect the government to solve your problems, you have a problem. Robert Kiyosaki

"Those who give up their liberty for more security neither deserve liberty nor security." Benjamin Franklin

"None are more hopelessly enslaved than those who falsely believe they are free.” -
Johann Wolfgang von Goethe

"Always trust someone who is seeking the truth , never trust someone who found it" Jordan Maxwell

Be The Change you want to see in The World
GERALD CELENTE

Failure inspires winners but defeats losers
Robert Kiyosaki ‏

“If you are planning for a year, sow rice; if you are planning for a decade, plant trees; if you are planning for a lifetime, educate people” A Chinese Proverb

"First they came for the Socialists, and I did not speak out--
Because I was not a Socialist.

Then they came for the Trade Unionists, and I did not speak out--
Because I was not a Trade Unionist.
Then they came for the Jews, and I did not speak out--
Because I was not a Jew.
Then they came for me--and there was no one left to speak for me." UNKNOWN