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Old 10-16-2012, 06:53 PM  
mlyonsd mlyonsd is offline
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Obama: ‘We Got Back Every Dime’ of Bailout

Somebody should fact check Obama on the campaign trail. And they accuse Romney of lying.

Obama: ‘We Got Back Every Dime’ of Bailout; CBO: Bailout Will Lose $24 Billion
By Matt Cover
October 15, 2012

(CNSNews.com) – President Barack Obama said on Thursday that “we got back every dime we used to rescue the financial system."

According to the Congressional Budget Office, however, the government will lose about $24 billion on the bailout.

We got back every dime we used to rescue the financial system, but we also passed a historic law to end taxpayer-funded Wall Street bailouts for good,” Obama said in Miami Thursday.

The Congressional Budget Office--based on figures from Obama’s own Office of Management and Budget---gives a different assessment.

“The cost to the federal government of the TARP’s transactions (also referred to as the subsidy cost), including grants for mortgage programs that have not yet been made, will amount to $24 billion,” said the CBO report, which was released on the same day Obama spoke.

TARP is the Troubled Asset Relief Program – the formal name of the government’s financial bailout program passed in October 2008.

CBO said that the cost of TARP “stems largely from assistance to American International Group (AIG), aid to the automotive industry, and grant programs aimed at avoiding home mortgage foreclosures,” noting that the losses will be so large they will eclipse the financial gains the government will realize from bailing out other large financial institutions.

In fact, CBO reported that as of now $65 billion in TARP funds remain outstanding.
http://cnsnews.com/news/article/obam...ose-24-billion
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Old 10-16-2012, 06:56 PM   #2
petegz28 petegz28 is offline
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yep, we got back every "dime". It's the $ bills we still haven't received.
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Old 10-16-2012, 10:17 PM   #3
mnchiefsguy mnchiefsguy is offline
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Quote:
Originally Posted by mlyonsd View Post
Somebody should fact check Obama on the campaign trail. And they accuse Romney of lying.

Obama: ‘We Got Back Every Dime’ of Bailout; CBO: Bailout Will Lose $24 Billion
By Matt Cover
October 15, 2012

(CNSNews.com) – President Barack Obama said on Thursday that “we got back every dime we used to rescue the financial system."

According to the Congressional Budget Office, however, the government will lose about $24 billion on the bailout.

We got back every dime we used to rescue the financial system, but we also passed a historic law to end taxpayer-funded Wall Street bailouts for good,” Obama said in Miami Thursday.

The Congressional Budget Office--based on figures from Obama’s own Office of Management and Budget---gives a different assessment.

“The cost to the federal government of the TARP’s transactions (also referred to as the subsidy cost), including grants for mortgage programs that have not yet been made, will amount to $24 billion,” said the CBO report, which was released on the same day Obama spoke.

TARP is the Troubled Asset Relief Program – the formal name of the government’s financial bailout program passed in October 2008.

CBO said that the cost of TARP “stems largely from assistance to American International Group (AIG), aid to the automotive industry, and grant programs aimed at avoiding home mortgage foreclosures,” noting that the losses will be so large they will eclipse the financial gains the government will realize from bailing out other large financial institutions.

In fact, CBO reported that as of now $65 billion in TARP funds remain outstanding.
http://cnsnews.com/news/article/obam...ose-24-billion
Not sure how Obama can say that. If the government were to sell the GM stock it currently holds, there would be a significant financial loss.
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Old 10-16-2012, 10:18 PM   #4
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Originally Posted by mnchiefsguy View Post
Not sure how Obama can say that. If the government were to sell the GM stock it currently holds, there would be a significant financial loss.
But I thought GM was paid in full???
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Old 10-16-2012, 10:22 PM   #5
mnchiefsguy mnchiefsguy is offline
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But I thought GM was paid in full???
I read an article about how the government still has a big chunk of GM stock......I will have to look it up though. I could be wrong, but I thought the government still owned a share of GM.
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Old 10-16-2012, 10:23 PM   #6
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Originally Posted by mnchiefsguy View Post
I read an article about how the government still has a big chunk of GM stock......I will have to look it up though. I could be wrong, but I thought the government still owned a share of GM.
Doesn't matter I was being sarcastic if it didn't come across that way. I was poking fun at the commercial GM ran about being paid in full which isn't even remotely true.
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Old 10-16-2012, 10:25 PM   #7
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Originally Posted by WV View Post
Doesn't matter I was being sarcastic if it didn't come across that way. I was poking fun at the commercial GM ran about being paid in full which isn't even remotely true.
No problem. I should still look it up when I have the chance, as I have no idea how much stock the government has. It may only be a small amount, I don't know.

I think Obama's statement about getting every dime back is a bit misleading though.
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Old 10-16-2012, 10:29 PM   #8
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Quote:
Originally Posted by mnchiefsguy View Post
No problem. I should still look it up when I have the chance, as I have no idea how much stock the government has. It may only be a small amount, I don't know.

I think Obama's statement about getting every dime back is a bit misleading though.

A White House report sent to Congress in August 2012 estimated the sale of the remaining G.M. stock acquired by the United States Treasury during the company's bankruptcy would result in a loss of $25.1 billion to the American taxpayer.[79] The total cost to the taxpayer will be determined after the government sells its 26% stake in G.M. and its 74% stake in Ally Financial, formally known as GMAC, G.M.’s financing arm.

on wiki
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Old 10-16-2012, 10:31 PM   #9
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Originally Posted by mnchiefsguy View Post
No problem. I should still look it up when I have the chance, as I have no idea how much stock the government has. It may only be a small amount, I don't know.

I think Obama's statement about getting every dime back is a bit misleading though.
Ha...huge understatement! His statement is a downright lie.
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Old 10-16-2012, 10:35 PM   #10
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Umm Yea, another Obama lie, go figure. But hey, he sure is popular and such a nice guy. His heart is in the right place, so let's give him another 4 years.
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Old 10-17-2012, 07:08 AM   #11
mlyonsd mlyonsd is offline
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Originally Posted by HonestChieffan View Post
A White House report sent to Congress in August 2012 estimated the sale of the remaining G.M. stock acquired by the United States Treasury during the company's bankruptcy would result in a loss of $25.1 billion to the American taxpayer.[79] The total cost to the taxpayer will be determined after the government sells its 26% stake in G.M. and its 74% stake in Ally Financial, formally known as GMAC, G.M.’s financing arm.

on wiki
Not only this but in 2011 GM posted record profits but paid no income tax do to the deal that was cut during bankruptcy. No tax on $7 Billion. I guess Obama wanting corporations to pay more of their fair share us just another big lie.
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Old 10-17-2012, 04:03 PM   #12
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http://www.foxbusiness.com/on-air/wi...ig-lie-exposed

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Old 10-17-2012, 04:05 PM   #13
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Do I get the feeling the Obama debate burst was a bust? God almighty the obots seem to be in mourning.
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Old 10-17-2012, 04:22 PM   #14
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Do I get the feeling the Obama debate burst was a bust? God almighty the obots seem to be in mourning.
I hope the mourning leads to a dark room, a shot of whiskey, a pistol, one bullet and the report of the weapon delivering its payload into their temple~
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