FREEDOM FORUM: Add a Comment

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• The Business Insider

Remember also the Fed is paying lenders not to loan! http://www.youtube.com/watch?v=Gkf8VG3HL_8 Sophisticated people have a hard time understanding popular outrage about the banking bailout. Indeed, the TARP watchdog Neil Barofsky's complaints that most TARP dollars were used to increase capital cushions and pay bonuses rather than increase lending strikes many as a silly complaint. Of course banks needed to recapitalize themselves before they could start lending, the sophisticates say. In fact, some people insist on claiming that the purpose was always a recapitalization of the banks. That might be true. But it certainly was not what the American people were told over and over again. They were told, unequivocally, that the bailout would increase lending. When he first explained that the TARP would be used for capital injections, then Treasury Secretary Hank Paulson said the purpose of the program was to get banks to “deploy, not hoard, their capital.”

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