If this prediction comes true, there should be a ticker tape parade for President Obama, Hank Paulson, Timothy Geithner, Ben Bernanke and the rest of the Obama Treasury team for not only saving the world economy from a global Depression and run on the banks but accomplishing that feat while earning a profit for the taxpayers!!!!!
http://finance.yahoo.com/...
But will anyone ever give them credit for their brilliance and for that matter their bravery to put the federal government funds to good use temporarily and then receiving every penny back and even making a profit???
**********Update #1************
Boy I stuck a chord with this diary, 150 comments in less than 30 minutes!!! Well I just want to comment that nobody on the "We Had To" team was or is happy with financial firm executive compensation including Obama, Geithner or Paulson...so to say that we are supporting that is just plain wrong...
********Final Update****************
I have to go. But I will say I am very proud of my Kossack brothers and sisters who have proved me wrong on a almost 2:1 ratio more Kossacks support our POTUS and the decisions he made for our country than do not. You are all great.../peace and happiness to all!!!
It was in fact Obama and Geithner who reigned in executive compensation for the TARP executives...
My guess is not a chance...there will still be people who will criticize the bailouts even if it ends up returning a net profit to taxpayers...
Paulson is boldly predicting with Buffett not arguing the point that...
Henry Paulson, the former Treasury chief, and billionaire Warren Buffett said taxpayers will recover every cent paid out to banks during the economic meltdown and may even turn a profit.
And Paulson continued...
"As bad as this is...its not as bad as it could have been,...the United States is better off today than most countries...."Every other major economy has many more significant challenges than we do,"
Buffett (a long-time Democrat)...
...praised the actions of Paulson, Federal Reserve Chairman Ben Bernanke and Paulson's successor, Treasury Secretary Timothy Geithner.
All these people worked tirelessly on a government salary to save our country from disaster and what do they get, countless criticism from people on the left and right...So my question is when it is discovered that the money is all returned to the treasury with a profit...will we all admit we are better off than doing nothing???
Remember the last S&L crisis of the 1980's we ended up losing over $100 Billion dollars which is probably equivalent to around $500 Billion in today's dollars...So you can say well we still have unemployment, but I say unemployment would be much worse if the bailout had not occurred...
I think we should...