Monday, January 18, 2010

We knew he had either 'inhaled' then....

.......Or that he was lying, because his lips were moving

Maybe both.

http://m.nypost.com/ms/p/nyp/nyp/s3tuLXRlw6cf5iLRAfqL-dQ/view.m?id=20570&storyid=4.1.380963815

"Flip-flops are in fashion at the White House

By PAUL THARP

It appears flip-flopping is the new sport in the Obama administration.

Despite earlier chest-thumping by Treasury Secretary Tim Geithner that Uncle Sam's $700 billion bailout was profitable, the White House and Geithner now say their rescue will become a money-loser unless they get their tax on Wall Street.

Critics are pointing to a flip-flop at the heart of the change. When the bailout law was passed in October 2008, it allowed the government to impose taxes on recipients that failed to pay it back after five years.

It seems, though, that five years was more like 14 months.

What's more, just a month ago, Geithner proclaimed in a press release that "every one of its programs aimed at stabilizing the banking system will earn a profit thanks to dividends, interest, early repayments and the sale of warrants."

He added these bank programs "that were initially projected to cost $76 billion are now projected to bring a profit of $19 billion . . . [and] profits could be considerably higher as Treasury sells additional warrants in weeks ahead."

In addition, the administration appears to be bailing on its pledge to use funds from the banks to help jumpstart the economy.

When the Troubled Asset Relief Program was passed, it called for the Treasury to plow bailout funds returned by the larger banks into smaller banks that would make loans to consumers and businesses. Yet credit remains tough to get.

Indeed, the White House isn't saying how it will use the $117 billion it expect to be collected over the next 12 years from the tax, suggesting these funds may be used for something other than juicing the economy. "

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