"W.H.: Cost of bailout reduced "

[Clio the Leo]

W.H.: Cost of bailout reduced
By MATT NEGRIN | 04/23/10 4:33 PM

The Obama administration estimates that the ultimate cost of the financial bailout programs will be much less than the $500 billion that was predicted last year, Treasury Secretary Timothy Geithner wrote in a letter to congressional leaders on Friday.

“A year ago we estimated that our support for the financial system could cost more than $500 billion or 3.5 percent of GDP,” Geithner wrote to House Speaker Nancy Pelosi, House Minority Leader John Boehner and the Senate’s majority and minority leaders, Harry Reid and Mitch McConnell. “We now expect that the direct costs of all our interventions will cost less than 1 percent of GDP. This means that the Federal deficit and debt will be substantially lower than previously expected.”

Geithner said the administration is ending TARP plans “as quickly as possible,” and that as of Tuesday, more than $185 billion in the investments had been recovered.

http://www.politico.com/politico44/perm/0410/geithners_update_eb0aacfd-e572-48b5-834e-a6f7953f6c31.html

[jenmito]

1. K&R. I wonder how the Repubs. will spin this negatively.

You know they'll find some way-probably Frank Luntz will tell them. (And then the Dems. will have a press conference and show the Repubs. using said talking points.) :D

[FrenchieCat]

4. All they've got to do is read DU......

I'm sure someone will have some pointers for them.

[chollybocker]

5. a) "They've been fudging the figures all along."

b) "They're bailing on their previous projections."

c) "They over-estimated the severity of the problem."

d) all of the above.

[jillan]

6. They just won't report on it. Act like it never happened.

Have you noticed that's what they do? Anything good that comes out of this administration didn't happen...according to them.

[The Magistrate]

2. It Will Be Interesting, Ma'am, To See the Actual Book-Keeping Unfold

There are some slick artistes of the numbers dance involved in this matter....

[AllentownJake]

8. Give me a hotel

computer access and 3 months and I'll tell you what really happened.

[Cha]

3. The President and his Team are

focused on getting the job done and the country has benefitted immensely.

[AllentownJake]

7. Yes because they moved "it"

The cost will not be reduced.

As they end TARP they start an MBS buyback program at Feddie and Fannie.

Eat it up Sheeple.