Whoop--there it is.
Read along with me, won't you?
"The way the TARP is designed -- and I didn't design this -- but the way it's designed is every dollar that comes back goes into the general fund but that does still create additional head room under the $700 billion authority for us to make capital investments," Geithner said. "So we have the ability to still use the $700 billion if we think there's a strong case for doing that, but the way the program works is a dollar comes in and goes to the general fund but still creates additional room for us to make a new..." "So your understanding of what we did is that the Treasury now has $700 billion that it can use permanently," DeMint said, "rotating in and out of the capital markets as you see fit?" "Well, I'm not quite sure permanent, but you're right," Geithner said.
Some of the folks who read this blog might recall me mentioning, oh, way back a few months ago, an interesting choice of wording in the original bailout deal. To wit, Congress did not authorize the Sec. of the Treasury to use $700b; rather, it authorized to have in use up to $700b at any time. In fact, I used this as an example repeatedly in my Critical Thinking class to demonstrate loaded language. Welllll.... the chickens have come home to roost, have they not? All that money that the banksters (headed by Paulson, now Geithner) were supposed to pay back to us taxpayers? Ah well. Turns out the banks now get their very own revolving fund, and the taxpayers get--what else?--the debt.
You didn't really want public schools and ambulances, did you?
"The way the TARP is designed -- and I didn't design this -- but the way it's designed is every dollar that comes back goes into the general fund but that does still create additional head room under the $700 billion authority for us to make capital investments," Geithner said. "So we have the ability to still use the $700 billion if we think there's a strong case for doing that, but the way the program works is a dollar comes in and goes to the general fund but still creates additional room for us to make a new..." "So your understanding of what we did is that the Treasury now has $700 billion that it can use permanently," DeMint said, "rotating in and out of the capital markets as you see fit?" "Well, I'm not quite sure permanent, but you're right," Geithner said.
Some of the folks who read this blog might recall me mentioning, oh, way back a few months ago, an interesting choice of wording in the original bailout deal. To wit, Congress did not authorize the Sec. of the Treasury to use $700b; rather, it authorized to have in use up to $700b at any time. In fact, I used this as an example repeatedly in my Critical Thinking class to demonstrate loaded language. Welllll.... the chickens have come home to roost, have they not? All that money that the banksters (headed by Paulson, now Geithner) were supposed to pay back to us taxpayers? Ah well. Turns out the banks now get their very own revolving fund, and the taxpayers get--what else?--the debt.
You didn't really want public schools and ambulances, did you?