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Home Publications Blogs Beat the Press And Here's Timothy Geithner to Tell You How Much the Post Supports the TARP

And Here's Timothy Geithner to Tell You How Much the Post Supports the TARP

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Sunday, 10 October 2010 13:55

The TARP is one of those issues like Social Security, where the Washington Post has displayed considerably less diversity in opinions than Pravda back in the days of the Soviet Union. Just in case you hadn't seen their TARP is great line enough, the Post invited Treasury Secretary Timothy Geithner to invent some myths that he could attack in the Outlook section.

Readers were no doubt looking for the line about how TARP and related bailouts used trillions of dollars of loans and loan guarantees from the Treasury, Fed, and FDIC to keep the largest financial institutions from going into bankruptcy, protecting the wealth of their shareholders, many of their creditors and top executives. But of course that is not a myth.

Comments (2)Add Comment
...
written by AndrewDover, October 10, 2010 5:39
The big Fed assets currently are
1) Mortgage backed securities guarenteed by Freddie, Fannie, and Ginnie. ( ~$1 trillion)

2) U.S. Treasury Notes and bonds. (~$800 billion)

http://www.federalreserve.gov/releases/h41/Current/

And more data is available at http://stimulus.org/
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About Beat the Press

Dean Baker is co-director of the Center for Economic and Policy Research in Washington, D.C. He is the author of several books, his latest being The End of Loser Liberalism: Making Markets Progressive. Read more about Dean.

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