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Utterly squandered. A total waste, even if the Gov't makes something it can call a profit.
Why?
Because TARP in essence told large corporate banks that it didn't matter what they did, or what stupid decisions they made, or how they screwed their customers and shareholders: if they were "too big to fail," which conveniently never -did- get defined, they can do whatever they like and Uncle Sugar will just shake down the taxpayers for the money to bail them out. Just like every other form of Mercantilist/Corporatist welfare, it insulates bad actors from the consequences of their bad acts.
As a result of this, we -will- see this kind of chicanery again, and it -will- be worse next time.
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"I personally think that America's interests would be well served if after or at the time these clowns begin their revolting little hate crime the local police come in and cart them off on some trumped up charges or other. It is necessary in my opinion that America makes an example of them to the world."
--Strange Famous, advocating the use of falsified charges in order to shut people up.
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