since tarp seventy percent higher personal bankruptcies since tarp so since banks got a pile of money and have done much better and paid pretty good bonuses last year and are looking at pretty decent bonuses this year. the rest of the economy hasn't but worse than that tarp was really only a very small portion of what the government really gave out to subsidize the banking industry and that's the real story that isn't being told to the american people well that's exactly what i was going to ask you next is you know the tarp is the big bogeyman in the room that everyone knows about but aside from that how much has the treasury department how much has the fed spent in trying to prop up the housing market and you know mortgages. right and in general although all the financial leverage and in everything else that the system oh did on effectively or almost before the government stepped in and bailed it out and these numbers are going to sound very very big and that's because they don't tend to be discussed by a lot of the media but the fact is at one point not now but at one point over nin

what is your point on tarp? caller: on tarp, i was against it all the time. i know your reasons for it and everything else -- i can hardly hear you're talking? host: you have to turn your television down. we have to move on. pat, independent line. have you changed your mind on tarp? caller: i have seen this coming years ago and i predicted it five years before this all happens -- as far as the other gentleman said this is something like treason, every dam person -- damn person up there has taken an oath to the constitution and they are violating it. i think the whole country should have gone into the depression just like the 1930's. host: we mentioned senator john thune, he is our newsmaker gas sunday. we asked him about the 2012 presidential. >> if the goal of the republican party after november 2 as to concentrate on president obama and make him a one-term president, what type of candidate is best? a former governor like mitt romney who has a health care plan that other republicans will pick apart, a senator like yourself who voted for a controversial aspec

seriously, the reason why you are concerned about the tarp and i was concerned about tarp, the unbeened consequences and i think you have said astutely back then because this report covers the fall of 2008 when bush was president and continued on steroids after, that you just start scrambling for anyone to help and but are going to fannie mae and freddie mac to help put out the fire they set ... it is nuts. >>guest: do you want an arsonist to be your local fire department? do you want the heaviest, most obese people in charge of the health department? how many analogies can we draw. >>neil: i like that, i would love to be the czar. >>guest: doughnut czar. probably the canolli police. >>neil: you just cannot go there, it is dangerous and ricky, you do not go to lindsay lohan offering sobriety advice. it is too bizarre. it is crazy. fannie mae and freddie mac, they got a pass on this whole mess and now they are in charge of policing it? >>guest: also frustrating you saw the political contribution connection between those who were making the regulation decisions and those who were regulate

we look at tarp, the public will say we do not want to spend any more tarp money, let the market bears of what it theirs. when you come down to it, if some of these companies failed or were integrated into other areas, would they let these companies fail? all market would have been worse if these companies would have failed. guest: it is an interesting set of points that you bring up. the tort law was only passed after the bush administration let lehman brothers fail. lehman brothers went under and caused a big chain reaction. when aig was on the brink, they started to see a collapse of the broader system you're talking about earlier. that is what made the bush administration and congress come together and try to put together the stabilization package. host: the sunset date was yesterday. you say that some candidates are calling to mark the solution. now because this is shifting to managing government investments, collecting payments, and preventing home disclosures -- home foreclosures. guest: tort is a large bureaucracy. -- tart is a large bureaucracy. canceling tarp would be a cosme

>>neil: a steel at $50 billion because tarp wasn't excessive, not hundreds of billions, so, a deal. says people should thank the president. really, congressman? >>guest: they need to thank president bush who put tarp in place and president obama who as a senator voted for it and came up with the stimulus. jamcam's advisor on economics and a respected economy e said the combination of tarp and the stimulus saved us from a great depression. and another said we did not go far enough, a nobel prize winner for economics and said we should have done what the president and democratic did and a couple of senators on the republican side who saw that 40 percent of the stimulus was tax breaks, largest tax breaks in years, helped save over three million jobs and save the economy. so i would go with them and respect their opinion and think the president, both bush with the tarp and obama with the aara did a lot to save this economy. >>neil: but we can argue about what could have been or should have been and we will not know. we could have had a bigger meltdown. you say nobel prize winner they mi

i think the tarp fund. the 800 billion should have never been spent. the president barack obama stimulus policy should what have not been spent. i think we should go back to offset the deficit. >> but the 50 billion dollars. won't that create a number of housing problems across the nation and people that might deserve to be in their homes will be out? >> that was created by bad government policy that kept the interest below the market rate and stimulateed a bubble beyond what would have normally happened, and stimulateed by the community reinvestment about that said buy a house without a down payment. many mortgages are so far under water you can bail them out for four or five months but they're not getting better. it's not something that's making us happy. it's a tragedy but the tragedy if you want to think it through is the bad policy from jack's party that got and gave freddie and fannie mae more money. they came to the banking committee and said you're a billion dollars short and the conservatives said well are you going to make better decisions if

so the tarp program was successful. general motors is back on its feet. chrysler has been sold to fiat. so therefore you have... and other things that you talked about. you had a tarp program of which in the end you're saying is going to cost the united states taxpayer $50 billion. i've seen figures up to $66 but somewhere in there. that's pretty good. it could be less than that. >> it could be substantially less than that. here's a nice way to compare this. the s&l crisis which was a much simpler crisis to resolve cost the american taxpayer at that time $2.5% of the entire g.d.p. of the country. this crisis, our financial... direct financial cost in this crisis, even if you include the g.s.e.s is likely to be in the range of 1%, it could be lower than that as a share of g.d.p. so a fraction of the cost of a much milder crisis because of the success of what the president did. >> rose: you may argue that the public either has not appreciated or you may argue that you haven't explained it very well, you and the president and the vice president and... i agre

in pursuing this goal, tarp has faced the problem of equity prices and a number of tarp recipients that were so low to be options. executives with equity-based competition faced little downside exposure. this situation would seem to encourage reckless risk-taking, like the pursuing foreclosures without the proper documents. i hope today we can learn how tarp measures up against these objectives and what approaches to executive pay make them a sense in light of them. thank you. >> thank you, senator kaufman. i would like to start by thanking all the witnesses for appearing before our panel today. i appreciate you taking your time to travel here and help us with our oversight responsibilities. as we are all aware, the issue before us today examining the efforts to regulate health firms compensate executives -- to regulate how firms compensate executives is one of the most recent issues. taxpayers remain incensed about the large bonuses received by executives at firms that received enormous bailouts. much of the discussion has focused on several issues -- should executives received bonuses

what is really interesting is the good news on tarp.ink saved the american economy but in the end, and people resent it, even more than the stimulus, i think in the end it will come out and there is a great deal, we'll lose very little. we might even make a little on the side. yeah. >> jim: people say it basically saved the financial sector but they resent it, i think because it's an example of how far government can go to intrude in the economy. not something they want to do under ordinary circumstances. >> neither of these are campaign strategy to democrats. they don't see the benefit to them personally. >> they have been saying how great the stimulus package and tarp was for 20 months and nobody believes them. that is a real problem. >> right on tarp and wrong on stimulus. [ laughter ] end of story. >> jim: one foot in each camp. >> half a foot. >> jim: half a foot in each camp. thank you, panel. that's it for the panel. stay tuned for a little noticedwrittenle in one of the backyard gathering the president attended recently. it is a

. >> we thought we were rescued in 2008, 2000 and, by tarp and all that. -- 2008, 2009, by tarp and all that. there is the suggestion here that we are not, we could have another financial crisis, and the banks that are dead center at all of this have all of this bad paper, and they will not be able to lend any money and we could have another financial crisis, maybe not on the scale of 2008, but enough to give a sharper and told to a shaky economy. -- sharp jolt to a shaky economy. >> they will not get another rescue. they're getting millions in bonuses. i don't understand why, because they do not lend, but they are. nobody feels sorry for them. they it didn't just desserts, they screwed it up -- they are getting just desserts. they screwed it up once, they are screwing up twice. people don't understand -- >> want to say something nice about the banks, charles? >> this is not a story about the banks. the most wonderful story is the political story. immediately after this erupted, five democratic senators immediately called for a moratorium on foreclosures. the white house immediately rea

the view is that tarp, the bailout of wall streewas just another example of trickle down economics. wa strt executives are doing quite well, thank you. major traders are doing extraordinarily well once again. hedge fund managers are back on top but average working people sayit looks like the game is rigged. >> ros whawould you have done for them? >> would have nditioned these loans on, again, helping ople who are derwer andn danger of faulting o thr me mortgage loans. helping small businesses providin- . >> rose: helpingmall busisses iwhat way? >> proding ler interest los to smallusinesses. i mean making sure that not only do banks get bailed out but there was a sufficient amount of lending to small business. >> rose: was credit available to small business today across the country? >> it is patchy. what we know, here is what we know. right now effective real interest rates are near zero. we know that the big banks e taking advantage of that. and so are big corporations. we also know that there is a very sharp aversion to rising among lending institutions. narally. because all of the

tarp, then stimulus, then cap and trade, then health care, then the economy kept getting worse and joblessness kept getting worse. and it's like we needo put the brakes on things. and if you want to know -- and i am a republican. i've been a registered republican but i'm an unhappy republican. but what we want is somebody like chris christy who will take definitive action to try to rein in this out-of-control spending. and get some moderation back in this -- it's like a train speeding tauf cliff. host: patricia. guest: well, it's interesting that you talk about chris christy. his profile is rising quickly

ivory tower down the street here is the next headline washington's most toxic asset a yes vote on tarp so they focus on indiana second district and joe donnelly who's facing a challenge from a tea party candidate and one of the primary issues in this election is that people are angry that this guy he's a democrat voted yes for the tarp bailout and he's saying that his opponent obviously does not understand that without these steps i tarp credit would have completely frozen up there would have become no loans available there would have been bank collapses across the country and there would have been a global economic collapse and charles manson thinks that he had a legitimate reason to murder sharon tate and these guys in washington believe like a psychopath that they had a legitimate reason to hold the u.s. economy and global economy hostage and rape and pillage and commit financial atrocities in the name of greed they believe it's perfectly normal because they are psychopaths and they belong in a hospital they belong in a straitjacket do yourself a favor fund a disbursement of straigh

bailout and he's saying that his opponent obviously does not understand that without these steps i tarp credit would have completely frozen up there would have become no loans available there would have been bank collapse. across the country and there would have been a global economic collapse might and charles manson thinks that he had a legitimate reason to murder sharon tate and these guys in washington believe like a psychopath that they had a legitimate reason to hold the us economy and global hot commie hostage and rape and pillage and commit financial atrocities in the name of greed they believe it's perfectly normal because they are psychopaths and they belong in a hospital they belong in a straight jacket do yourself a favor. fund the disbursement of straight jackets to these bankers and wall street and just put put them in thorazine get i'm shocked up with thorazine you know him put him away that is a problem like a wall street these wall street corporations own the politicians their threat was that they were going to cut off credit and loans to you the population this takes m

. >>> the tarp bank bailout program is coming to a close, and it looks like it's coming in way under budget. two years ago the government approved the program for banks. but now it looks like the price tag will be closer to $50 billion. >> i think the taxpayers can get confident from the fact that a program that was literally hated and is still very much disliked among most people in the public for understandable reasons will turn ott to be less costly than was feared. >> reporter: critics say tarp helped wall street more than main street and add that banks may now expect bailouts every time they are in trouble. >>> president obama travels to new jersey this evening. he will attend a democratic national committee dinner. the commander in chief was quick during an ad lib that happened yesterday. >> we cannot sustain -- oops [ laughter ] was that my -- [ laughter ] oh, goodness. that's all right [ laughter ] all of you know who i am [ applause ] >> reporter: it was during a small mishap, the presidential spiel fell off the podium. he joked the staffer who hung it was probably sweating

this is noted above and includes tarp recipients and noted financial institutions. this action could adversely affect the broader economy. in my view, the administration's foreclosure mitigation program including all the programs have failed to relieve stress to homeowners. the administration has inadvertently created a sense of false expectations among millions of homeowners who reasonably anticipated that they would have the opportunity to modify a troubled mortgage loan under the hap and the harp. the best foreclosure mitigation tool is a steady job. at a fair wage and not a hodgepodge of government subsidized programs that perpetuate more -- and hazard risk. i question why the taxpayers should subsidize mortgage lenders and rmbs participants when it is most often in the best interest of such parties to forgive principal, to forgive principle and to modify a refinanced troubled mortgage laws without government assistance. why should the taxpayers provide incentives when they are neither needed or merited. as such, i would strongly recommend that each mortgage loa

i was against tarp. >> you have some crazy liberal-- >> such as?e for this, but when you were running for president, i'm much move critical of people red wing for president, that's a big job. you were very soft on illegal immigration. >> mike: i didn't believe. >> not like-- >> and i still don't believe for amnesty on illegal immigrants, i don't know how that's soft. i was endorsed by the founder of the minutemen, that's about as conservative-- >> i never like a-- unless there's one authority, and you compared illegal immigration to slavery and speaking as an african-american, i'm very offended by that. okay, i'm not really an african-american, but i am offended. look, everybody wants to be black in this country, a point that i made in great detail in my last book, guilty. everybody wants to claim the mantle hood of victimhood. unless you were brought here as slaves on slave ships in changes, i'm sorry, you're not black, you're not-- illegal immigrants running-- >> that doesn't answer how i'm a liberal. >> i think it does, comparing illegal immigra

the tarp there is where the body is and the coroner is on the way. this portion of el camino will be shut downful at least 10:30. a few weeks ago a biker was struck and killed in a crosswalk three blocks from this accident. also, there are no sidewalks on either side of the roadway. so again, el camino real shut down due to a fatal accident, until at least 10:30. >>> the san mateo bridge has a lane shut down for the second day in a row because of emergency repairs. jade hernandez is live from the san mateo bridge to tell us how traffic is being affected. >>> crews found a crack on the underside of the bridge. it's about 100 feet east of the high raise on the peninsula end of the breeze which is part of highway 92. workers discovered it during a routine biyearly inspection. the crack is located in the steel girder which allows the bridge to move fact and forth during an earthquake. >> this is the first time we've had any issue since the retrofit. we've been doing it every two years. we're talking about two very different components on two very differe

tarp was bush initiated project. >> how about everything else?both parries to blame. $2 trillion has been spent since the beginning of tarp. $750 under bush and remainder under president obama. neither party understands how the economy works. unemployment is just as bad now as it was before they started to spend the $2 trillion. >> but the theory -- let me finish. if you are paying 50% of the bank revenue out in computation, $100 million bonuses, tax deductible and not lending it to the -- >> hang on. >> that's a problem. >> john, the wall street bonuses were enormous. it's projected that wall street will earn profit in 2010 of $450 billion. do the folks that got the enormous bonuses deserve them? if they do, what does it tell us about the economy? i think wall street should pay as much as they can. i'm for profit. but this is the problem being in bed with government. if you take the bail-out money you get good with the bad and washington that reacts negatively to the guys doing well. we claim profits but in this scenario what if they didn't pay

republicans were always very uneasy about tarp.ne year later after all these bailouts, the republicans started returning. jamie dimon was famously known as the shadow secretary. he met up with barack obama in washington. they were complaining the far left tilt of the democratic party. even more than the policies, i think the heads of the wall street firms hated being called fat cats. dimon despised the name calling. if you are being called names by the president, people will be less likely to give you their money. i go through that in the book. that was senator baucus's comment to them. host: charlie gasparino is with us. he has written a book, "bought and paid for -- the unholy alliance between barack obama and wall street." caller: think you for taking my call. i think there are four reasons president obama will lose the house. the first is because president obama scuttled the pan-american truckdriver initiative where we were going to have truck drivers from central america and mexico drive in the united states. people will have

we have our star from tarp, from sfpd, people that actually work directly with our families who are inpportunity for you to see who the people are that are touching our students when you let us know that they need to be touched. so this is really an opportunity for all of our merchants to see what we're putting in behind this effort. so without further ado, i want to welcome our superintendent of schools. our first week of school went off without a hitch, thank goodness. and the efforts that he's been doing around truancy and the support he's been giving and receiving to the city to make sure our students stay in school. superintendent carlos garcia. [applause] >> good morning. for me, it's like a dream come true. i have to tell you. i've been a superintendent in three other places before i came here, and finally my dream has come true. we have a mayor who is actually walk tk talk, stepping up and saying what we need to do is if this isn't just a school district problem. this isn't just a parent problem. this is really a community, a city, county problem. it's everybody's problem. anyb

taking companies and execs taking tarp funds after primming i will not take any bank funds from thosee all been taking tarp bank paths and-- >> february 23rd '09, not taking it, and here it is, bank of america, bank of new york, u.s. bancorp, he took it as soon as that race started getting tight and said, well maybe this one time. >> brenda: all right. anything wrong with it? >> well, in general, no, i mean, this is the same as if exxon gave money to a senator that helped them clear oil drilling rights. in general, i don't have a problem with it. >> brenda: regina what about you. >> i don't think any lawmaker, whether congress or a local legislator. bp, halliburton, doesn't matter, shouldn't take it. >> brenda: and bob, you think this should be outlawed, plain and simple. >> not so much because of the government money aspect. if you're on a committee that regulates an industry, i don't think you should be able to take money from an industry and i don't think that after you leave congress you should be able to consult or speak for that industry, that's a clear conflict of interest. >>

banks and don't ask anything special from them because they are tarp banks. you streat them the way would you treat them as i you were in the private sector and so jimmy lee who is the lead banker for jpmorgan they had 2 biion of the 6.9 billion of tol debt and i had the same kind of discussion. we had many times on wall street. >> rose: what s that discussion like. >> tt discussion was jimmy lee believing that the government would never let chrysler go. bankrupt or out of business and thate could get his full 6.9 billion back. and so until the day the president oke mah 30th, until theorning the president spoke, jimmy called me a couple times a week and said i want my 6.9 billion dollars and not a penny less that was his phrase. and then he had some phrase, i love jimmy he had some phras li you know en u lend somody 6. llio you eect to get it all back. i said jimmy, you know, not every loan you have made has been great. the moment the psident spoke i was literally still in the wte house, and my cell phone ran and it was jimmy saying when can we ta. and thisas

hand his we'll have that report next we'll take a moment to reflect on the two year anniversary of tarp and the seven hundred billion dollars bank bailout was a desperate attempt by lawmakers to save the economy and looked at with contempt by both republicans and democrats to two years later and with a little hindsight we're going to ask what really happened during tarp and who came out on top the banks or the people author no we friends will join me to discuss the fallout there.

tarp cost taxpayers much less than expected. verizon wireless could pay up to 90 million dollars in refunds. the money would go to customers who were improperly charged for inadvertent web access or data useage. social network found friends this weekend. mahdi about facebook creation won the box office. and that is your money scope report. two governors, two different approaches. even in good times bob ehrlich didn't make education a priority. he increased college tuition by 40%, cut school construction by $200 million, and ehrlich voted to eliminate the department of education while serving in congress. but in the toughest of times, martin o'malley has made record investments in public schools, new school construction, and o'malley froze college tuition four years in a row. with martin o'malley, our children always come first. everyday i eat your soups instead of going out to lunch, i save a lot of money. that's great. so, your delicious rich and hearty soups have made me, rich and hearty. that's funny. well, i'm rich because..

you're against tarp, but with all due respect tarp saved the financial sector and it was an incrediblye do now i'm not sure. people are in a state of fear. economy is starved of oxygen. oxygen that the businesses need is confidence. and obama and the congress in general have to get their foot off the oxygen tube. >> mike: ben, one thank is of great concern to me is the government is intervening but they're not intervening consistently and business doesn't know will they be picked to be a winner or loser? lehman brothers dies. >> bear stearn lives. deeper than that, there what been very inconsistent leadership coming from the federal reserve. people don't pick on ben bernanke if you think of something esoteric and complicated. he had his foot on the monetary brakes and accelerator and then he put the foot on the monetary brake and now again on the accelerator. we're getting inconsistent policy from washington. that is a driver of stops to business ininvestment. >> mike: and don't you think that people don't know what the costs -- >> i've been murdered in the media saying they shouldn't