Wednesday, March 11, 2009

Kashkari Apologizes To Taxpayers For Taking Their Money

In prepared testimony to the House Oversight and Government Reform panel, TARP head honcho Neel Kashkari says he is sorry to have had to steal from taxpayers to save his appointee's former employer, but says it just had to happen otherwise, said employer would likely have to shutter (j/k) and taxpayers would be even worse off than if they were not all doomed to hyperinflation in the next 2-10 years.

Treasury has unfortunately had to step in to stabilize several large institutions whose failures would pose a systemic risk.
We are sure Goldman et al lament this unfortunate series of events as well.

We regretted having to take those actions -- to put so many taxpayer dollars at risk to support firms that had made bad decisions. But the choice was clear when the consequences of inaction were so severe -- and the potential cost to taxpayers of inaction so much greater than the cost of intervention.
In tried fashion, let's scare the bejesus out of taxpayers with fears of the imminent systemic collapse (the free and efficient market resolving stuff on its own is such a non-Marxist idea that it obviously never occurred to anyone) and the vague concern of what may or may not be a smaller cost several years from now. Of course, if and when (hyper)inflation does kick in, the discount rate of the trillions of dollars in "cost" down the line, will be 0 or close to it when calculated on a net present value basis. Win win. Sphere: Related Content
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3 comments:

mckenna's ghost said...

ever since he shed tears in congress, i thought if anyone eventually is to have a mea culpa and spill the beans, it would be Count KK.

there is a human lurking in there somewhere beneath the mask and the shiny dome.

a good 3 day session with the ayahuasca vine will bring it out fo'sho.

Dave said...

Anakin Skywalker?

Jim T said...

Thank you Mr Kashkari for the apology (I'm sure it wasn't your fault), but at least you have the decency to apologize for the ones that are guilty as sin. (Henry Paulson)

Not that your apology is going to return the $500,000 I lost when I had to close my company due to this crisis or my house that I'm about to lose to forclosure in the next 60 days.

At 56 years of age I'll be filing for bankruptcy, be homeless and I don't know what else. (I'm F-cked)

But your Goldman and the rest, B of A, CitiGroup, JP Morgan, AIG, Wells Fargo, etc......... all are alive on my tax dollars!

Where in the hell is my bailout?

I hope all the guilty banksters burn in HELL!