The Republican Nomination For President: The Race For The Race For The White House

Though there is no question that the country benefited by avoiding a meltdown of the financial system, this cannot be the only yardstick by which TARP’s legacy is measured. The legislation that created TARP, the Emergency Economic Stabilization Act, had far broader goals, including protecting home values and preserving homeownership.

These Main Street-oriented goals were not, as the Treasury Department is now suggesting, mere window dressing that needed only to be taken “into account.” Rather, they were a central part of the compromise with reluctant members of Congress to cast a vote that in many cases proved to be political suicide.

The act’s emphasis on preserving homeownership was particularly vital to passage. Congress was told that TARP would be used to purchase up to $700 billion of mortgages, and, to obtain the necessary votes, Treasury promised that it would modify those mortgages to assist struggling homeowners. Indeed, the act expressly directs the department to do just that.

But it has done little to abide by this legislative bargain. Almost immediately, as permitted by the broad language of the act, Treasury’s plan for TARP shifted from the purchase of mortgages to the infusion of hundreds of billions of dollars into the nation’s largest financial institutions, a shift that came with the express promise that it would restore lending.

Treasury, however, provided the money to banks with no effective policy or effort to compel the extension of credit. There were no strings attached: no requirement or even incentive to increase lending to home buyers, and against our strong recommendation, not even a request that banks report how they used TARP funds.

No, but then they didn't camp out in city parks for weeks, defecating on cop cars and urinating in the streets. Also none of their rallies lasted for more than a day and they never disrupted the normal comings and goings around them. When they left, they cleaned up.

The rallies aren't what made them a major force in the Republian party and these OWS parades and street theater isn't going to make them a major political force either.

We'll see if they get anything changed, but I wouldn't hold my breath

So that in venturing ill we leave to be
The things we are for that which we expect;
And this ambitious foul infirmity,
In having much, torments us with defect
Of that we have: so then we do neglect
The thing we have; and, all for want of wit,
Make something nothing by augmenting it.

Not significantly, but let's say a lot more people are aware of income disparity.

I suppose that's an achievment in the sense that educating the public about anything is an achievement, but it didn't take 40 days or living in parks and marching in the streets, and they're not going to reach a whole lot more Americans by camping and marching for another 40 days.

You and others can be either impressed or content with the outcome thus far from OWS, but I think its meager, and it certainly won't be worth the violence that will, I feel certain, arise if they continue in the current manner of the movement.

Whether the violence stems from poorly trained or simply vicious police or from protesters who are bored or want to generate Youtube videos, it is predictable, and therefore can be avoided.

Phoenix police chief: Occupy Phoenix demonstrations cost city over $200,000
Councilman Sal DiCiccio to suggest charging protesters

Oct. 30, 2011 12:00 AM
The Arizona Republic

The localized version of the anti-Wall Street protest, Occupy Phoenix, has cost Phoenix $204,162 since protesters began their demonstrations on Oct. 14, city officials said.

...

Why has it cost that much?

Oh.. that's right. Not because of the protesters but because of an unreasonable fear of the protesters.

I wonder why the Councilman didn't suggest taxing the rich to pay for policing the protesters?

Well Tico--that isn't strictly true. City officials have chosen to react to the demonstrations in a manner which has cost the $204,162 and the police overtime is no doubt a welcome relief to them and their families.

Do you know Tico how the figure of $204,162 has been computed?