And the Tea Party got all hot and bothered over what, exactly?
Santelli's rant against the $75 billion mortgage bailout program called HAMP on CNBC? Noboby heard it!
The interventions bailing out private corporations like GM, Chrysler, and AIG, etc? Why, totally meaningless! Didn't happen!
This gag never appeared anywhere:
Nearly 400 failed banks haven't failed.
The FDIC hasn't had to pay $80 billion because of it.
1000 more with $400 billion in assets aren't really in danger.
Taxpayers aren't on the hook for $160 billion and rising for Fannie Mae and Freddie Mac.
$10 trillion in taxpayer funds weren't really lent to every Tom, Dick and Hairy Bastard in the world at rock-bottom rates by the Federal Reserve!
The New York Times is simply mistaken that TARP will end up costing the taxpayers $37 billion. The CBO estimate of $25 billion is also quite simply wrong.
Partial transcript here:
RUSH: Will in Amanda, Ohio. You're up first. Great to have you on the EIB Network. Hello.
CALLER: Hey thanks, Rush. Hey, don't you think the one common denominator between the Tea Party and the protesters on Wall Street is a lack of justice? And what I mean by that is the lack of criminal prosecution from anybody from Fannie Mae and Freddie Mac, Wall Street, the banking industry, or even our own government officials.
RUSH: Um, okay --
CALLER: Not one prosecution, Rush.
RUSH: You want prosecution? Oh, "not one." I'm trying to understand. What's the correlation to the Tea Party?
CALLER: Well, the Tea Party gathered great strength after the bailouts that they tried to stop, and I think without the prosecution of anybody for crimes that have brought this country to its knees --
RUSH: Okay, name for me a crime and who you think should be prosecuted. I'm not disagreeing, I just want to know. Obama was asked this question today.
CALLER: Rush.
RUSH: Somebody asked him today, "How come there haven't been any prosecutions?" Who? And for what?
CALLER: I have to untie the other half of your brain for this one. Think about Fannie Mae and Freddie Mac.
RUSH: Okay, when I think Fannie Mae and Freddie Mac I think Barney Frank and Chris Dodd.
CALLER: Absolutely.
RUSH: Okay.
CALLER: But look at the collusion that's taken place between Wall Street and the banking industry and selling the mortgages -- or giving mortgages to anybody -- 'cause we know we can sell 'em off over here and we don't care if they're qualified or not.
RUSH: All right.
CALLER: Do you think there was a lack of fiduciary responsibility from a lot of people?
RUSH: No! I think there was fear of government.
CALLER: The what?
RUSH: I think there was fear of government. You talk about all these mortgage-related projects. Why did they exist?
CALLER: That doesn't justify crime.
RUSH: I'm not saying it does. No, no, no, no. Wait a minute. (sigh) I'm not trying to justify crime, but when you have the... I don't know. ...
Now, it's risky saying this because I sound like I'm coming to the defense of bankers. ...
They were forced to accept the bailout. The banks have paid back their bailouts with interest. The government has made a profit from the bailouts.
