We're coming up on Wall Street bonus season, rumored to be another record setter. So it shouldn't be too big a surprise to see more propaganda being pumped out on the "profitability" of TARP.
On this blog I generally strive not to repeat myself. However, I hope you'll agree that dispelling the reoccurring attempt to foster a myth of TARP "profitability" is worth making an exception. So here goes: it is intellectually dishonest to try and disentangle the "profits" from TARP from the total government bailout.
The real shame about this particular piece of "analysis" is its source, Bloomberg, which had been doing yeoman's work on challenging Fed secrecy and reporting the true cost the entire government bailout. Check this video out for a previous take from the very same Bloomberg on what the entire government bailout has cost taxpayers. (Note to Bloomberg's Editorial Department: you guys need to get your staff on the same page!)
Oh when of when will we cease indulging the fiction that Too Big Too Fail banks are private enterprises?
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