December 19th, 2008
04:30 PM ET
5 years ago

How to spend $350 billion in 77 days

NEW YORK (CNNMoney.com) - President Bush has grudgingly allowed General Motors and Chrysler to drive away with the last few billion bucks in Treasury's TARP till, which boasted $350 billion a mere 77 days ago.

How did it all slip away so fast?

Full story on CNNMoney.com


Filed under: Economy
soundoff (54 Responses)
  1. Steve, Dallas, OR

    The only good thing about this is that the Auto makers received a loan from the money, whereas the banks received the money with no strings attached. I see the banks have done a great job of buying up troubled mortages, oh thats right the leveraged it and have the money sitting in there vaults. Nice job Fed and Treasury. Way to take care of the taxpayer. Jerks!

    December 19, 2008 05:36 pm at 5:36 pm |
  2. Texas Teacher

    *LOL*

    Begrudgingly is the key word.... wish he had been as thoughtful of the Bankers on Wall Street.... oh, no.... didn't take him anytime to sneak in the clauses that insured that they would lose NOTHING in the deal!
    :) Is anyone surprise? NOT ME....

    December 19, 2008 05:37 pm at 5:37 pm |
  3. alicia

    That money was spent before it was approved by the same cronies of Bush and Cheney in January 2001 PRIVATE meeting that they NEVER disclosed the meeting records.

    We all have to realize that the laws our founding fathers put in place were pertaining to everyone except Bush and Cheney.

    We will miss this sorry SHOE, I mean SHOW or BOTH?

    **Funny also how Citi gets OUR tax dollars and then raises interest rates on OUR credit cards. THESE crooks and cronies of Dubya just can't get enough! GREEDY GREEDY GREEDY

    December 19, 2008 05:39 pm at 5:39 pm |
  4. ran

    Give the money directly to the people. Show US the money.

    December 19, 2008 05:40 pm at 5:40 pm |
  5. Larry

    MAKING IT AVAILABLE in the first place,THAT is the BIG mistake,making it disappear in 77 days-priceless

    December 19, 2008 05:53 pm at 5:53 pm |
  6. Scott

    As I read of the billions of dollars being distributed to banks and then read the next article of the same banks committing piracy for raising their credit card interest rates......I can only feel a sense of total disbelief and disgust.

    Where is the sense of fairness to this madness. Everyday you hear politicians talking about helping the middle income person, but I have to wonder if they can even understand what it's like to have worked a full time job for 35 years, but not be able to buy a Christmas tree for your family this year, or what it's like to no longer be able to provide your child the necessary medical treatments he needs for his illness because the doctor turned him away until we can get caught up on our past due balance, what it's like to stare at the bills each month and have to make a decision on which bills you can pay, what it's like to have to make the choice to pay credit card bills at 30% interest over paying a medical bill because the credit card companies are relentless in collections and inhuman.

    Credit cards, 30% interest rates, destroying the American family.....and the government is giving them billions of our tax dollars, hundreds of dollars of which come out of my check each month and insures that I can't pay my bills. I didn't mismanage my finances, nor overspend.....In my opinion, I'm being robbed from both sides and believe we should vote for flat tax and socialsim.....the banks have already gotten enough.

    December 19, 2008 05:54 pm at 5:54 pm |
  7. Dan, TX

    Republican socialists giving away taxpayer dollars to big business.

    Republicans spend, spend, spend.

    December 19, 2008 05:56 pm at 5:56 pm |
  8. James Ibhahe

    That is easy just bring Bush and his kind back to WH and we will be spending $700 Billion in 38.5 days

    December 19, 2008 05:58 pm at 5:58 pm |
  9. FreeNLovIt

    Ah, you can thank deregulation for all this mess. Our government for the past eight years, acted like a bunch of lobbyists.

    December 19, 2008 06:06 pm at 6:06 pm |
  10. DIZIZI31

    here's a way to boost the enconomy – give each working citizen and those on unemployement a substanial amount to pay their house and food needs for 2009 and there wont' be an economic crisis. People will spend it. One dollar transfers hands 14 times before it leaves the community. Just think what we the working and unemployed could do with a substantial stimulus bail-out. Chances of this happening zero. Nice to think about though

    December 19, 2008 06:07 pm at 6:07 pm |
  11. josh

    WAIT WAIT WAIT!!!! I live in Oklahoma, and was cleaning out my car today, and IN THE TRUNK of my car I found OVER 5000 ballots, all of them for Franken. I have never been to Minnesota, but I think that these need to be counted... anybody with me?

    December 19, 2008 06:11 pm at 6:11 pm |
  12. Antonio

    Answer: Leave it to the Democrats and the Republicans...

    December 19, 2008 06:15 pm at 6:15 pm |
  13. jethro

    What's $350 billion dollars to the U.S. Treasury if they can borrow UNLIMITED amounts of "money" from the Federal Reserve that creates it out of thin air? The Federal Reserve (which is a private bank and not a branch of the government) was created for these kinds of bailouts. Ultimately, all of this bailout money will not come from the government or the Federal Reserve, it will come from American consumers in the form of higher prices. The Federal Reserve as a "lender of last resort" means that the money is created out of nothing, resulting in the confiscation of our nation's wealth through the hidden tax called inflation. Thanks to the financial terrorists and educated Fabian socialists, we are on the slow and gradual road to worldwide feudalism.

    December 19, 2008 06:17 pm at 6:17 pm |
  14. H.C AND O.B supporter for life...

    What the hell are you talking about josh?

    December 19, 2008 06:22 pm at 6:22 pm |
  15. Ralph W

    24 hour McDonalds and a blow out on Rolling Rock at the local pub?

    December 19, 2008 06:24 pm at 6:24 pm |
  16. Cori from Colorado

    The handouts just don't stop, which is why it's gone so quickly. As we can see, the people losing out on the pile of cash are the hard working Americans, who by the way, really deserve this money. Go figure, they could've instituted a universal healthcare system with that money, instead it's being squandered on those who are already rich.

    December 19, 2008 06:31 pm at 6:31 pm |
  17. BB

    Clinton was impeached for "doing" one person – and Bush goes free after "doing" every taxpayer.

    Un-freekin-believable.

    December 19, 2008 06:38 pm at 6:38 pm |
  18. Denver Dem

    How? How? It should be obvious to all, our country until Jan 20th is run by stupid greedy repug villians. They could screw up a wet dream, they are so incompitent they make the iraqi government look inteligent.

    December 19, 2008 06:38 pm at 6:38 pm |
  19. Jonathan M

    This is the daily prayer i say to myself if it gives you hope for the future. (I'm a political science/pre-law major and plan on running for office later in my life.)

    "Father, please guide me in my way through life. Allow some good to come from my hard work. I see the suffering and could not stand it. The only way I can help is for you to guide me on a straight path so that I may help those who need to be helped."

    Things will be better guys, I promise.

    December 19, 2008 06:46 pm at 6:46 pm |
  20. deb in Colo

    It went to junkets and executive bonuses. Give a banker a blank check and he/she will spend it.

    December 19, 2008 06:47 pm at 6:47 pm |
  21. bail out the citizens and people of this country for once

    i agree, with "DIZIZI31 December 19th, 2008 6:07 pm ET

    here's a way to boost the enconomy – give each working citizen and those on unemployement a substanial amount to pay their house and food needs for 2009 and there wont' be an economic crisis. People will spend it. One dollar transfers hands 14 times before it leaves the community. Just think what we the working and unemployed could do with a substantial stimulus bail-out. Chances of this happening zero. Nice to think about though"

    this will save TRULY or problem, why are we trusting the rich ones YET AGAIN............. and AGAIN, with our MONEY OUR TAXES, OUR RETIREMENT.. JUST DOES NOT MAKE SENSE.
    please bail us out.. we would circulate money people would pay their mortages and credit cards, debts, and even celebrate in restaurant, (creating tons of jobs right there..)

    December 19, 2008 07:00 pm at 7:00 pm |
  22. Armando

    The people who are blaming the repubs are funny. Don't know where your people have been, but what about your hero's pelos, reid, frank, dodd among others?

    December 19, 2008 07:33 pm at 7:33 pm |
  23. Look ALIVE!

    "How did it all slip away so fast?" you ask, because Bush is on the out and all the people who could get their hands into the barrel B4 HE LEFT, took a cut home while the rest of the American people wonder where and when they might get their next dinner, or, gas to get to work, $$$ for their rent/mortgage, electric, sewer, water, trash, car, insurance, [not only car, BUT home/health] clothes, etc...ALOT of people "higher up" are going to not only enjoy a NICE Christmas, they are ALSO padding their futures and will do practically ANYTHING to get it. Some think that's the American way and in the swirl of $350 BILLION dollars, they can't help but pull a couple of strings and hope they "bait" something from it. Believe me, that much money does not get spread around without people "dipping" into the jar/barrell!
    :(
    Sad for the "little folk".

    December 19, 2008 07:37 pm at 7:37 pm |
  24. cliff

    i feel that i am on the front line in automotive we have jobed out the making of many of our american car parts these factories in china are making many defective parts and that is lowering our reliability the american manufacturers need to control part quality for more than a few years,also the companies need to stand behind the vehicles they make we make a good product but we are failing to roll out the red carpet when there is a bad part or part desingn this i what other companies have been doing for years so even though the ceo are taking no salary they need to then give factory support to the dealers fix the defective parts problem come out of those countries bring that work back home fix your known problems.

    December 19, 2008 07:51 pm at 7:51 pm |
  25. Susan

    Let's hope it helps our economy. America needs to become strong again & soon!

    December 19, 2008 08:24 pm at 8:24 pm |
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