they purchased those companies, they were the top bidder. in terms of the money, this is an eye popping number, but actually the number on the table was an eye popping number. when we look at all the combined penalties. is this the system working or failing to work? this is going to produce the accountability that makes sure this never happens again or is this a speeding ticket, a slap on the wrist and essentially the cost of business that can be written down? i think it s kind of neither. i think this in particular i can t speak to all the other things that have happened throughout the years. but this kind of resolution is still part of the law. painful hangover from the worst
you have to take a step back. if we took out just one lawsuit that this lawsuit covered that sued jpmorgan because of and i just wanted to make a point to what ed today earlier which is that some of this is about before the crisis and the thing that washington mutual did or things that bear stearns did. no one on wall street acquires a company without understanding that they take on the liability of the company that they re purchasing. just because washington mutual or bear was the ones they went into it with open eyes, they purchased those companies, they were the top bidder. in terms of the money, this is an eye popping number, but actually the number on the table was an eye popping number. when we look at all the combined penalties. is this the system working or failing to work?
down. do you think it would have made a difference if he started talking that way? yes. the fact that the republicans can say that in five years obama added five trillion to the national debt, that is an eye popping number, but that s because of the mess he inherited. i wrote a column saying how i learned to start loving trillion dollar deficits. it was the only way get us out of the hole with the collapse in demand that obama walked into. what s important about what ryan is doing and i criticized ryan before from the right. he has been falsely pedalling the idea that he is a fiscal conservative, but they don t balance in 30 or 40 years. if he lays down a budget, even with phony assumptions, he achieved balance on paper, i do think that will transform the debate and put obama on defense. you said that the reason for that is because it will put
been shepherded by tim geithner, he lasted all four years. they say he was incredibly successful incredibly influential. we re talking about his legacy. one of the things we said before break is this argument about the bailouts and the cost. the idea that, you know, people throw around the $700 billion figure which is a huge eye popping number and then the argument on the other side that time geithner will say taxpayers made money on the bailout. or you basically just said that. and neil, you have an issue with that. first of all, you know, the fact that tarp is going to make money, treasury s own projections is between 40 to $50 billion in losses. it s far less than we ever imagined it would be. and that s one of the good news things. the problem with these types of calculation, they don t calculate the cost of the next financial crisis that has been made all but inevitable by t.a.r.p. and the way it was
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