{"id":16658,"date":"2012-12-06T13:00:37","date_gmt":"2012-12-06T18:00:37","guid":{"rendered":"http:\/\/cfif.org\/v\/freedom_line_blog\/?p=16658"},"modified":"2012-12-06T14:09:44","modified_gmt":"2012-12-06T19:09:44","slug":"tag-were-all-it-and-thats-not-good","status":"publish","type":"post","link":"https:\/\/cfif.org\/v\/freedom_line_blog\/16658\/tag-were-all-it-and-thats-not-good\/","title":{"rendered":"TAG, We&#8217;re All &#8220;It&#8221; &#8212; And That&#8217;s Not Good"},"content":{"rendered":"<p>A good source reports this to me, in his own words which I have shamelessly appropriated:<\/p>\n<blockquote><p>Here&#8217;s the skinny, a part of TARP was the so called TAG program.\u00a0 What it did was remove the cap on insured deposits without limit as long as there was no interest being paid on the account.\u00a0 Now tell me who is paying interest bearing checking anymore?\u00a0 So in other words, TAG now makes the federal taxpayers liable for another 1.4 trillion dollars in deposits.\u00a0 Like TARP, it was supposed to be a temporary measure to calm bank depositors, but it was extended in Dodd Frank and now the bankers (who love it of course) are racing to get it extended.\u00a0 The scary part is that a number of Republicans may help the Dems jam it through the Senate next week on a party line vote without amendment.\u00a0 Pretty ironic that Reid and Schumer think taxes need to go up on people making 250k per year, but they are willing to lift the insurance cap on deposits of a similar size for their buddies in the banking industry and dump the liability of the Treasury.\u00a0 It stinks.<\/p>\n<p>See this <a href=\"http:\/\/online.wsj.com\/article\/SB10000872396390443343704577549212130668218.html\" target=\"_blank\">WSJ editorial<\/a> from August.\u00a0 It was assumed this thing was dead but it looks very live according to sources in the GOP Senate leadership and Banking Committee.\u00a0 BTW, worth noting as usual Shelby, who opposed TARP and is Ranking on Banking is opposing it.<\/p>\n<p>Reid may file cloture and move to a vote as early next week.\u00a0 Republicans, as if is possible, should be ashamed to let this happen and bless it in the midst of the beating they are taking on the Cliff issues and\u00a0 all their moaning about spending and federal liabilities.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>A good source reports this to me, in his own words which I have shamelessly appropriated: Here&#8217;s the skinny, a part of TARP was the so called TAG program.\u00a0 What it did was remove the cap on insured deposits without limit as long as there was no interest being paid on the account.\u00a0 Now tell [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[3461,3960,3959,183],"class_list":["post-16658","post","type-post","status-publish","format-standard","hentry","category-posts","tag-banking","tag-shelby","tag-tag","tag-tarp"],"_links":{"self":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts\/16658","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/comments?post=16658"}],"version-history":[{"count":3,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts\/16658\/revisions"}],"predecessor-version":[{"id":16660,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts\/16658\/revisions\/16660"}],"wp:attachment":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/media?parent=16658"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/categories?post=16658"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/tags?post=16658"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}