mercredi 5 mai 2010


Des journalistes répètent un peu partout que les banques ont remboursé l'argent du TARP. Les plus crédules expliquent que l'Etat a fait un profit sur son investissement. Voilà ce qu'il s'est vraiment passé (via Atrios):

As a bookkeeping matter we can say that the government "profitted" from these deals in the sense that it got interest on its loans. (It also received warrants from banks that it sold at a profit.) However, as a practical matter, these profits no more benefit the government's accounts than if the Federal Reserve Board just printed the same amount of money and handed it to the Treasury by purchasing government bonds. Unfortunately, few reporters covering the economy and the bailout understand this point, so they end up writing pieces that imply the country was somehow benefitted by the fact that the banks repaid their loans with interest.

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