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The Economic Policy Institute posted an article/blog post/brainstorm regarding the possibility of positive payoff from the government’s bailout/investment/OhmyGodCivilizationIsEnding of the banks within the past year. Of course, this included many programs since TARP and so forth and so on.

Now, mercifully, they actually provide a good deal of caveat saying that this could all still blow up in our faces in terms of monetary loss. But, they add this:
Bloggers have been quick to point out that the early profits touted this week are by no means proof that the government response will transform the worst financial crisis in nearly a century into a pleasant, money-making venture.
When even the Economic Policy Institute does the whole “Bloggers said this…” garbage, it strikes a nerve with me. Especially, when one of those lowly, non caring, bloggers is Matt Taibbi, who is by no means a slouch; nor is he completely under the radar.

Listen, here is my point. We should take note when someone, or something, is being marginalized so that a point, or narrative, has the ability to be taken as prevailing opinion. And right now, saying “bloggers” is a great way to allow someone’s audience to put a face on something so that it seems untrustworthy, or unreliable.

Back to the bailout repayment though, EPI does still allow credence (they may be optimistic about getting profit from the bailout, but not completely nuts about the real reason why it was implemented) to Taibbi’s argument, which is that the bailout could still not return any money when all the sub-totals are summed. And when you figure that we still need better numbers from Fed on their part in buying securitized assets, you realize that there is still a long way to go before we start counting chickens.

On the whole, the EPI’s article is a good, even necessary read, but remember that the “bloggers” who have been wondering about the final bottom line have a well worth point to be heard.


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