Tea Party Position Wrong Again; Federal Bank Bailout Actually Turns a Profit

The knee-jerk reactionaries of the Tea Party persuasion didn't predict it, but it's nonetheless true: The federal bailout of the banking system actually worked—and it has turned a profit.

The right-wing crystal ball seems to be on the fritz. 

Here's a summary of what actually happened, courtesy of our friends at Think Progress:

The portion of TARP funds “that went to banks has now turned a profit for the federal government,” the Treasury Department said yesterday. The department said “the only lost money from TARP will stem from its foreclosure prevention programs.”

Lest their be any mistake, we also think the banks were greedy and made a lot of poor lending decisions in pursuit of the Almighty Dollar. So we don't have much sympathy for their actions and the financial mess they created.

Yet because these bank failures could have swamped the entire U.S. economy, the feds were right to step in and do what had to be done.

Now we'd like to see some of those bankers held accountable.