Bush overpaid banks in bailout, watchdog says

[MacBeth]

WASHINGTON – The Bush administration overpaid tens of billions of dollars for stocks and other assets in its massive bailout last year of Wall Street banks and financial institutions, a new study by a government watchdog says.

The Congressional Oversight Panel, in a report released Friday, said last year's overpayments amounted to a taxpayer-financed $78 billion subsidy of the firms.

The findings added to the frustrations of lawmakers already wary of the $700 billion rescue plan, known as the Troubled Asset Relief Program. Congress approved the plan last fall, but members of both parties criticized spending decisions by the Bush administration and former Treasury Secretary Henry Paulson.

Financially ailing insurance giant American International Group, which the Treasury Department deemed to be too big to be allowed to fail, received $40 billion from the Treasury for assets valued at $14.8 billion, the oversight panel found.

In December, in response to questions from the oversight panel, Paulson wrote that the value of preferred stock purchased by the government was "at or near par," meaning Treasury paid $1 for every $1 dollar of asset.

"The way the Treasury secretary described it does not fit with the numbers that were produced in our much more extensive valuation analysis," panel chairwoman Elizabeth Warren told reporters Friday. "The secretary of the Treasury described it in December that these were par transaction and that is not supported by the numbers."

The continued scrutiny comes as new Treasury Secretary Timothy Geithner prepares to place the Obama administration's imprint on the program with a sweeping new framework for helping banks, loosening credit and helping reduce foreclosures. Geithner plans to unveil the changes Monday.

And while Paulson is gone and Geithner is in charge, the program itself remains in the hands of Neel Kashkari, a holdover from the Bush administration.

In December, Kashkari defended the Treasury purchasing strategy as bank stock prices dropped.

"We're not day traders, and we're not looking for a return tomorrow," he said. "Over time, we believe the taxpayers will be protected and have a return on their investment."

In a bright spot for the rescue program, the same banks that received capital infusions from Treasury have already paid $271 million in dividends to the federal government and are expected to pay $1.5 billion more in dividends by the end of this month. Wells Fargo, which received a $25 billion infusion, has already announced it would pay Treasury $371 million in dividends this month.

The oversight panel examined 10 transactions, including eight made under a capital purchase program designed to put liquidity into the banks in hopes of easing credit. That money went to banks considered "healthy" financially but in need of capital to make loans.

Two other transactions went to AIG and to Citigroup Inc. under programs designed to help companies that were facing serious financial difficulties.

Overall, the panel and the analysts it retained to conduct the valuation study found that the Treasury used taxpayers' money to pay $62.5 billion more than the value of assets in the 10 transactions it examined. By extrapolating to the more than 300 institutions that received money, the panel concluded that the government in effect paid $78 billion more than the actual value of the assets at the time.

"Treasury chose to offer 'one size fits all' pricing in order to encourage all institutions to participate, and in so doing disregarded apparent differences in their financial condition," the report states. "A consequence is that Treasury effectively offered weaker participants greater subsidies than it offered to stronger participants."

Reacting to the panel's conclusions, Treasury spokesman Isaac Baker said in a statement: "Treasury's efforts since the fall prevented a systemwide collapse, but more needs to be done to stabilize the financial sector, increase lending and protect taxpayer dollars."

He said the plan Geithner will announce Monday aims to free up credit, "while strengthening transparency and accountability measures so that taxpayers know where and how their money is being spent and whether it's achieving real results."

Senate Banking Chairman Chris Dodd, D-Conn., said the overpayment was sure to "raise eyebrows."

"I can understand some gap," he said. "No one is expecting perfection between the price you pay and what you think you're getting. But that's a pretty large disparity."

___

On the Net:

February oversight report: cop.senate.gov/documents/cop-020609-report.pdf.



news.yahoo.com/s/ap/20090206/ap_on_go_ca_st_pe/bailout_oversight

[Calluna]

"Troubled Asset Relief Program"

Where do you suppose the hyphen belongs? It's looking a lot more like it should be:
Troubled Asset-Relief Program
even though it was originally meant to be:
Troubled-Asset Relief Program

I just wish they had given Bush as hard of a time as they're now giving Obama on stimulus funding.

[oskar]

This entire stimulus thingie is nothing more than a huge welfare program that will hopefully tide us over until the economy rebounds. Unfortunately, the first slice went to the greedy rather than the needy.

[Pax]

Well, depending on who you ask, the Roosevelt stimulus actually worked. I personally think it did. I view it as kind of battery power while the grid's out. I'm sure we're all aware of the downward spiral of people feeling poor, so they reign in their spending, so the companies lose revenue, and lay off people, and the newspaper reports the layoffs, so people panic even more, reigning in their spending even more, on top of the people who have no income now because they were laid off, so they buy still less, forcing companies to lay off even more people, etc.

The idea of a stimulus package is to keep unemployment down and otherwise keep the bad news down and keep people from panicking so much and not spending, or so the thinking goes. I think it makes sense and I certainly think there's more to it than it "just being a huge welfare program."

[oskar]

Everything you posted certainly makes it look like a huge welfare program.
Whether it works or not remains to be seen, given the different circumstances from the last time such a thing was necessary.

[Pax]

Well, I can see a difference... I still believe it worked in the thirties, and I think it'll work now. I could be wrong. I think doing nothing would be even worse.

[oskar]

It'll be worse if it fails to tide the nation over until the economy rebounds.

[Pax]

Again, if Roosevelt did it, it can be done again.

The alternative is to let the country get to the point where we have 25% unemployment, etc.

Keep in mind, both the fascist and communist parties were gaining strength in our country as a direct result of the depression. History could have gone much differently had Roosevelt not managed to short-circuit the depression.

Doing nothing is not an option. It is unethical to do nothing while millions suffer through no cause of their own, and it is dangerous to our democracy.

[oskar]

Oy vey. Now there's the last thing I ever expected. Let's restart the Cold War. That'll do it.

[oskar]

One of the major differences between now and then is that the US was still the primary manufacturer in the world. That is no longer the case and the US does not have the natural resources to redress that without relying on foreign sources. And the first thing we hear about is protectionism.
Secondly, the US was not in massive debt to nations that are far from friendly and this "stimulus" package will increase that indebtedness. Printing more money simply won't do it as there is no available wealth to support it.
Thirdly, the enormous trade imbalance cannot be overcome any time soon.
Fourthly, I don't think what is being proposed is big enough to have much effect. Look to Japan in the 90s for a model. They also needed help from outside to recover. That help was available since the rest of the industrialised world wasn't in the same situation. This time the rest of the world is facing the same situation, so no help there unless the US gets off the protectionist bandwagon.
There's plenty more, but this should suffice for the moment.

[Pax]

Maybe those differences are critical, maybe they don't matter at all. Maybe.

[oskar]

It's completely unknown territory and any claims of success or failure is pure speculation, IMO.

[crazielollie]

"I just wish they had given Bush as hard of a time as they're now giving Obama on stimulus funding. "

They're afraid of losing votes now. They're finally "hearing" the voting public. As to the "Bush" stimulus - it was supported mightily by Obama as well as McCain. At that point, there was no chance of getting someone who didn't support it into the presidency. Today, however, many congressmen can no longer ignore the voting public. Don't insist on at least a somewhat sensible use of the money and their jobs will be gone. We're getting more of the same once again and people are waking up to that fact.

Even some of the banks that were "bailed out" didn't need to be. Money was just tossed in their direction and they took it. IF there were a move to at least stop jobs from leaving (maybe toss some of it to companies to keep their factories open here) while working to change the trade imbalance, maybe there would be some lasting effect. None of this is going to do much good in the next year anyway. Let's see a long term plan instead of "toss it out and see where it sticks" with billions of dollars. Of course, with Obama taking advice from the likes of the CEO of GE, it's not likely to happen. Nor is it likely with Gietner at the helm - we saw how he thinks during the "Bush" stimulus. Where's the "out of the box" innovations the voters were told to expect that were going to solve so many problems?

[Pax]

For my part, I was all for them moving fast on the first bailout... but now that it turns out we can't trust business people to do the right thing (parties, planes, bonuses, and otherwise spending the money on everything but what they were supposed to spend it on), I definitely don't want to see a repeat of that. This time, it's got to be right.

[wayneinfl]

"Maybe those differences are critical, maybe they don't matter at all. Maybe. "

Well, let's try it. The worst that could happen is we throw away a trillion dollars or two and the situation worsens in the future.

[MacBeth]

As opposed to what, wayne?

[oskar]

As long as manufacturing is being shipped overseas it won't work. It can't work since the economy is consumer driven and there are no consumers if there are not enough jobs to go around.
The US must face the likes of China who engage in unfair trade if any of this welfare is to be well spent.

[Pax]

No, the worst that could happen is that we do nothing and have ten years of Carter-era high-interest stagflation, when stimulus now would have resolved it before it started.

While we're speaking hypothetically, of course.

[wayneinfl]

"No, the worst that could happen is that we do nothing and have ten years of Carter-era high-interest stagflation, when stimulus now would have resolved it before it started."

No, the worst thing is that we start out a trillion dollars in the hole on our way into ten years of stagflation.

[wheelspinner]

Well of course the 10 trillion in the hole has already happened, courtesy of the Bush Administration's profligacy. Not much can be done about that now, other than to pay it off.

China's economy is less than stellar right now. As the major US debt-holder, it will be a concern how they view those investments. If China decides that there's more to be gained by reinvesting in their own economy than in US debt instruments, things coudl get nastier very quickly.

[crazielollie]

"For my part, I was all for them moving fast on the first bailout"

Why, Pax? Had the banks bit the dust FDIC would have rescued the "little folk" and the rest would have been purchased or let go by the banks that were left. The idea that this was a huge crisis that just occurred was insane. So, also was the idea that we were to toss out billions of tax dollars to people who were not elected. Our elected officials allowed themselves to be stampeded into an action that left the disposal of this money totally out of their control. How did you find any of that agreeable? Most didn't understand the situation and basically voted to put in someone elses hands. The approach of this crisis should have been looked at several years ago, not say one day "we need the money now in less than a week and heaven help us if we don't do it and only one man in the whole country is capable of handling it so we'll let him and not ask anyone else for input". This was a sensible reaction to you?

Keep hearing how mortgages aren't available and small businesses can't get loans. I'm not seeing it here except with those who shouldn't be extended credit as they are poor risks. Just looks like the bankers are returning to sanity at the same time the government is going beserk.

As for the job loss...that's been happening for years. If we still had real production here, we'd probably be hurting but not to the extent we are now. I know the auto companies approached our government for help several years back. Some other types of manufacturers were actually hampered by our government and, as a result , we lost them. The type of economy we've been running on for the last 20 years was nothing less than a death wish. Yes, jobs going to China, Mexico, etc. make the bottom line look better and investors happier. It's been hell for those who don't have the money to invest as they watched the bottom line of their personal economy drop. The government's answer to this were tax credits to help those with children. Unfortunately, even with that, we still needed more government hand outs for things like medical (an area where the government competes mightily and actually drives cost up). Maybe if any in congress chose to look at the underlying cause of the problems many were facing and started working on that, we wouldn't be in the mess we are.


None of it matters now. We own it and we're going to have to live with it for quite awhile. Meanwhile, congress will go on merrily directing the money that my grandchildren will have to repay since there is no way to stop them. In all this, no one has even mentioned returning the money they stole from Social Security (and borrowing without paying back is theft).

[MacBeth]

As for the job loss...that's been happening for years.


Point me tp another month where we lost 600,000 jobs.....

[oskar]

As for the job loss...that's been happening for years.

You have statistics to support that?

[MacBeth]

1948-01 3.40 Truman
1948-02 3.80
1948-03 4.00
1948-04 3.90
1948-05 3.50
1948-06 3.60 Berlin airlift
1948-07 3.60
1948-08 3.90
1948-09 3.80
1948-10 3.70
1948-11 3.80
1948-12 4.00
1949-01 4.30
1949-02 4.70
1949-03 5.00
1949-04 5.30
1949-05 6.10
1949-06 6.20
1949-07 6.70
1949-08 6.80
1949-09 6.60
1949-10 7.90
1949-11 6.40
1949-12 6.60
1950-01 6.50 Min. Wage = $0.75
1950-02 6.40
1950-03 6.30
1950-04 5.80
1950-05 5.50
1950-06 5.40 US Enters Korean War
1950-07 5.00
1950-08 4.50
1950-09 4.40
1950-10 4.20
1950-11 4.20
1950-12 4.30
1951-01 3.70
1951-02 3.40
1951-03 3.40
1951-04 3.10
1951-05 3.00
1951-06 3.20
1951-07 3.10
1951-08 3.10
1951-09 3.30
1951-10 3.50
1951-11 3.50
1951-12 3.10
1952-01 3.20
1952-02 3.10
1952-03 2.90
1952-04 2.90
1952-05 3.00
1952-06 3.00
1952-07 3.20
1952-08 3.40
1952-09 3.10
1952-10 3.00
1952-11 2.80
1952-12 2.70
1953-01 2.90 Eisenhower
1953-02 2.60
1953-03 2.60
1953-04 2.70
1953-05 2.50
1953-06 2.50
1953-07 2.60 Korean War Armistice
1953-08 2.70
1953-09 2.90
1953-10 3.10
1953-11 3.50
1953-12 4.50
1954-01 4.90
1954-02 5.20
1954-03 5.70
1954-04 5.90
1954-05 5.90
1954-06 5.60
1954-07 5.80
1954-08 6.00
1954-09 6.10
1954-10 5.70
1954-11 5.30
1954-12 5.00
1955-01 4.90
1955-02 4.70
1955-03 4.60
1955-04 4.70
1955-05 4.30
1955-06 4.20
1955-07 4.00
1955-08 4.20
1955-09 4.10
1955-10 4.30
1955-11 4.20
1955-12 4.20
1956-01 4.00
1956-02 3.90
1956-03 4.20 Min. Wage = $1
1956-04 4.00
1956-05 4.30
1956-06 4.30
1956-07 4.40
1956-08 4.10
1956-09 3.90
1956-10 3.90
1956-11 4.30
1956-12 4.20
1957-01 4.20
1957-02 3.90
1957-03 3.70
1957-04 3.90
1957-05 4.10
1957-06 4.30
1957-07 4.20
1957-08 4.10
1957-09 4.40
1957-10 4.50
1957-11 5.10
1957-12 5.20
1958-01 5.80
1958-02 6.40
1958-03 6.70
1958-04 7.40
1958-05 7.40
1958-06 7.30
1958-07 7.50
1958-08 7.40
1958-09 7.10
1958-10 6.70
1958-11 6.20
1958-12 6.20
1959-01 6.00 Alaska becomes 49th State
1959-02 5.90
1959-03 5.60
1959-04 5.20
1959-05 5.10
1959-06 5.00
1959-07 5.10
1959-08 5.20 Hawaii becomes 50th State
1959-09 5.50
1959-10 5.70
1959-11 5.80
1959-12 5.30
1960-01 5.20
1960-02 4.80
1960-03 5.40
1960-04 5.20
1960-05 5.10
1960-06 5.40
1960-07 5.50
1960-08 5.60
1960-09 5.50
1960-10 6.10
1960-11 6.10
1960-12 6.60
1961-01 6.60 Kennedy Bay of Pigs invasion of Cuba
1961-02 6.90
1961-03 6.90
1961-04 7.00
1961-05 7.10
1961-06 6.90
1961-07 7.00
1961-08 6.60
1961-09 6.70 Min. Wage = $1.15
1961-10 6.50
1961-11 6.10
1961-12 6.00
1962-01 5.80
1962-02 5.50 Cuban Missile Crisis
1962-03 5.60
1962-04 5.60
1962-05 5.50
1962-06 5.50
1962-07 5.40
1962-08 5.70
1962-09 5.60
1962-10 5.40
1962-11 5.70
1962-12 5.50
1963-01 5.70
1963-02 5.90
1963-03 5.70
1963-04 5.70
1963-05 5.90
1963-06 5.60
1963-07 5.60
1963-08 5.40
1963-09 5.50 Min. Wage = $1.25
1963-10 5.50
1963-11 5.70 Johnson
1963-12 5.50
1964-01 5.60
1964-02 5.40
1964-03 5.40
1964-04 5.30
1964-05 5.10
1964-06 5.20
1964-07 4.90
1964-08 5.00 US Enters Vietnam War
1964-09 5.10
1964-10 5.10
1964-11 4.80
1964-12 5.00
1965-01 4.90
1965-02 5.10
1965-03 4.70
1965-04 4.80
1965-05 4.60
1965-06 4.60
1965-07 4.40
1965-08 4.40
1965-09 4.30
1965-10 4.20
1965-11 4.10
1965-12 4.00
1966-01 4.00
1966-02 3.80
1966-03 3.80
1966-04 3.80
1966-05 3.90
1966-06 3.80
1966-07 3.80
1966-08 3.80
1966-09 3.70
1966-10 3.70
1966-11 3.60
1966-12 3.80
1967-01 3.90
1967-02 3.80 Min. Wage = $1.4
1967-03 3.80
1967-04 3.80
1967-05 3.80
1967-06 3.90
1967-07 3.80
1967-08 3.80
1967-09 3.80
1967-10 4.00
1967-11 3.90
1967-12 3.80
1968-01 3.70
1968-02 3.80 Min. Wage = $1.6
1968-03 3.70
1968-04 3.50
1968-05 3.50
1968-06 3.70
1968-07 3.70
1968-08 3.50
1968-09 3.40
1968-10 3.40
1968-11 3.40
1968-12 3.40
1969-01 3.40 Nixon
1969-02 3.40
1969-03 3.40
1969-04 3.40
1969-05 3.40
1969-06 3.50
1969-07 3.50
1969-08 3.50 Tax Reform Act of 1969, dec.
1969-09 3.70
1969-10 3.70
1969-11 3.50
1969-12 3.50
1970-01 3.90
1970-02 4.20
1970-03 4.40
1970-04 4.60
1970-05 4.80
1970-06 4.90
1970-07 5.00
1970-08 5.10
1970-09 5.40
1970-10 5.50
1970-11 5.90
1970-12 6.10
1971-01 5.90
1971-02 5.90
1971-03 6.00
1971-04 5.90
1971-05 5.90
1971-06 5.90
1971-07 6.00
1971-08 6.10
1971-09 6.00
1971-10 5.80
1971-11 6.00
1971-12 6.00
1972-01 5.80
1972-02 5.70
1972-03 5.80
1972-04 5.70
1972-05 5.70
1972-06 5.70
1972-07 5.60
1972-08 5.60
1972-09 5.50
1972-10 5.60
1972-11 5.30
1972-12 5.20
1973-01 4.90
1973-02 5.00
1973-03 4.90
1973-04 5.00
1973-05 4.90
1973-06 4.90
1973-07 4.80
1973-08 4.80
1973-09 4.80
1973-10 4.60
1973-11 4.80
1973-12 4.90
1974-01 5.10
1974-02 5.20
1974-03 5.10
1974-04 5.10
1974-05 5.10 Min. Wage = $2
1974-06 5.40
1974-07 5.50
1974-08 5.50 Ford
1974-09 5.90
1974-10 6.00
1974-11 6.60
1974-12 7.20
1975-01 8.10 Min. Wage = $2.1
1975-02 8.10
1975-03 8.60
1975-04 8.80 US Exits Vietnam War
1975-05 9.00
1975-06 8.80
1975-07 8.60
1975-08 8.40
1975-09 8.40
1975-10 8.40
1975-11 8.30
1975-12 8.20
1976-01 7.90 Min. Wage = $2.3
1976-02 7.70
1976-03 7.60
1976-04 7.70
1976-05 7.40
1976-06 7.60
1976-07 7.80
1976-08 7.80
1976-09 7.60
1976-10 7.70
1976-11 7.80
1976-12 7.80
1977-01 7.50 Carter
1977-02 7.60
1977-03 7.40
1977-04 7.20
1977-05 7.00
1977-06 7.20
1977-07 6.90
1977-08 7.00
1977-09 6.80
1977-10 6.80
1977-11 6.80
1977-12 6.40
1978-01 6.40 Min. Wage = $2.65
1978-02 6.30
1978-03 6.30
1978-04 6.10
1978-05 6.00
1978-06 5.90
1978-07 6.20
1978-08 5.90
1978-09 6.00
1978-10 5.80
1978-11 5.90
1978-12 6.00
1979-01 5.90 Min. Wage = $2.9
1979-02 5.90
1979-03 5.80 Three Mile Island meltdown
1979-04 5.80
1979-05 5.60
1979-06 5.70
1979-07 5.70
1979-08 6.00
1979-09 5.90
1979-10 6.00
1979-11 5.90
1979-12 6.00
1980-01 6.30 Min. Wage = $3.1
1980-02 6.30
1980-03 6.30
1980-04 6.90
1980-05 7.50
1980-06 7.60
1980-07 7.80
1980-08 7.70
1980-09 7.50
1980-10 7.50
1980-11 7.50
1980-12 7.20
1981-01 7.50 Reagan Min. Wage = $3.35
1981-02 7.40
1981-03 7.40
1981-04 7.20
1981-05 7.50
1981-06 7.50
1981-07 7.20
1981-08 7.40 Economic Recovery Tax Act of 1981, dec.
1981-09 7.60
1981-10 7.90
1981-11 8.30
1981-12 8.50
1982-01 8.60
1982-02 8.90
1982-03 9.00
1982-04 9.30
1982-05 9.40
1982-06 9.60
1982-07 9.80
1982-08 9.80
1982-09 10.10
1982-10 10.40
1982-11 10.80
1982-12 10.80
1983-01 10.40
1983-02 10.40
1983-03 10.30
1983-04 10.20
1983-05 10.10
1983-06 10.10
1983-07 9.40
1983-08 9.50
1983-09 9.20
1983-10 8.80 US invades Grenada
1983-11 8.50
1983-12 8.30
1984-01 8.00
1984-02 7.80
1984-03 7.80
1984-04 7.70
1984-05 7.40
1984-06 7.20
1984-07 7.50
1984-08 7.50
1984-09 7.30
1984-10 7.40
1984-11 7.20
1984-12 7.30
1985-01 7.30
1985-02 7.20
1985-03 7.20
1985-04 7.30
1985-05 7.20
1985-06 7.40
1985-07 7.40
1985-08 7.10
1985-09 7.10
1985-10 7.10
1985-11 7.00
1985-12 7.00
1986-01 6.70 Shuttle Challenger Disaster
1986-02 7.20
1986-03 7.20
1986-04 7.10
1986-05 7.20
1986-06 7.20
1986-07 7.00
1986-08 6.90
1986-09 7.00
1986-10 7.00 The Tax Reform Act of 1986, dec.
1986-11 6.90
1986-12 6.60
1987-01 6.60
1987-02 6.60
1987-03 6.60
1987-04 6.30
1987-05 6.30
1987-06 6.20
1987-07 6.10
1987-08 6.00
1987-09 5.90
1987-10 6.00
1987-11 5.80
1987-12 5.70
1988-01 5.70
1988-02 5.70
1988-03 5.70
1988-04 5.40
1988-05 5.60
1988-06 5.40
1988-07 5.40
1988-08 5.60
1988-09 5.40
1988-10 5.40
1988-11 5.30
1988-12 5.30
1989-01 5.40 Bush, G.H.W.
1989-02 5.20
1989-03 5.00
1989-04 5.20
1989-05 5.20
1989-06 5.30
1989-07 5.20
1989-08 5.20
1989-09 5.30
1989-10 5.30
1989-11 5.40
1989-12 5.40 US Invades Panama
1990-01 5.40
1990-02 5.30
1990-03 5.20
1990-04 5.40 Min. Wage = $3.8
1990-05 5.40
1990-06 5.20
1990-07 5.50
1990-08 5.70
1990-09 5.90
1990-10 5.90
1990-11 6.20 Revenue Reconciliation Act of 1990, inc.
1990-12 6.30
1991-01 6.40 1st Persian Gulf War
1991-02 6.60
1991-03 6.80
1991-04 6.70 Min. Wage = $4.25
1991-05 6.90
1991-06 6.90
1991-07 6.80
1991-08 6.90
1991-09 6.90
1991-10 7.00
1991-11 7.00
1991-12 7.30
1992-01 7.30
1992-02 7.40 US & Russian declare end of cold war
1992-03 7.40
1992-04 7.40
1992-05 7.60
1992-06 7.80
1992-07 7.70
1992-08 7.60
1992-09 7.60
1992-10 7.30
1992-11 7.40
1992-12 7.40
1993-01 7.30 Clinton
1993-02 7.10 World Trade Center Bombed
1993-03 7.00
1993-04 7.10
1993-05 7.10
1993-06 7.00
1993-07 6.90
1993-08 6.80 Revenue Reconciliation Act of 1993, inc.
1993-09 6.70
1993-10 6.80
1993-11 6.60
1993-12 6.50
1994-01 6.60
1994-02 6.60
1994-03 6.50
1994-04 6.40
1994-05 6.10
1994-06 6.10
1994-07 6.10
1994-08 6.00
1994-09 5.90
1994-10 5.80
1994-11 5.60
1994-12 5.50
1995-01 5.60
1995-02 5.40
1995-03 5.40
1995-04 5.80
1995-05 5.60
1995-06 5.60
1995-07 5.70
1995-08 5.70
1995-09 5.60
1995-10 5.50
1995-11 5.60
1995-12 5.60
1996-01 5.60
1996-02 5.50
1996-03 5.50
1996-04 5.60
1996-05 5.60
1996-06 5.30
1996-07 5.50
1996-08 5.10
1996-09 5.20
1996-10 5.20 Min. Wage = $4.75
1996-11 5.40
1996-12 5.40
1997-01 5.30
1997-02 5.20
1997-03 5.20
1997-04 5.10
1997-05 4.90
1997-06 5.00
1997-07 4.90
1997-08 4.80 The Taxpayer Relief Act of 1997, dec.
1997-09 4.90 Min. Wage = $5.15
1997-10 4.70
1997-11 4.60
1997-12 4.70
1998-01 4.60
1998-02 4.60
1998-03 4.70
1998-04 4.30
1998-05 4.40
1998-06 4.50
1998-07 4.50
1998-08 4.50
1998-09 4.60
1998-10 4.50
1998-11 4.40
1998-12 4.40
1999-01 4.30
1999-02 4.40
1999-03 4.20
1999-04 4.30
1999-05 4.20
1999-06 4.30
1999-07 4.30
1999-08 4.20
1999-09 4.20
1999-10 4.10
1999-11 4.10
1999-12 4.00
2000-01 4.00
2000-02 4.10
2000-03 4.00
2000-04 3.80
2000-05 4.00
2000-06 4.00
2000-07 4.00
2000-08 4.10
2000-09 4.00
2000-10 3.90
2000-11 3.90
2000-12 3.90
2001-01 4.20 Bush, G.W.
2001-02 4.20
2001-03 4.30
2001-04 4.40
2001-05 4.30
2001-06 4.50 Tax Relief & Reconciliation Act of 2001, dec.
2001-07 4.60
2001-08 4.90
2001-09 5.00 9/11 terrorist attack
2001-10 5.40
2001-11 5.60
2001-12 5.70
2002-01 5.60
2002-02 5.70
2002-03 5.70
2002-04 5.90
2002-05 5.80
2002-06 5.80
2002-07 5.80
2002-08 5.70
2002-09 5.70
2002-10 5.70
2002-11 5.90
2002-12 6.00
2003-01 5.80
2003-02 5.90 Shuttle Columbia Disaster
2003-03 5.80 US enters 2nd Gulf War
2003-04 6.00
2003-05 6.10 Tax Relief & Reconciliation Act of 2003, dec.
2003-06 6.30
2003-07 6.20
2003-08 6.10
2003-09 6.10
2003-10 6.00
2003-11 5.90
2003-12 5.70
2004-01 5.60
2004-02 5.60
2004-03 5.70
2004-04 5.60
2004-05 5.60
2004-06 5.60
2004-07 5.50
2004-08 5.40
2004-09 5.40
2004-10 5.50
2004-11 5.40
2004-12 5.40
2005-01 5.20
2005-02 5.40
2005-03 5.20
2005-04 5.20
2005-05 5.10
2005-06 5.00
2005-07 5.00
2005-08 4.90
2005-09 5.10
2005-10 5.00
2005-11 5.00
2005-12 4.90
2006-01 4.70
2006-02 4.80
2006-03 4.70
2006-04 4.70
2006-05 4.60
2006-06 4.60
2006-07 4.80
2006-08 4.70
2006-09 4.60
2006-10 4.40
2006-11 4.50
2006-12 4.50
2007-01 4.60
2007-02 4.50
2007-03 4.40
2007-04 4.50
2007-05 4.50
2007-06 4.50
2007-07 4.60 Min. Wage = $5.85
2007-08 4.60
2007-09 4.70
2007-10 4.70
2007-11 4.70
2007-12 5.00
2008-01 4.90
2008-02 4.80
2008-03 5.10
2008-04 5.00
2008-05 5.50
2008-06 5.50
2008-07 5.70
2008-08 6.10
2008-09 6.10
2008-10 6.50
2008-11 6.70
2008-12 7.20
2009-02 7.60



Unemployment Rate figures obtained from the U.S. Department of Labor - www.dol.gov

[oskar]

What's interesting is that it seems that increases in minimum wage have evry little bearing in unemployment numbers.