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Bush admin adds non mortgage credit to the bailout

Pliablemoose

Pliablemoose

Lifer
The Bush administration widened the scope of its $700 billion plan to avert a financial meltdown by including assets other than mortgage-related securities.

The U.S. Treasury submitted revised guidance to Congress on its plan a day after first submitting it, as lawmakers and lobbyists push their own ideas. Officials now propose buying what they term troubled assets, without specifying the type, according to a document obtained by Bloomberg News and confirmed by a congressional aide.

The change suggests the inclusion of instruments such as car and student loans, credit-card debt and any other troubled asset. That may force an eventual increase in the size of the package as Democrats and Republicans in Congress negotiate the final legislation with the Bush administration, analysts said.

``The costs of the bailout will be significantly higher than originally considered or acknowledged,'' said Josh Rosner, an analyst with independent research firm Graham Fisher & Co. in New York. ``How, given these changes, can the administration and Federal Reserve believe they are being forthright in their unrevised expectation of future losses?''

In another change today, the Treasury said it would limit its $50 billion plan for insuring money-market funds to those held by investors as of Sept. 19, excluding any subsequent contributions.
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http://www.bloomberg.com/apps/...YXtwpG9mw9g&refer=home

Can they add my kid's allowance to the bailout too?
 
The Year of Jubilee has Come! Thank you Bono, thank you!



:music:

Blow ye the trumpet, blow,
The gladly solemn sound;
Let all the nations know,
To earth?s remotest bound;
The year of jubilee is come,
Return, ye ransom?d sinners, home.

The gospel trumpet hear,
The news of heav?nly grace;
And, saved from earth, appear
Before your Savior?s face:
The year of jubilee is come,
Return, ye ransom?d sinners, home.

:music:
 
Although I had thought that GWB could not possibly manage to double our national debt of 5.9 trillion in just eight short years, its now looking like a slam dunk.

Remember when Bill Clinton left office with a budget running slightly in the black for a few years running?

And now the fix looks like more of the same, we trust the very GWB&co who are the folks that broke it, as they now demand to be the very only ones to fix it?
 
Is it REALLY a surprise to anyone here that the Treasury Secretary, former Goldman Sachs CEO Hank Paulson, is robbing the American people to bail out his cronies?
 
dude, my student loans are too big to fail. bye bye student loans! I think i'm going to stop paying for them because the government will pick up the tab!
 
LOL at the mistaken notion that anyone's loans are going to be paid off. This bailout is one of if not the most blatant crime ever committed against the American Public.
 
Can these guys do anything at all in moderation?

How about loan sharks and check cashing stores, they in this thing too?
 
It got ridiculous long time ago. Once you go down this road, it's slippery slope. And how exactly do you restore discipline to lending if you bail out those making the riskiest bets when they don't fan out? By more government regulation. So good firms are going to be punished by government regulations because of something bad firms had to be bailed out for. It's going to add drag to our economy, plus investors are going to allocate funds not to where they are most productive, but where the government skewed risk reward trade off is best. Why risk your money investing in new production or research when you can lend it out to risky people at high interest rate and have the government bail you out if you are wrong?
 
Originally posted by: senseamp
It got ridiculous long time ago. Once you go down this road, it's slippery slope. And how exactly do you restore discipline to lending if you bail out those making the riskiest bets when they don't fan out? By more government regulation. So good firms are going to be punished by government regulations because of something bad firms had to be bailed out for. It's going to add drag to our economy, plus investors are going to allocate funds not to where they are most productive, but where the government skewed risk reward trade off is best. Why risk your money investing in new production or research when you can lend it out to risky people at high interest rate and have the government bail you out if you are wrong?
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Normally I don't agree with a word you say, but you're exactly right this time.
 
Bush doesn't have any reality of what a dollar is. To him this is just a drop in the bucket. 1, 2 or 3? Hell, lets make it 10 Trillion. Some have no clue and well, IMO this just another band aid... We are not FIXING anything by bailing out banks and insurance companies. The system is broken. When did we become a socialist country? If they are gonna fail..................Let them! I don't know if bush is doing this because of the elections to try to hold off the inevitable till after the elections?

This is really only making the situation much worse next time it comes around and when it does maybe BOA will be in trouble.

 
Originally posted by: ericlp
Bush doesn't have any reality of what a dollar is. To him this is just a drop in the bucket. 1, 2 or 3? Hell, lets make it 10 Trillion. Some have no clue and well, IMO this just another band aid... We are not FIXING anything by bailing out banks and insurance companies. The system is broken. When did we become a socialist country? If they are gonna fail..................Let them! I don't know if bush is doing this because of the elections to try to hold off the inevitable till after the elections?

This is really only making the situation much worse next time it comes around and when it does maybe BOA will be in trouble.
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We became a fascist/socialist country when the banking cartel defeated us in the early 1900's. We lost the revolutionary war, it just took a couple hundred years.
 
How will this work? Is it just the companies that get a clean bill of health? Will Joe Schmoe still get a negative mark on his credit history if he doesn't pay his loan?
 
Originally posted by: jpeyton
Is it REALLY a surprise to anyone here that the Treasury Secretary, former Goldman Sachs CEO Hank Paulson, is robbing the American people to bail out his cronies?
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Is it REALLY a surprise to anyone here that both major parties are lock step in line to do this? Every single vote for R or D will continue to guarantee more of the same.
 
Originally posted by: Jaskalas
Originally posted by: jpeyton
Is it REALLY a surprise to anyone here that the Treasury Secretary, former Goldman Sachs CEO Hank Paulson, is robbing the American people to bail out his cronies?
Click to expand...

Is it REALLY a surprise to anyone here that both major parties are lock step in line to do this? Every single vote for R or D will continue to guarantee more of the same.
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Figures. Your candidate has so epically failed in his economic policy positions over the years and during his campaign that there's nothing to defend.

The new line of attack is saying "well your guy is just as bad".

Sorry, polling confirms America doesn't trust the McCain/Bush economic policy anymore.

Thanks but...no thanks. :laugh:
 
Originally posted by: jpeyton
Originally posted by: Jaskalas
Originally posted by: jpeyton
Is it REALLY a surprise to anyone here that the Treasury Secretary, former Goldman Sachs CEO Hank Paulson, is robbing the American people to bail out his cronies?
Click to expand...

Is it REALLY a surprise to anyone here that both major parties are lock step in line to do this? Every single vote for R or D will continue to guarantee more of the same.
Click to expand...
Figures. Your candidate has so epically failed in his economic policy positions over the years and during his campaign that there's nothing to defend.

The new line of attack is saying "well your guy is just as bad".

Sorry, polling confirms America doesn't trust the McCain/Bush economic policy anymore.

Thanks but...no thanks. :laugh:
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You stupid hack. John McCain is not my candidate, I have ALWAYS said this since the campaign began.

Please, continue to cut your nose off to spite your face, it's a good look on you. You need more Republican boogiemen under your bed so you can keep up the good fight for your party. Who cares if they bend you over, right? We?ve gotta make sure those Republicans can?t possibly win so that means more votes for Democrats.

Same thought drove me to vote against Kerry and for Bush in 04. You do it now in 08. We have met the enemy jpeyton and he is you, and every other sheep that does the bidding of the government?s two parties. I bet you think you?re supporting them ?for the people? too right? Keep telling yourself that as you rail against their actions while your vote guarantees that they keep on doing it.
 
I owe a porn site online almost $200 and cannot pay it back; can they add this to the tally, too?
Remember when Bill Clinton left office with a budget running slightly in the black for a few years running?
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When he left Bush took office and Bush has run in the red every time.
 
Originally posted by: jpeyton
Is it REALLY a surprise to anyone here that the Treasury Secretary, former Goldman Sachs CEO Hank Paulson, is robbing the American people to bail out his cronies?
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werd.
 
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