more money flushed down the toilet
Posted on 10/10/2008 8:48:01 AM PDT by BGHater
The Federal Reserve and Congress are pushing out close to $1 trillion to repair the nation's financial system and to encourage lending. But that is not enough to revive the economy. Spending has to resume.
Consumers, however, have cut back sharply on their spending, in what will be the first quarterly decline in 17 years when the government tally is in for the third quarter. Business, in response, is shrinking its outlays for equipment, supplies, and personnel. And now dozens of state and city governments, their tax revenue falling short of expectations, are engaged in yet another round of cost-cutting.
To offset this shrinkage, and head off a severe recession, the Democratic leadership in Congress is "seriously considering" a large fiscal stimulus proposal, which would send a significant amount of money to states and cities. "We have to prop up consumption," Representative Barney Frank, a Newton Democrat and chairman of the House Financial Services Committee, said in an interview in which he revealed some of the details the party leadership was discussing.
The new proposal would be far greater than the $60 billion stimulus package the House passed in September, Frank said. The Senate has not acted on the bill, which was dwarfed in scope by the sums being pledged to Wall Street companies and commercial banks.
Congress, now in recess, would have to return after the November election to act on the proposal in a lame-duck session.
(Excerpt) Read more at boston.com ...
Definition of Insanity anyone?
JUst print up $1000 bills and hand them out at Starbucks.
Dunno if star bucks would last that long.
I would hope some sanity would kick and someone tell Americans to feed the pig.
Obama starts losing in the polls. The market is worried sick about a Pelosi-Reid-Obama government.
AIG Borrows $70.3 Billion From Government
http://www.thestreet.com/story/10441740/1/aig-borrows-703-billion-from-government.html
What does AIG stand for?
Another Incoming Grant?
Would somebody please educate me? How much money is in the Treasury? Is it a bottomless pit?
I have an idea. Instead of the $700B bailout...why not send a check for $4000 per taxpayer. They can use it to pay down their mortgage and the banks will get $$$...
All’s happy bc everyone gets something...
which is prob the reason I’m not an elected official
what i wonder is...how much money does FDIC have access to?
Exactly how much money is involved if LOTS of banks go down all at the same time?
Exactly how many people can they pay that $250,000 to before US is bankrupt
F***g retards. They should have let them go tits up and let the rest of the market scramble to pick the bones clean.
Yes, I wonder about that too. Seems like the government is promising a lot of money to a lot of people and I want to know how much is really available. Are they borrowing it from the Chinese? I truly want to be educated. Where is all this money coming from?
Exactly. The arrogance of these pricks and prickettes knows no bounds. They cannot see the results of their efforts so far have driven vast swathes of Americans to the brink of bankruptcy.
Yes. So is the Zimbabwean Treasury.
Not for dumbocrats. They know perfectly well the Obama voters can be kept on board for all the gimme-gimme they're going to get from "the man" once their boy is elected.
Robert Mugabe will blush before its over.
They tried that in the last Depression - something like "pushing on a string". NOBODY is going to consume other than basics when they're scared spitless.
“”We have to prop up consumption,” Representative Barney Frank, a Newton Democrat and chairman of the House Financial Services Committee,”
Good grief, get rid of this idiot. (he’s not the only one!)
It’s currently about $45 billion:
http://www.fdic.gov/news/news/press/2008/pr08084.html
They are however going to raise the premiums on banks to increase that pot since they anticipate a large number of bank failures:
http://www.sdbj.com/industry_article.asp?aID=22216797.0991022.1692652.35276.1215108.663&aID2=130195
The IndyMac failure alone forced the FDIC to shell out $8 billion. That was just one bank, granted a very LARGE one bank, and it ate up almost 18% of FDIC funds.
That’ll do it! Hand out them stimulus checks!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.