Posted on 11/12/2008 2:57:45 PM PST by Candor7
Bailout Improv: Paulson Rolls Out New TARP
With the first half of the $700 billion TARP program nearly depleted, Treasury Secretary Hank Paulson spoke today to both defend the program, and announce some changes going forward.
Paulson's comments come amid criticism of his handling of the bailout and a political battle over whether the government should rescue U.S. automakers. Assuming the answer is "yes", the debate — starting as early as next week in a lame-duck session — will be over whether or not the funds come from the second $350 billion of TARP money, which requires Congressional authorization (however it's used.)
(SNIP)
"And to adequately reform our system, we must make sure we fully understand the nature of the problem which will not be possible until we are confident it is behind us," he said.
Huh? No wonder Paulson is counting down the days until he's "former Treasury Secretary."
(Excerpt) Read more at finance.yahoo.com ...
Oil is now at $56.00 bbl. If it goes up to 120 again, we are royally EFFED!We have to play kissy , kissy to the Mullahs, Arabs and Iranians....OPEC! Sick.
Bye-bye Israel?
This is serious stuff, with the only fun being watching the Obamaloon look like an amateur juggler trying to keep 6 balls going.
Bye-bye Israel?The Jewish state is on its own for at least the next 4 years. I hope they can hold out. As for oil, the price bubble has burst. Despite frantic production cuts by OPEC the price continues to plummet. All that bullroar you heard about peak oil and China and India's historic consumption levels was a lie, I tell you, a total and complete lie. The truth is that institutional investors like pension funds and the hedgies over a year ago wanted a place to park their cash as the housing bubble began to burst. So they bought oil futures en mass. The result? Prices spiked. But once the economy tanked and aggregate demand declined with it, the party was over: the oil bubble burst. Now you know. So go tell it on the mountain.
Go figure.
I swear, someone was sucking spoiled eggs when they appointed this dufus Paulsen to the office.
Market Confidence? Its a goner as of today folks.
The Commies are Commin' , Hurrah, Hurrah!(sarc. off)
Nationalization of the Auto Industry?The Dems have gone MAD!No more UNION votes for them!!!Bye-Bye $72.00/hr union salaries.
Heres to LOW oil. If not, you and I be riding horses soon.( Obama WANTS high oil).
>.someone was sucking spoiled eggs when they appointed this dufus Paulsen to the office.
Geewhiz, wonder who dat could be?
SO I have a question...
The bill that was passed and signed was advertised as including the buyout of bad loans and paper... yet Paulson seems to have the authority to spend the money however he pleases?
While I am no fan of the bailout - I think the money should be spent how the congress intended it. That way, when the system gets even further screwed up - it will be right in their laps.
They were not parking cash, they were trying to make up and hide their loses. If they had had cash there would be no bailout. Anyone that controls a pension fund and puts one penny in a futures market should be in jail the next day.
Obama WANTS high oilAnd he can still get it. His party owns congress and they want to raise revenues. Wait for the Obama carbon tax. You heard it here first.
I remember when the EXPERTS said that the DOW might fall to 8300 if we did not rape America for 700 to 1.4 trillion dollars. Well....................................................................................................................................today DOW = 8282
“The market was 500 trades away from Armageddon on Thursday, traders inside two large custodial banks tell The Post.
Had the Treasury and Fed not quickly stepped into the fray that morning with a quick $105 billion injection of liquidity, the Dow could have collapsed to the 8,300-level - a 22 percent decline! -”
They were not parking cash, they were trying to make up and hide their loses. If they had had cash there would be no bailout. Anyone that controls a pension fund and puts one penny in a futures market should be in jail the next day.Ho-kay. I concede your point. For what it's worth, here be my source: http://hermeticfront.wordpress.com/2008/06/26/fadel-gheit-of-oppenheimer-co-record-oil-prices-are-inflated-by-speculation-and-not-justified-by-market-fundamentals-its-those-evil-capitalists-grinding-the-faces-of-the-poor-again/
“And to adequately reform our system, we must make sure we fully understand the nature of the problem which will not be possible until we are confident it is behind us,”
He sounds like Greenspan here.
Not a confidence builder.
But what he is saying is, “I’m helping out my buddies, my kind, dishing it out without controls!”
The only other way I can think it is that the foreigners are calling the shots, demanding protections for the American assets and paper they bought, on penalty of the threat of not financing Bush’s huge deficits, and maybe terminating US status as the reserve currency.
Try have a discussion here about the tax “cuts”, which we are paying for now big time.
As for the govt., everytime Bush or Paulson open their mouths they relate more uncertainty, which gets reflected in the markets. Then we have Pelosi talking about another “stiumlus” so China can sell more cheap stuff to us. Lunacy.
One thing I’ve noticed, the university “experts” on TV are out of their league in this non-textbook world. I think only the politicians and gazillionaires know what’s going on.
“The truth is that institutional investors like pension funds and the hedgies over a year ago wanted a place to park their cash as the housing bubble began to burst. So they bought oil futures en mass. The result? Prices spiked.”
That’s a big part of it lately. But gazillionaires parking money in futures began some years before.
And they also flee T-bonds reflexively whenever Bernanke lowers fed rates.
I hate to say it , but the bottom may be closer to 7300, if the Dems DO NOT start communizing everything. If they do that, there won't be a bottom.
I am going right out there and buy GM shares tomorrow!!!They are the lowest the have EVER been!!( sarc. off)
See what happens when the government starts EFFING with a free market economy?
We've been screwed.
"It's GOOD to be the king"and "OH PISSBOY, PISSBOY"
I think we ALL know who the Pissboy is*raising hand*
That's right, The aamerican working stiff!!!!!
Paulson, Shmaulson, this is BUSH’s doing. His effing legacy.
Why absolve the DECIDER of his role and fault.
BAH!
Oh, Clinton Holdovers, anyone? Paulson’s a Dem, a secret mole infiltrating and manipulating the witless President and his staff.
As I’ve said, apart from Silicon Valley what will be left for Obama to nationalize after Abu Dubya is done.
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