[gpk9]

"... raising fears on Wall Street that the battered financial sector may need an even bigger bailout."

Why is it a foregone conclusion that the financial sector must be bailed out?

Why is it a foregone conclusion that large finanical insstitutions cannot be allowed to go bankrupt?

... when they eventually will anyway, which means all those hundreds of billions of taxpayer dollars graciously handed to them on a silver platter has not, and will not, accomplish any useful purpose.

... but WILL eventually destroy the value of the dollar, and WILL eventually destory the value of any dollar-denominated asset in existence, including YOUR dollar-denominated assets.

Don't worry about all those trillions of dollars Paulson and Bernanke have handed out to their favored friends EVER being paid back by the taxpayers. The dollar will crash long before then, and the economy will crash along with it, and America may very likely crash along with it.

What was that comment I heard about where Bernanke said he was determined to debase (read: crash) the dollar even if he had to drop dollars out of a helicopter?

[unkus]

ping

[Perdogg]

Credit Suisse was up 4%

[gondramB]

>>Bank of America shares fell as much as 28 percent — dropping to their lowest level in 18 years — on news that the bank may seek another capital injection to manage losses from its takeover of Merrill Lynch.<<

This one particularly stinks - bailing them out not because of economic conditions but because they paid too much for a brokerage.

[Moonman62]

What was that comment I heard about where Bernanke said he was determined to debase (read: crash) the dollar even if he had to drop dollars out of a helicopter?

The idea is to add liquidity when interest rates drop to zero and can go no lower, which is where we are now. The original helicopter analogy comes from Milton Friedman, a favorite of most conservatives.

[TheWasteLand]

Why is it a foregone conclusion that the financial sector must be bailed out?

They control Congress. The people who run financial firms these days are more Randian looters than capitalists.

[Mark was here]

Bank of America, the bank of choice of people who bypass the immigration process and sneak into the US illegally, this could not happen to a more fitting bank.

[nbhunt]

QUESTION: Was BOA the bank that was handing out credit cards and banking accounts to people who could not prove they were legal cititzens and no credit history needed?

[Rockitz]

What happened? That last bailout was supposed to get us though the election to the end of the Bush administration!

[expatpat]

The banks going bust would be much, much worse than inflation induced by the bailout cost. The govt. would be on the hook for much larger sums, through FDIC. We’re between the devil and the deep blue sea, but the sea is preferable.

[swarthyguy]

Ask Bush. Why blame his underlings?

[OB1kNOb]

I’m really beginning to wonder if we’re going to see runs on banks and bank “holidays” in 2009.

[MarkL]

Hmmm....

How can Chase go insolvent? I’ve been a responsible mortgage and credit card customer with them for years. Never a missed or late payment, and in fact I always pay extra...

If they go insolvent, does that mean that my mortgage and any balance on my credit card are forgiven? I mean, since I seem to be far more responsible then the people in charge at the bank...

Of does it just mean I’m screwed and a sucker for always playing by the rules and have been responsible... The government is rewarding incompetence and failure, and punishing people for their achievements.

Mark

[lonevoice]

Bank of America ping

[gpk9]

Here's another one folks:

Citigroup stock plunges near 16-year lows

Citi shares tumble as investors await grim fourth-quarter results and business sale plans

Hmmm.... do I sense an avalanche beginning?

[gpk9]

Here is a great Fox News discussion of the current situation with Bank of America. It's on YouTube. I highly recommend viewing it:

Bank of America Update

[egannacht]

What if they gave us the money back then?

[Frantzie]

Odd how the Canadian banks are almost unscathed.

They may be the strongest banks in the world right now.

[blam]

Treasury And Bank Of America Near Bailout Deal

WASHINGTON – Bank of America and the Treasury Department are near an agreement that will provide $15 billion to $20 billion in new government support to the banking giant, a source close to the discussions said Thursday. This source said that the injection of fresh capital will come from the government's $700 billion rescue fund and will be similar to assistance provided last November to Citigroup.

[snip]

[Ezekiel]

More news you can use.

Bank stocks plunge on fresh insolvency fears <<<

Bank of America shares fell as much as 28 percent -- dropping to their lowest level in 18 years --

And...

UPDATE: Bank Of America: 'Large Grp' Of Workers On NYC Plane

That's some bailout.

[wolfcreek]

“Why is it a foregone conclusion that large financial institutions cannot be allowed to go bankrupt?”

How can a institution like CITIBACK lose $160 billion in 2 years and be considered a viable business?