Rep. Barney Frank (D-MA) addresses the passage of the $700
billion financial bailout bill, to provide relief for the current
financial and banking crisis, at the U.S. Capitol in Washington,
October 3, 2008. (Jonathan Ernst/Reuters)
Posted on 10/14/2008 8:52:59 AM PDT by NormsRevenge
WASHINGTON (Reuters) – The U.S. government's $700 billion market rescue plan could assist automakers such as General Motors Corp (GM.N) by buying up distressed auto loans, a top lawmaker said on Tuesday.
"Under the buying up of assets, they could buy up automobile loans," said Barney Frank, a Massachusetts Democrat who chairs the House Financial Services Committee.
Frank also said U.S. banks receiving capital injections under a U.S. Treasury plan to infuse $250 billion into the troubled sector are expected to use the funds to support lending activities.
On Tuesday morning the Treasury Department unveiled more details of how it plans to implement the $700 billion bailout plan passed earlier this month, saying it would directly inject capital into U.S. financial institutions. It said nine banks have already signed on to the program; it did not name the nine.
Frank said the nine are "relatively healthy" and do not appear to be at risk of sustaining large losses from credit default swaps, insurance-like products that protect a bigger investment.
He also said he hoped private capital would follow the government funds.
"There's a good chance that in at least some of these cases it will work well, and that would encourage private capital," Frank said. "We have to be careful not to insist on instantaneous results."
(Excerpt) Read more at news.yahoo.com ...
Rep. Barney Frank (D-MA) addresses the passage of the $700
billion financial bailout bill, to provide relief for the current
financial and banking crisis, at the U.S. Capitol in Washington,
October 3, 2008. (Jonathan Ernst/Reuters)
Frank is a fool, but it seems nobody wants to do anything about him or his policies.
ScrappleFace? John Semmons? Rich Little?
Asked a girl what she wanted to be
She said baby, can’t you see
I wanna be famous, a star on the screen
But you can do something in between
Baby you can BUY my car
Yes I’m gonna be a star
Baby you can BUY my car
And maybe I’ll love you
I told that girl that my prospects were good
And she said baby, it’s understood
Working for peanuts is all very fine
But I can show you a better time
Baby you can BUY my car
Yes I’m gonna be a star
Baby you can BUY my car
And maybe I’ll love you
Beep beep’m beep beep yeah
Baby you can BUY my car
Yes I’m gonna be a star
Baby you can BUY my car
And maybe I’ll love you
I told that girl I can start right away
When she said listen babe I got something to say
I got no car and it’s breaking my heart
But I found a BUYr and that’s a start
Baby you can BUY my car
Yes I’m gonna be a star
Baby you can BUY my car
And maybe I’ll love you
Beep beep’m beep beep yeah
Beep beep’m beep beep yeah
Beep beep’m beep beep yeah
Beep beep’m beep beep yeah
HERE we GO.......Socialism will be WONDERFUL...it’s been SOOOO Successful everywhere it’s practiced! /s
Why pay for anything? Just go shopping, and when the bill comes, just send it to Barney Frank!
Well, why not? If the government is going to buy up bad loans, why not buy ‘em all?
Why is Barney Frank in the Congress in the first place?
What’s next?
A strategic KY jelly reserve?
How do I make my auto loan distressed?
I think I might just go and buy a new truck then head over to the boat dealer.My rich uncle Sam will pickup the tab.
Yeah we were saps and paid cash for one car and paid off the other one. One is a little rattly and needs AC work, maybe I should trade it in and get a “free” one.
I’m going to buy `spinner’ wheels for my Sable with my bail-out money! Car stops, they keep spinning.
And I’ll get a hot hor for every day of the week! And I will give all the hors old age penchuns.
Hmmm....my truck loan is gonna be distressed if this passes.
I hope people will invest in something practical, like a fresh supply of bullets.
Why isn’t he in JAIL????????????????????????????????
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