Posted on 01/16/2009 9:12:22 PM PST by gpk9
When governments in Europe and the US unveiled co-ordinated bail-outs of their banking industries last October, politicians and regulators rightly believed they had narrowly avoided a collapse of confidence of the financial system.
But this week it became clear governments will have to take on even more risk from the private sector if they are to restore the flow of credit to the economy.
The US government’s decision, finalised late on Thursday, to insure Bank of America against “unusually large losses” on $118bn (€89bn, £80bn) of loans on its balance sheet underscores the sheer scale of the commitments taxpayers are being forced to make to shore up confidence.
[snip]
(Excerpt) Read more at ft.com ...
Okay, raise my limit to $500,000 and lower my rate to some negative number.
Sundays are becoming the day of the week for closing banks. Will there be any this Sunday?
Anybody have the over-under for the implementation of “Directive 10-289”?
Correction, would that not be emperor Paulson's decision!!!
In other words, having proved he is not smarter than god, he has decided to keep digging to get out of the hole he's made.
I guess B of A’s idea to give credit cards to illegals really worked out for them.
Try these —
No payroll taxes or tax paperwork for companies with more than 10 employees for the next 6 months.
Or, no payroll taxes for new employees hired in the next 6 months.
These tax holidays would kick start the economy like ether in a carburetor. (It would also illustrate how much government stands in the way of business.)
As it did in the late 1970’s-Early 1980’s, hyperinflation will work in the favor of debtors, who are obligated to repay fixed-rate mortgages and other credit. This will conversely, draw the balance sheets of creditors (consumer banks) down. So far, we’ve only seen deflation (which may the bank’s, and the government’s, last hope).
I’d have to agree, the whole future of the US appears to have carjacked.
Obama might be the last U.S. president.
“Try these —
No payroll taxes or tax paperwork for companies with more than 10 employees for the next 6 months.
Or, no payroll taxes for new employees hired in the next 6 months.
These tax holidays would kick start the economy like ether in a carburetor. (It would also illustrate how much government stands in the way of business.)”
Do you think the egomaniacs who are in complete control of our government are going to implement free market measures like the ones you propose? Don’t hold your breath!
I would add to your list the elimination of capital gains taxes on investment earnings.
Government has new tools?? THATS SCARY! They don’t know how to use the tools they have now.......
And there is a heck of a lot of loose screws in Washington.
How that will happen, within the law or by "other" means, is the question.
At various times, America has been broke, subject to foreign pressure, and in a great depression before (1790's, 1870's).
If history repeats itself, the most actue situation we may be in looks like South Carolina in 1871 (a broke state government, looted by legislators, with citizens over-regulated by reconstruction policies).
Right or wrong, it was tactics employed in a citizen's rebellion, that turned that tide.
Tsk Tsk....
Half measure merely half measures!
Go for broke!
Seriously, commit yourself to a long term study of the material in the link above, read the FAQ and read history of taxation in American, and then connect the dots.
Bailouts of Mass Destruction.
Rest well, Free Market, your work is not needed here anymore. The ‘Elite’, masters of the Universe, the all knowing, well pensioned are in charge.
The citizens were more independent in those days, hunting, fishing, growing crops, cutting wood. The governments were less empowered and didn’t have the legions of government workers that they do now. Old people were not property of the state.
Old and near retirement will support the state.
Growing poor, multi generation welfare and near welfare working class and single slattern mothers will support the state.
State, local, county and federal workers will support the state.
State contractors and contractor workers will support the state.
Banks
and all finance organs are already part of the state.
Academics which depend mainly on the state will support the state.
The MSM will support the state.
Police, National Guard, Military will obey to shoot to kill.
I don’t see any significant population to effectively revolt, except one group. Risk taking capital. That’s already on strike.
Other than that, everything’s fine, the money presses running straight out and hot.
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