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Schumer: bad bank estimates go up to $4 trillion
Reuters on Yahoo ^ | 1/29/09 | Reuters

Posted on 01/29/2009 10:52:56 AM PST by NormsRevenge

WASHINGTON (Reuters) – The cost of the government setting up a "bad bank" to buy up toxic assets from struggling U.S. banks could range as high as $4 trillion, according to some experts, Sen. Charles Schumer said on Thursday.

...

"I've talked to various experts. The estimates vary, from one to four," the Senate Banking Committee member said.

Asked if banks need $2 trillion to $3 trillion in additional bailout funds, Schumer said: "No, not necessarily."

(Excerpt) Read more at news.yahoo.com ...


TOPICS: Business/Economy; Crime/Corruption; Government; Politics/Elections
KEYWORDS: badbank; democrats; estimates; schumer; trillion
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1 posted on 01/29/2009 10:52:57 AM PST by NormsRevenge
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To: NormsRevenge

Ah, one of the guilty who are responsible for this mess speaks.


2 posted on 01/29/2009 10:58:21 AM PST by freekitty (Give me back my conservative vote.)
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To: NormsRevenge

And that can even go up another trillion dollars if Chuckie opens his mouth about more non-New York banks.


3 posted on 01/29/2009 10:58:43 AM PST by ConservativeMind (Who is now in charge of the "Office of the President-Elect"?)
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To: NormsRevenge

Oh, by all means, let’s buy those toxic assets with US Tax dollars. Protect those poor bankers but F everybody else.


4 posted on 01/29/2009 10:59:40 AM PST by RC one
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To: RC one
Protect those poor bankers but F everybody else.

Right. They could just let the whole thing collapse. Then you'll have more things to bitch about.

5 posted on 01/29/2009 11:02:44 AM PST by the invisib1e hand (this is disney world and obama is mickey mouse.)
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To: NormsRevenge

Well, actually, the derivative mess has gotten WORSE, not better. Instead of unwinding these toxic instruments, the “bad banks” have been getting in deeper and deeper.

The total amount of derivatives outstanding has now risen to 683 trillion dollars.

Lots of luck dealing with that.


6 posted on 01/29/2009 11:05:32 AM PST by Cicero (Marcus Tullius)
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To: NormsRevenge

LOL!

The bank debt estimate that is going to be laid on the uS treasury- is inching up....

no honesty, no transparency

Where is Hank Paulson????


7 posted on 01/29/2009 11:09:34 AM PST by silverleaf (Fasten your seat belts- it's going to be a BUMPY ride.)
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To: the invisib1e hand

It beats handing over trillions of tax dollars to an overpriveledged institution that suufers from an over inflated sense of entitlement. Hell, let’s give our children $100 for every F they earn in school while we’re at it and then we’ll see how many A grades they get after that.


8 posted on 01/29/2009 11:10:14 AM PST by RC one
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To: the invisib1e hand

Or we could pour 4 trillion in (as if) and then it will collapse anyway

then we can bitch together


9 posted on 01/29/2009 11:11:00 AM PST by silverleaf (Fasten your seat belts- it's going to be a BUMPY ride.)
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To: NormsRevenge
Oh by all means!

While they're at it, why not recycle some of those old Blaxploitation theme songs to get the stupid tax payers to make deposits in "Obama's bank of SuperBad"!

10 posted on 01/29/2009 11:12:11 AM PST by Obamageddon (Birth certificate and college transcripts will be required for Federal employment, Mr. Soetero)
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To: the invisib1e hand
They could just let the whole thing collapse.

Which is exactly what they ought to do.

L

11 posted on 01/29/2009 11:13:48 AM PST by Lurker ("America is at that awkward stage. " Claire Wolfe, call your office.)
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To: Lurker
Which is exactly what they ought to do.

So you're in favor of the disappearance of the payments system? You're sure about that?

12 posted on 01/29/2009 11:53:37 AM PST by the invisib1e hand (this is disney world and obama is mickey mouse.)
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To: NormsRevenge
I believe the Savings and Loan debacle of the 1980s was $150 billion fronted by the taxpayers.

And we were horrified.

Someone with knowledge could tell me whether those loans were paid off with assets.

13 posted on 01/29/2009 11:57:57 AM PST by happygrl (BORG: Barack 0bama Resistance Group: we will not be assimilated)
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To: Lurker; the invisib1e hand
They could just let the whole thing collapse.

Which is exactly what they ought to do.

Which is also what your moniker "the invisible hand" implies ought to be done:)

14 posted on 01/29/2009 12:00:52 PM PST by happygrl (BORG: Barack 0bama Resistance Group: we will not be assimilated)
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To: Cicero

***Lots of luck dealing with that.***

Question: What is the Jubilee Year in Judaism?
Answer: It is written in the Torah, “You shall sanctify the 50th year and proclaim freedom throughout the land for all its inhabitants; it shall be the Jubilee year for you, you shall return each person to his ancestral heritage and you shall return each to his family. It shall be a Jubilee Year for you - the 50th year - you shall not sow, you shall not harvest its after-growth and you shall not pick what was set aside of it for yourself. For it is a Jubilee Year, it shall be holy to you; from the field you eat its crop.” (Leviticus 25:10-13)

Basically, these verses indicate that the Jubilee requires all debts between Jews to be annulled.
http://judaism.about.com/od/prayersworshiprituals/f/jubilee.htm


15 posted on 01/29/2009 12:05:28 PM PST by happygrl (BORG: Barack 0bama Resistance Group: we will not be assimilated)
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To: happygrl
Basically, these verses indicate that the Jubilee requires all debts between Jews to be annulled.

Acting on that principle, Bernard Madoff decided to hold a one-man Jubilee last year. ;)

16 posted on 01/29/2009 12:07:39 PM PST by Mr. Jeeves ("One man's 'magic' is another man's engineering. 'Supernatural' is a null word." -- Robert Heinlein)
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To: Cicero

“The total amount of derivatives outstanding has now risen to 683 trillion dollars.”

The only way for that to be true is that the same bad assets have to be on multible sets of books. Yes? So instead of lessening the risk spreading it around, they were, in fact, multiplying the damage.


17 posted on 01/29/2009 12:12:26 PM PST by citizen (Fascism: All persons, capital & activities exist to support the will & best interests of the State.)
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To: Obamageddon
While they're at it, why not recycle some of those old Blaxploitation theme songs to get the stupid tax payers to make deposits in "Obama's bank of SuperBad"!

Cause they are too busy giving us the Shaft..

18 posted on 01/29/2009 12:36:04 PM PST by Smokin' Joe (How often God must weep at humans' folly. Stand fast. God knows what He is doing.)
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To: NormsRevenge
Schumer: bad bank estimates go up to $4 trillion

Yeah, ya' scmuck, they sure are...you and your leftists friends in the House & Senate created this whole mess.

19 posted on 01/29/2009 12:37:01 PM PST by NRG1973
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To: happygrl
Which is also what your moniker "the invisible hand" implies ought to be done:)

Highly oversimplified, perhaps.

20 posted on 01/29/2009 12:41:53 PM PST by the invisib1e hand (this is disney world and obama is mickey mouse.)
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