Posted on 02/10/2009 10:10:24 AM PST by Centurion2000
US unveils new $1.5 trillion plan
US Treasury Secretary Timothy Geithner has unveiled a comprehensive $1.5 trillion (£1.02 trillion) bank bail-out plan to beat the financial crisis.
Under the plan, the size of a key Federal Reserve lending program will be expanded to $1 trillion [EM] from $200bn.
In addition, a public-private investment fund of $500bn will be created to absorb banks' toxic assets.
"Right now critical parts of our financial system are damaged," Mr Geithner said.
"Instead of catalyzing recovery, the financial system is working against recovery, and that's the dangerous dynamic we need to change," he added.
Leading US stock indexes fell after Mr Geithner started his speech on the new plan.
Transparency and accountability
Mr Geithner said the new plan should unfreeze the credit market, strengthen banks and "provide critical aid for homeowners and for small businesses".
"And as we do each of these things, we will impose new higher standards for transparency and accountability," he added.
He said that the public-private investment fund to buy up risky assets will be seeded with government money and could be expanded to $1 trillion.
........... see more at link
Story from BBC NEWS: http://news.bbc.co.uk/go/pr/fr/-/2/hi/business/7880969.stm
Published: 2009/02/10 17:10:30 GMT
© BBC MMIX
(Excerpt) Read more at news.bbc.co.uk ...
I really do feel like I’m going to be sick. WHERE’S THE CONSERVATIVE LEADERSHIP!!! IT’S TIME FOR A BREAK UP OF THIS MONOPOLY!!!
Nothing left but shooting them at this point. And that would be illegal.
Honestly .... we're screwed economically. So we just need to watch and wait for the INEVITABLE social unrest that is sure to come.
Yep, Geithner (of the Tax-Cheat-and-Summer-Camp Geithners) presented his $1.5 Trillion bank bailout, today. Without debt service, we are now at about $3.5 Trillion This Administration spends 2.5 times what it criticizes the last Administration for spending *in the first 3 weeks.*
Meanwhile, the FOOs (Friends of Obama) don’t pay taxes or the penalty for not paying taxes that you and I do.
Makes me feel pretty good (not) that the President is delving into the doctor’s examination room and the hospital surgery suites.
“So Zero is going to spend more in one Congress bill than Bush spent in 7 years?”
What am I, a accountant? I haven’t looked up the numbers. I’m sure Obama will beat out last year’s record deficit of $400+ billion this year. Don’t see it letting up much thereafter.
Got a good breakdown for that number? We're going to need it.
Holy %#@$
We are soooooooooooo screwed!
See Keepitreal’s number 5, above (original bailout, stimulus, bank bailout).
Oh yes they have! That baby is ballooning at a break neck speed! Obama is on his way to a $4 trillion dollar deficit his first year!
PLEASE, PLEASE, PLEASE Let’s start focusing on our states and holding them to the fire. Let the feds have their big debt and try to find money to pay it off.
Or maybe it’s $2 Trillion
http://www.bloomberg.com/apps/news?pid=20601087&sid=a3Q3xvP27qyQ&refer=home
see, my parents were wrong, money does grow on tree’s
And they will be far from the scene of the crime when those that have any remembrance of what was, joined by the semi-starving that come to realize they have been lied to their entire lives, come for them...
Zimbabwe to launch 100 trillion dollar note
Like Sissy Matthews, I feel something on my leg.
But it isn’t crawling up my leg, it’s trickling down my leg.
And it ain’t a thrill.
I want a billion of that!!!
Inflation should be well into double figures in a few months.
Yep ... time to go buy more ammo .... that might be a decent alternate currency in a year's time.
I stand corrected. Bad choice of words.
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