This is the end. God help us all.
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 ...
This is the end. God help us all.
*shrug* minor point to make it unambiguous.
How
Much
My
Check
BE???
Can I get it paid out in scratch off lottery tickets?
[HAVE YOU PUNCHED A DEMOCRAT TODAY?]
I like that!
It does make you wonder why they don’t just send it back to the taxpayers.
Deja vu
They are throwing away money like somebody who just struck the Lotto only we didnt win one.
This soory excuse for a President comes on TV and has the inmitigated gall to blame all this on President Bush and say how much money he tossed away. Bush was a Piker compared to this guy. Where in the name of Christ does he expect this money to come from.
bttt
Inflation will run rampant. The FED will counter with very high interest rates, which will stifle GDP growth. Further consequences will cause double digit unemployment and persistent recession will be here to stay.
Obama is bringing ruin.
So we’re printing ANOTHER 1.5 trillion dollars. Sh*t.
Doesn’t Congress have to approve this new, additional $1.5 trillion in “bail-outs”??
Obama is bringing ruin.
Direct hit man.
And they won't because???
Is this a proposal from the head tax cheat? Will Congressional hearings/votes now follow?
Or is Congress not needed in this? (no pun intended)
Really . . . if confusing the hell of Americans, me included, was their aim . . . then the Obama death to America squad has met their goal!
[HAVE YOU PUNCHED A DEMOCRAT TODAY?]
My nurse daughter who voted for this POS made the mistake of calling me a while ago.
Needless to say, I unloaded on her about just what is in the bill regarding health care.
Told her in the future if the feds decide my ongoing medical issue costs too much her boys may lose their Grandmother.
It was a low blow but hit the message home however you have to.
why don’t we save a few dollars and just buy a house for every family in the country?
It would be a lot cheaper
There are no checks and balances left. We are in for hyperinflation and an economic nuclear winter. Look for $15 gallons of milk soon.
What Ayers failed to do with bombs, his progeny is doing in full view of the public with the aid of the democrats.
Excellent!
And even if you do happen to own your house free and clear, you’re still liable for property taxes. And in a lot of places, they’re really high.
“Owning” land in this country really means having one less landlord.
And, if it can’t get worse, there is talk about a Porkulus part two, which should hit the House in the Summer. This second Porkulus could be anywhere between 500 billion and 1 trillion dollars.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.
