Posted on 02/10/2009 11:06:45 AM PST by Syncro
Treasury Secretary Timothy Geithner on Feb. 10 laid out details of the Obama Administration's revised bank rescue plan. It includes a program to purchase up to $500 billion in toxic assets on bank balance sheets and up to $1 trillion to support consumer and small business lending. he promised to impose "higher standards for transparency and accountability." The government has about $350 billion left in the TARP to be deployed.
The stock market, which had been awaiting Geithner's speech and expected passage of a new stimulus plan by the Senate today, sold off after the speech. The Dow Jones industrial average was down about 3% in early-afternoon trading.
• The government, through the FDIC and the Federal Reserve, in partnership with the private sector, will attempt to jump-start a market for troubled real estate assets that are weighing on bank balance sheets. He said the public-private investment fund, which would use government funds to leverage private capital, would initially seek to purchase $500 billion in toxic assets, and could increase that spending to $1 trillion.
• Geithner also promised a "comprehensive plan" to address the foreclosure crisis by bringing down mortgage payments and mortgage rates. He said details of that plan would be developed over the next few weeks.
(Excerpt) Read more at businessweek.com ...
But, but, but when do we get the DETAILS that Obama promised us???????
Sort makes alaugher out of ‘if we don’t do this now’ we will all die, that was used to pass the first two, now porkulus and then this ...
When does the lead begin flying.
Total freakin’ insanity. You do NOT rebuild a capitalist economy by SPENDING. It represents a total government (socialist) takeover of the entire economy.
Wait until Treasury tries to sell this debt to our creditors. They will balk.
the second bank bailout.... not counting what was spent through existing channels without Congressional votes
Are these the Socialists that hate “Buy American”...or are these the Socialists who support it? I can’t keep up with all the Socialists anymore...Wall Street and Washington infested with Socialists
Wall street crashing today. Seems people that understand finance know what the bailout will bring.
we can only hope nobody buys the debt
It’s like a forest fire in months dry timber.
Just completing the legacy Dubya left him.
Financial Fidelity Trust???? What is Geitner talking about?
They want to bankrupt the middle class so we will all be on the same level with the wealthy and ruling elite living like kings.
I see it clearly now. Who got the ax at GM?
Bad Finances, No Fidelity and who the hell would trust them?
Government to buy the bad debt and try to make them work, somehow... doing more harm than good in the process.
Friend of mine just called the office here. Told me: “When Geithner began talking, the DOW was down five (5) points. By the time he finished, it was down 245 points....’
What the government should be doing is:
1) Ensuring a food distribution system so that people in the US do not starve.
2) Increase domestic drilling, and develop a system whereby essential services have access to fuel, and where ordinary people can maintain some mobility and have some ability to survive winter.
3) Let the bad businesses fail, and allow new businesses to replace them.
If we have a system where 30% of Americans are out of work, but starvation and exposure deaths are limited, we'll be OK.
We may need to keep our heads down for 3 or 4 or 5 years. But the market will fix itself. That's what markets do. But replacing our current Constitutional system with Socialism, and going 500 bazillion dollars into debt is NOT going to help us.
they should have allowed the deadwood to be cleared but noooooo
It already cost more that $2T.
Market is down 4% on the news.
What is that loss? More than $2T I think.
It is. It is meant to be exactly that.
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