Posted on 03/21/2009 8:09:41 AM PDT by TigerLikesRooster
Edited on 03/21/2009 8:20:50 AM PDT by Admin Moderator. [history]
Treasury Secretary Timothy Geithner is reportedly putting the finishing touches on a plan to get toxic assets off the books of the country's struggling banks.
Administration and industry officials say the plan could be announced as soon as Monday.
The sources say Geithner's proposal will employ the resources of the Federal Reserve and the FDIC to make the government's $700 billion financial rescue fund go further.
(Excerpt) Read more at wndu.com ...
Ping!
How many trillion this time, order new presses.
gosh, i can’t wait.
Oh, they are letting us know that “Timmy” will delay the plan again..
I wish there were a plan to deal with toxic politicians.
“Treasury Secretary Timothy Geithner is reportedly putting the finishing touches on a plan to get toxic assets off the books of the country’s struggling banks.”
They get our money, and our children’s money, and our grandchildren’s money, and we get a pile of turds.
Exactly WHO was it that sold the BANKS those TOXIC ASSETS?
They are going to bury them in Yucca mountain.
Toxation without representation.
“Exactly WHO was it that sold the BANKS those TOXIC ASSETS?”
The indirect answer is the ratings agencies who looked the other way and issued incredibly inflated ratings on them....
Hopefully this trillion will help with next years bonuses.
Oh, a plan. Is this the plan that the federal government was supposed to have created BEFORE the first bailout bill, which was supposed to mitigate the toxic assets problems?????
Six or seven months late, but at least it’s a plan. Maybe. I mean, so far, we’ve only heard that Treasury is planning to announce a plan.
Does a plan to announce a plan count as a plan?
My toxic asset plan: Indviduals and organizations that that recklessly gambled other people’s money by speculating unregulated Credit Default Swaps don’t get to make the taxpayers pay for their foolishness.
Bankruptcy provisions were placed into the Constitution for a reason. The best solution is to disolve the failed enterprises that entered into untenable debts. The entreprises who claim to be ‘owed’ because of ridiculous credit default swaps are just as much to blame, and shouldn’t be the beneficiaries of taxpayer money.
Back in our childhood, my brothers and I entered into several bets for ‘a million billion dollars’. All three of us have long since assumed those debts were uncollectable, but i think they are at least as reasonable as what Goldman-Sachs and AIG did with their speculation in the credit default swap market.
So they’re tapping the FDIC...is that why they had their “credit limit” enlarged by Congress 10 times more than they asked for, to the tune of 500 billion?
The solution is simple!
Pay all the bonuses in “Toxic Assets” at the value they came on the books at and let these extraordinarily talented people who created this mess really earn their bonus.
Swipe of the pen, poof goes the bad balance sheet.
And I bet it won’t even leave a mark on the bank’s “permanent record”.
That is totally brilliant.
This has been the problem the whole time, but the gov’t decided it would be better to spend 2 TRILLION dollars on other junk first, THEN get around to this. This will cost us at least another trillion dollars.
See you at the Tea Party.
This is the first I’ve read of the FDIC resources being tapped. This is not a good thing.
“Timmah!!!”
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.