Free Republic

Biden’s proposals will likely speed America further along the track to bankruptcy, higher interest rates, higher inflation and much higher taxes Can Uncle Sam tax, spend, borrow and print money to return America to prosperity? President-elect Joe Biden’s "American Rescue Plan," announced Thursday night, makes a $1.9 trillion bet that we can. The Biden plan is almost a replay — except with more than twice the price tag — of the strategy that President Barack Obama and then-Vice President Biden employed in 2009 with their $900 billion "stimulus" bill. Even by Obama’s own numbers, that bill led to hundreds of...

Gordon Brown was claiming victory today after Gulf States agreed to pump more money into the world's struggling economies.The Prime Minister met with Saudi Arabian leaders in a bid to persuade them to up their contribution to the International Monetary Fund. Mr Brown said he believed the kingdom and other oil-rich countries would now agree to the cash injection after  insisting that the fund's emergency reserves needed to be expanded by hundreds of billions of dollars. There are fears that its current level of £156bn ($250bn) will not be enough to help states threatened by the global economic downturn. Gordon...

A massive $8.4 billion homeowner rescue plan announced Monday by the Bank of America will provide some relief for an estimated 125,000 Californians who are having trouble making payments on sub-prime loans and other risky mortgages from Countrywide Home Loans. Bank of America bought Countrywide for $4 billion July 1 after the Calabasas-based home loan giant, among the largest sub-prime lenders in the state, collapsed under the weight of mounting defaults and foreclosures. The bank's "Home Ownership Retention Program for Countrywide Customers'' was devised by California and 10 other states to settle predatory lending lawsuits filed against Countrywide. The plan...

This one came across the desk this morning. It’s a portion of letter going out today(9/24/2008)from John Allison, President & CEO of BB&T, to every member of the US Congress. Key Points on “Rescue” Plan From A Healthy Bank’s Perspective

Bailout bill devotes entire section to global warming. View here

Cavuto had breaking news that CLINTON/KERRY want the Senate to take up and approve this BAILOUT RESCUE PLAN tommorrow BYPASSING the House Republicans. Isn't this wrong? That isn't the procedure! This must be stopped. They know the House Republicans will present a better bill. I

The financial system could face a meltdown of 1929 proportions unless US politicians succeed in their efforts for a $700bn rescue scheme, experts added. The warning came as Republicans and Democrats met in Washington for a rare weekend debating session to attempt to seal agreement on the contentious plan, aimed at preventing a long-lasting recession in the US. Officials close to Paulson are privately painting a far bleaker portrait of the fragility of the global economy than that advanced by President George W Bush in his televised address last week. One Republican said that the message from government officials is...

Given last week's dramatic events — the bankruptcy of Lehman Brothers, the end of Merrill Lynch's independence, and an $85 billion US-government bailout of insurer AIG — most financial institutions are likely to become more sensitive to the state of their net worth. For instance, all it takes for a financial institution that has a net worth of $30 billion and assets of $600 billion to go under is for the value of assets to fall by 5%. In the current financial climate, it can easily happen; hence, most financial institutions are not immune from the potential threat of going...