What a mess! Let’s see, where to start? How about with the lack of oversight PROMISED on this bailout deal!
In the six weeks since lawmakers approved the Treasury’s massive bailout of financial firms, the government has poured money into the country’s largest banks, recruited smaller banks into the program and repeatedly widened its scope to cover yet other types of businesses, from insurers to consumer lenders.
NO wonder they are getting away with stuff like this!
For all the fury over Treasury Secretary Henry Paulson’s $700 billion emergency economic relief fund, it seems downright puny when compared to the running total of the government’s response to the credit crisis.
According to CreditSights, a research firm in New York and London, the U.S. government has put itself on the hook for some $5 trillion, so far, in an attempt to arrest a collapse of the financial system.
The estimate includes many of the various solutions cooked up by Paulson and his counterparts Ben Bernanke at the Federal Reserve and Sheila Bair at the Federal Deposit Insurance Corp., as the credit crisis continues to plague banks and the broader markets.
Urgently shifting course, the Bush administration is abandoning the centerpiece of its massive $700 billion economic rescue plan and exploring new ways to shore up not only banks but credit-card, auto-loan and other huge nonbank businesses. Democrats are pressing hard to include a multibillion-dollar bailout for faltering automakers, too _ over administration objections. Unimpressed by any of the talk on Wednesday, Wall Street dove ever lower.
“The facts changed and the situation worsened,” Treasury Secretary Henry Paulson said at a news briefing, explaining the administration’s switch from its original plan to help financial institutions by buying up troubled assets, primarily securities backed by bad home loans.
Can you say BAIT & SWITCH?! America is not going to be happy about this!
U.S. taxpayers, who feel they own a stake in Wall Street after funding a $700 billion bailout for the industry, don’t want executives’ bonuses reduced. They want them eliminated.
Damn straight they should be eliminated, ESPECIALLY when we read the following:
Federal bank regulators have rejected a request by banks and consumer advocates for a program to let lenders forgive huge portions of credit card debt.
The Office of the Comptroller of the Currency rejected the request for a special program that would allow as much as 40 percent of credit card debt to be forgiven for consumers who don’t qualify for existing repayment plans.
So they pour TRILLIONS of our money to the RULING class but give nothing to the average citizen. It’s FINANCIAL BS! PLAIN and SIMPLE!
What these financial deadheads don’t realize is that it is the average consumer that drives the market! No jobs, no money, then there is no economy! And the result? Well, we see it here….
Perhaps this talking head from CNBC put it best. Watch the video here……
Good thing we didn’t elect a POTUS that doesn’t know anything about economics. We’ve had enough of that for the past 8 years. Like I said, WHAT A MESS! And no end in sight!