Getbig.com: American Bodybuilding, Fitness and Figure
Getbig Main Boards => Politics and Political Issues Board => Topic started by: Bindare_Dundat on September 18, 2008, 09:07:33 PM
-
Treasury Secretary Hank Paulson briefed Congressional leaders on plans to address the "illiquid assets" on U.S. financial institutions' balance sheets, possibly including the creation of a government facility to take on financial firms' bad debts.
The proposal to create a massive facility to buy mortgage-backed securities could cost as much as a half-trillion-dollars and would involve the purchase of both private-label and government-guaranteed mortgages, according to an administration official.
The plan would have two parts. The largest part would be the purchase of private-label (those underwritten by Wall Street) mortgages by some as-yet unnamed vehicle. Financing would occur through the sale of treasuries, the official said. That part of the plan would require congressional approval. The idea is to hold the securities to maturity. The average mortgage has a life of about 7 years.
A second part of the plan would involve the purchase by Treasury of additional government-backed (Fannie Mae and Freddie Mac) under a plan it announced several weeks ago to rescue the two government-sponsored entities. Back then, it said it would purchase $5 billion initially. The idea is to ramp up those purchases more quickly. It does not require approval by Congress.
The administration is contemplating hiring a private investment manager to run the mortgage vehicle. Yet to be worked out with Congress are the amount of mortgage securities the government would buy and from whom the government would accept them.
The price to be set on those purchases and the process for setting it was also unknown.
CNBC first reported the creation of a Treasury plan, similar to the Resolution Trust Corp., that would take mortgage backed securities off the market.
Full story: http://www.cnbc.com/id/26779080
-
Paulson on the FRONT PAGE! another RTC
http://www.cnbc.com/id/26773689
Jack Kemp, an financial Minion of John McCain, (Remember McCain's Financial Miss Teen South Carolina response to Ron Paul during the presidential debate?)
and others, FOX NEOCONS, CNBC Cheerleaders, NY Times, ... Financial Debt Armageddon
ALL calling and pushing for Another: U.S. RESOLUTION TRUST CORPORATION
Exactly what BAILED-OUT the Savings & Loan Charade of the late 80's early 90's.
Please be AWARE:
The government told the people and country it will need about $50 BILLION to resolve the Savings and Loan Scandal.
Final S&L bailout Tally:
$236 BILLION
http://www.nytimes.com/2008/09/17/business/17resolution.html?_r=1&oref=slogin
DO NOT ENTRUST THE GOVERNMENT, FED, POLITICIANS, BANKS to do this. WE PAID for this... another INDIRECT, OPAQUE, HIDDEN COST BAILOUT!
Please communicate this everyone... No more INDIRECT/OPAQUE BAILOUTS
Contact your U.S. Representatives to kill this type of BAILOUT INITIATIVE
-
I think it's better than it happens. We all realize how fragile the economic system is, and we start being smarter with our cash.
I love to rag on bush... but I sure as heck don't want to see a financial collapse on his watch. We'd starve. At least Obama dealing with this drama might mean he'll fix it - even if it's only to fuel his own ego/ define his legacy. Fine. Go for it. Just fix this shit.
-
don't worry
we can afford it/anything
all we have to do it print more money
duh!
-
don't worry
we can afford it/anything
all we have to do it print more money
duh!
lol