They are AGENDA-PUSHING LIARS, folks!!! That's all!!!!
"Specialists: Inaction on bailout will bring pain; Deep recession, job losses called likely if credit market stalls" by Robert Gavin, Globe Staff | October 1, 2008
Economists and academics surveyed by the Globe yesterday said the Bush administration and congressional leaders should not scrap the defeated $700 billion bailout for financial firms, but rather make modest changes to win over enough opponents to pass it.
Economists said, huh? See: Economists Say Bailout Bill Won't Work
And SWEETENING a SHIT ain't gonna do nuthin'!
Financial firms have been reluctant to lend to one another out of fear their counterparts have large holdings of mortgage-related assets, which have already sunk several large companies, and that in turn is drying up credit for businesses and consumers.
Yeah, because U.S. Banks Driving Credit Crunch ON PURPOSE!!
Without a free flow of credit, businesses stop expanding and hiring, consumers cut spending, and the economy shrinks. Barry Bosworth, an economist and senior fellow at the Brookings Institution, a Washington think tank, said the Bush administration and congressional leaders need to more effectively communicate that the plan is aimed not at saving Wall Street firms, but rather at preventing a deep recession that would send unemployment soaring.
Are you as OFFENDED and INSULTED as I am at the implications that WE ARE STOO-PID out here, readers?
FUCK YOU, elite scum bag!! See ya' swinging soon, asshole!!!!!!!!!!!!!!!!
Alicia Munnell, director of the Center for Retirement Research at Boston College and a former assistant Treasury secretary, said leaders need to communicate better that the bailout ultimately will cost much less than $700 billion when the government sells mortgage assets, once the market returns to normal.
BULL-ONEY!! They are going to let Wall Street pick over the GOOD STUFF and leave the TAXPAYERS with the CRAP!!!!
Oh, and btw, that $700 BILLION # was PULLED OUT of their ass!!!!
Jeffrey Frankel, an economics professor at Harvard University's John F. Kennedy School of Government and a former member of President Clinton's Council of Economic Advisers, said that adding a small tax on stock and bond transactions to finance the bailout might also melt opposition. That would transfer the costs from taxpayers to the industry, and perhaps take political pressure off lawmakers who are running for reelection.
But that WON'T HAPPEN because NO WAY are the financial industry and the banks going to TAX THEMSELVES!! What do you think this BAILOUT is ABOUT, anyway?
"They're hearing from their constituents, 'Wall Street got us into this mess, and now we have to give them money?' " Frankel said. "This would be taxing the sector that got out of control and is the source of the problem."
Another way to reduce taxpayers' contributions would be to expand provisions that allow the government to take ownership stakes in the financial firms it helps, said Simon Gilchrist, a Boston University economics professor. Instead of buying the troubled assets, which would then make it easier for financial firms to raise additional capital by selling stock, the government could provide the capital directly and take a controlling share. It could recover much of its money later by selling off its share.
Sweden took this approach when it had to bail out its financial system in the 1990s, and reduced the initial costs by more than half as it sold off the holdings it bought, Gilchrist said.
So the U.S. is going to model itself after SOCIALIST SWEDEN now?
Such an approach has another advantage: Company stockholders who profited from risky behavior would now lose money. For example, shares of Fannie Mae and Freddie Mac became virtually worthless after the government took them over. "This could be a way forward," Gilchrist said, "and more palatable to taxpayers."
Congress needs to move quickly, said Kristin Forbes, a Massachusetts Institute of Technology professor and former member of President Bush's Council of Economic Advisers. Among her concerns: Foreign investors could lose confidence in the US financial system and pull their money out.
That is what I WILL DO if this damn bill passes today!
That could further weaken the dollar, increase inflation, and lead to higher interest rates, which hurt economic growth. "This may not be a perfect bill, but the risks of not passing it are greater than passing it," she said. "If we wait too long, it might cost us much more." --more--"
That's what they said about Iraq, the Patriot Act, the spying, etc, etc, etc.
FUCK YOU and your GOD-DAMN, LYING, FEAR MONGERING, assholes!!!
Besides, dollar already shitting out, and printing more money ain't helping!!!!
