"Banks are still hoarding cash"
That is where all your BAILOUT DOLLARS are going, Americans!
You ain't gonna see shit!
Also see: U.S. Banks Driving Credit Crunch ON PURPOSE!!
The Wall Street Bailout Bought America Nothing
"Thaw in credit may begin next week" by Robert Gavin, Globe Staff | October 4, 2008
The bailout could help thaw frozen credit markets as soon as next week if, as intended, the plan helps restore confidence among financial firms and credit begins flowing more freely. The credit system has become clogged, because financial institutions have stopped lending to one another over fears their counterparts are sitting on mortgage-backed investments. When banks don't lend to one another, there is less money for loans to individuals and businesses.
Yeah, but they are going to LEND MONEY to YOU, shit-eating 'murkn!!
"Only projects backed by.... deep-pocketed investors are likely to qualify for funding"
How is your JOB SITUATION, anyway? You a GOOD RISK!!!!
Also see: Tax Cut For Banks in Bailout Bill
Lawmakers and analysts are looking to Treasury Secretary Henry M. Paulson Jr. to move quickly and start buying the troubled investments to shore up the financial system. Treasury has up to 45 days to figure out the details of the program.
You mean, they VOTED FOR something that they KNEW NOTHING ABOUT, huh?
Yup, SIG HEIL TIME!!! See: Congress Folds Under Martial Law Threat By Bush
Transactions probably will take the form of reverse auctions, in which the government announces it is ready to buy a certain amount of mortgage-based assets. Companies that want to unload the devalued investments then compete to be included, offering their unwanted holdings to the Treasury Department, which buys at the cheapest prices.
Analysts expect the auctions to be up and running in about a month. "Hopefully, this helps calm markets now," said Mark Zandi, chief economist at
And IF THEY DON'T? What if this WHOLE THING DOESN'T WORK because there is NO GUARANTEE it WILL, Americans!! You may have just been RIPPED OFF for $700 BILLION!!!!!
Some analysts, however, are less optimistic about a quick improvement in either confidence or credit. Scott Anderson, senior economist at
Yeah, MINIMIZE the DROP after the PASSAGE, Globe -- especially since you MAXIMIZED the DROP when the BILL FAILED on MONDAY!!
You know what's coming, readers: FUCK YOU, Boston Globe!!!!
FUCK YOU!!!!!!!!!!!!!
"What Congress did today is helpful, but it's not going to be miraculous," Anderson said. "Banks are still hoarding cash, and we'll see if things ease up." Getting the program up and running will not be easy, analysts said. First, Treasury has to borrow money to make the purchases, a process that could take several weeks.
Pfft, sigh! You GOTTA BE FUCKING KIDDING?
So WHO PAYS the INTEREST? TAXPAYERS AGAIN!!!!!
And WTF do you mean "WE WILL SEE IF THINGS EASE UP?!"
Yeah, readers, I am GETTING FUCKING ANGRIER by the SECOND!!!!!!!!!!!!!!!
Designing the auctions will be tricky, too, analysts said, as the government balances the need to get low prices to limit the risk to taxpayers, yet pay enough so financial institutions remain strong enough to resume lending. The nature of mortgage-backed securities makes buying and selling them complicated, analysts said. Such securities are often backed by different kinds of mortgages from different areas of the country, some of which are at a higher risk of default than others. The challenge is finding enough similar securities to attract a sufficient number of bidders.
Gee, the way the MSM and the POLITICIANS made it sound, this BAILOUT was supposed to FIX THINGS!! Now we find out there is NO PLAN!!!
So WHOSE POCKETS is this TXPAYER BAILOUT going to END UP IN?
"It's like a barrel of apples: Some are OK, some are bruised, and some are rotten," said Brian Bethune, economist at Global Insight, a Waltham forecasting firm. "You have to disentangle them."
And give the GOOD STUFF to Goldman (Paulson's old firm; coincidence or conflict of interest) while American taxpayers get the SHIT!!!!!
Treasury plans to hire five to 10 asset-management firms to help design, implement, and run the program, Treasury officials said. The department will also add about 24 employees, including bankers, lawyers, accountants, and financial managers.
Oh, so THEY WILL BE MAKING OUT, anyway!!!
The WALL STREET TYPES are going to do JUST FINE, huh?
Bethune, the Global Insight economist, said the prospect of the government as buyer should take pressure off financial firms. Meanwhile, the Federal Reserve is expected to take additional action to ease the credit crunch, including a likely cut in interest rates. "You can start to see there's a way out of this mess," Bethune said. "The pieces are starting to come into place." --more--"
What do you mean the FED is taking ADDITIONAL MEASURES?
Then WTF did they need the WALL STREET GIVEAWAY FOR?!!
For a MANUFACTURED CRISIS by BANKS whom stand to BENEFIT?
Oh, man!!
America, "Death to the Bankers!"
