Also see: Healthy Banks to Get Bailout Bill Loot Record Rise on Wall Street Fixes Global Economy
"Credit plan produces a positive; Key interbank lending rate drops to lowest level in seven months" by Casey Ross and Ross Kerber, Globe Staff | October 15, 2008
Credit markets showed signs of loosening yesterday after the Bush administration unveiled its latest dramatic plan to break the financial crisis and pry open lending, including an unprecedented partial nationalization of the US banking system.
Gee, what a shock:
U.S. Banks Driving Credit Crunch ON PURPOSE!!
America Never Had a Chance
Tired of the LIES yet?
But stock markets ended a day of wild swings down slightly as mixed profit reports from companies showed the toll the credit crunch is taking on the US economy. The Dow closed down 76.62, or 0.8 percent, to 9,310.99, sapping the momentum from its record 936-point rally Monday.
Nine companies, including Boston's State Street Corp., will accept direct investments from the government, and in exchange the banks are expected to reopen lending and take other steps to restore confidence in the faltering economy.
"Today's actions are not what we ever wanted to do," Treasury Secretary Henry Paulson ac knowledged yesterday. "Government owning a stake in any private US company is objectionable to most Americans, including me, yet the alternative of leaving businesses and consumers without access to financing is totally unacceptable."
Do you believe this scumbag, America? I don't. Why would the guy who HELPED CAUSE this and is now tossing out $$$ to HIS FRIENDS wish this had never happened? CUI BONO?
Haven't heard much about Kashkari either, have you?
Paulson described the nine as "healthy institutions" that had agreed to the government investment "for the good of the US economy." That said, he urged firms "not take this new capital to hoard it, but to deploy it." News accounts reported that Paulson had to pressure some firms to agree to the investment.
Even though that is exactly what the banks are doing: America Never Had a Chance!!
And WTF?!
Did you ever get stuck, America! Aren't you glad they slammed tht bailout through so fast?
It appears the economic medicine is working where US officials most want it to: credit markets. A key rate for short-term lending between banks fell the most yesterday since mid-March, and rates on commercial paper fell to 1.72 percent, the lowest level in two weeks. Higher rates have made it more expensive, if not impossible, for businesses to borrow.
Sigh. Whatever (as if this 'crisis" wasn't devised and driven to give $$$ away to HEALTHY banks). Are you really that fucking stoo-pid, America?
Nine major companies so far will participate in the program: State Street Corp., Citigroup Inc., Wells Fargo, JPMorgan Chase & Co., Bank of America, Morgan Stanley, Goldman Sachs, Merrill Lynch, and Bank of New York Mellon Corp. State Street Corp, will receive $2 billion from the government. --more--"Yup, all TAXPAYER $$$ they DO NOT NEED!!
