"Citigroup sinks despite sale talks" by Associated Press | January 13, 2009
NEW YORK - .... Most bank stocks tumbled yesterday after President-elect Barack Obama said he plans to fundamentally change the way the second half of the government's $700 billion financial bailout fund is spent. He said he will target housing and small businesses....
The government has already loaned Citigroup $45 billion, and agreed to absorb the losses on a huge pool of mortgages and other assets....
Then WHAT are they BITCHING ABOUT?
--more--"
So what did 'bamer say he was going to do with the second half of the loot job?
"Obama to refocus $350b of bailout; Funds will go to stem foreclosures" by Globe Wire Serivces | January 13, 2009
WASHINGTON - Seeking to reassure wary lawmakers, President-elect Barack Obama said yesterday he will fundamentally change the way the second half of the $700 billion financial bailout fund is spent, focusing some of the relief on housing and small businesses.
Of course, nothing about the fact that that is what was SOLD TO US to get the damn money!!!! We were told oversight and conditions, blah, blah, blah, by those lying shitbags in Congress!
Obama asked President Bush to submit a request to Congress so that the remaining $350 billion would be available quickly after the inauguration next week. Bush agreed to do so.
"I think many of us have been disappointed with the absence of clarity, the lack of transparency," Obama told reporters after a meeting with Mexico's president, Felipe Calderon. He said some of the money should have been spent on helping people avoid foreclosure.
I'm disappointed about so many things, dude, and you are one of 'em, 'bamer!
Why did you guys sell us this loot job by saying it would do what it did not do?
"It is clear that the financial system, although improved from where it was in September, is still fragile," Obama said.
Improved? HOW? We've LOST NEARLY 500,000 jobs since!!!
Please see: President Barack W. Bush
Separately, Larry Summers, Obama's choice for National Economic Council director, said the new president intends to broaden the goals of the remaining bailout package and impose tougher restrictions and oversight on how the money is spent.
Related: When E.F. Summers Speaks....
Summers told House and Senate leaders in a letter from the transition team that the need to tap the second half of the $700 billion fund is "imminent and urgent."
The letter says Obama intends to use the Troubled Asset Relief Program to help community banks, small businesses, consumers, and homeowners as well as large financial institutions. It says Obama intends to launch a "sweeping effort" to mitigate foreclosures.
That is what we were told the FIRST PART was for!!!
Forgive me if my faith in the great changinator is lacking!
"The president-elect also shares the frustration of the American people that we have seen too little effect from this rescue plan on jobs, incomes, and the ability of responsible homeowners to stay in their homes," Summers wrote. "He believes the American people are right to be angry with the way this plan has been implemented."
'bamer getting it both ways, isn't he?
First he was FOR the bailout (for which he is never held accountable), and now he claims to be on the people's side!
Man, is this guy slick!!!!
