"It may never be known whether the initial $700 billion plan accomplished its objectives"
But we got oversight and we got regulations and we got... aaaaaaaaaahhhhh!!!!!!!!
"Officials aim to refine bailout effort" by Martin Crutsinger, Associated Press | January 31, 2009
WASHINGTON - Treasury Secretary Timothy Geithner met with top government officials yesterday to refine the administration's plan for overhauling the $700 billion bailout program and improve regulation of the financial system.
The administration is working on proposals for how it will use the last $350 billion from the rescue program. But the measures being considered could end up costing taxpayers hundreds of billions of dollars beyond the original $700 billion.
Geithner previously said the administration is weighing the possibility of using a bad bank to buy up toxic assets that are weighing on the books of financial institutions.
Oh, so after the first $350 billion was looted, now they are going to do what they initially said -- stick the taxpayer with all the unsellable, worthless shit!
However, some suggested yesterday that the administration may be reexamining that idea because of the costs of such an approach. Senator Charles Schumer, a New York Democrat, said the issue of how much more money to ask Congress to commit beyond the current $700 billion is a key item the administration is debating.
"Do you guarantee the bad assets or do you buy them? Do you guarantee all the bad assets or just the housing assets? There are a lot of unanswered questions," Schumer said.
You are part of the problem, Chuck!
Geithner met throughout the day with senior Treasury Department officials and had a meeting with Federal Reserve chairman Ben Bernanke, Federal Deposit Insurance Corp. chairwoman Sheila Bair, and John Dugan, the head of the Office of the Comptroller of the Currency.
The comptroller regulates the country's biggest banks. Meanwhile, congressional auditors released a report saying it may never be known whether the initial $700 billion plan accomplished its objectives because it will be difficult to separate the impact of the rescue program from the effects of other economic forces....
Treasury spokesman Isaac Baker said President Obama and Geithner both agree that "much more needs to be done to better stabilize our financial system and get credit flowing again to families and businesses."
Seriously, HOW MANY TIMES can they tell that LIE?
Related: U.S. Banks Driving Credit Crunch ON PURPOSE!!
Bush Administration Created Credit Crunch Crisis
In an e-mail responding to the GAO report, Baker wrote the administration would soon disclose an overhaul of the bailout program "that will increase lending and impose new measures to strengthen oversight, transparency, and accountability so that taxpayers know where and how their money is being spent and whether it's achieving real results."
Yeah, yeah, we heard all that before.
Geithner said earlier this week that the administration would reveal its new proposals "relatively soon." Many expect decisions as early as next week....
Former Treasury Secretary Henry Paulson quickly committed the first $350 billion from the bailout program in an effort that so far has not yielded the expected results of stabilizing the situation and getting banks to resume more normal lending to consumers and businesses.
There is that LOAN LIE AGAIN!!!
And if these pricks had listened to the blogs, they would know it wasn't going to work -- but then again, that wasn't the point, was it?
The bailout program has generated a huge amount of controversy. Critics charge that the Bush administration failed to impose enough restrictions on banks to make sure the billions they were receiving went to boost lending.
How many times can you lie in the same article for God's sake?
And they are still working on it!
"Geithner to unveil bailout overhaul; Monday speech to outline plan" by Associated Press | February 6, 2009
WASHINGTON - Treasury Secretary Timothy Geithner and other top officials are putting the finishing touches on a plan to overhaul the government's $700 billion financial rescue program.
A Treasury official said Geithner will deliver a speech on Monday outlining the new plan. But Treasury officials would not comment on a report yesterday that the administration is considering changes to the current accounting standard that requires banks to carry assets such as mortgage-backed securities on their books at fair value, a process known as "mark to market."
Critics of this process contend it has made the current financial crisis worse by forcing banks to slash the value of assets that are currently depressed because of market conditions. Treasury officials said the administration's plan was not yet complete and would be revealed in Geithner's speech in Washington next week.
The idea of modifying the current rules on marking down bank assets is being considered by some key lawmakers as a possible way to address the banking crisis.
House Financial Services Committee chairman Barney Frank, a Massachusetts Democrat, said he was in favor of exploring a modification to the mark-to-market requirements that would give banking regulators more discretion so banks would not face the need to cut lending as a consequence of following those standards.
And round and round we go!!!
Senate Banking Committee chairman Christopher Dodd, a Connecticut Democrat, said yesterday in an interview he wanted to consider the possibility of modifying the mark-to-market requirements during times when "you get into a procyclical environment and things are spiraling down. That's what we are talking about."
Meanwhile, real estate lobbyists were pressing the government to spend billions to temporarily subsidize lower mortgage rates.
How about just PAYING a BUNCH of them off so there are NO MORE FORECLOSURES?
After all, it is ALL TAXPAYER MONEY! You'd only be PAYING YOUR OWN MORTGAGE OFF, Americans!
Btw, WHO wants a LOAN these days?
They were looking to Geithner's announcement Monday in hopes that some of the financial rescue money would be used to reduce mortgage rates and prevent foreclosures.
I thought that was WHY we needed the BAILOUT! Now you tell us the money was WASTED?
The Federal Reserve has been buying up mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae for a month.
They have sure kept that quiet, 'eh?
Before rising a bit in recent weeks, mortgage rates had plunged since the Fed disclosed the creation of the $500 billion program late last year.
How many BILLION DOLLAR PROGRAMS they got?
Geithner met yesterday with Fed chairman Ben Bernanke and other officials who serve on the President's Working Group on Financial Markets. The group was formed in the wake of the 1987 stock market crash with the goal of better coordinating the government's response to market crises.
Ah, the PLUNGE PROTECTION TEAM that is FAILING!!!
The administration's overhaul of the controversial $700 billion bailout plan is expected to provide support to banks to deal with some of the toxic assets that are now weighing down their balance sheets and keeping them from resuming more normal lending.
There is that LIE again, and you see it is the BANKS who are IMPORTANT, not you, right?
Geithner said the overhaul of the rescue program was aimed at improving the effort to get credit flowing again and to support President Obama's stimulus plan being debated in Congress.
U.S. Banks Driving Credit Crunch ON PURPOSE!!
Bush Administration Created Credit Crunch Crisis
So HOW MANY MORE TIMES are they going to LIE about the "credit crisis?"
The working group also will devote time to discussing the reforms needed to ensure that the current financial crisis, the worst to hit the country in seven decades, is not repeated, he said.
Right, the guys who drove us into the ditch are going to get us out!
