"Geithner calls for 'forceful' global action on crisis" by Bloomberg News | March 12, 2009
WASHINGTON - Treasury Secretary Timothy Geithner urged the Group of 20 nations to take "forceful" actions to end the financial crisis and called for an expansion of the International Monetary Fund's supplementary borrowing program by about $500 billion.
Where is all this money coming from?
"This is a global crisis which requires a global response," Geithner said yesterday....
That's HOW we got INTO this MESS!!!! I guess prisoners should be in charge of jails, too?
Geithner will make the recommendations at a meeting this week of finance ministers that will lay the groundwork for a summit of government leaders on April 2 in London.
The Treasury secretary also proposed expanding, by as much as $500 billion, the IMF's capacity to borrow extra funds from some member nations. The fund currently is able to borrow about $50 billion. The US contribution is about 20 percent, indicating a possible new commitment of about $100 billion, Geithner said.
Hey, what is ANOTHER MULTI-BILLION DOLLAR BAILOUT to BANKS, 'eh, taxpayers?
"We should consider further ways to strengthen the IMF's capacity to provide support to emerging markets and the poorest," the Treasury said in a separate statement.
Pffft! Yeah, right, globalist richers are looking after the poor.
The Obama administration will also push Congress for legislation that allows the IMF to "mobilize" its stockpile of gold, Geithner said. Congress would need to approve the IMF funding expansion, although it wouldn't count against the budget deficit.
Why not? These guys as bad as Bush's budget office!
Congress would not need to approve a separately planned trade financing initiative because that would be done within the existing resources of the Export-Import Bank and the US Overseas Private Investment Corp., Geithner said. He said the United States wants to support efforts by the World Bank to give a coordinated boost to trade financing from various governments.
At the G-20 summit, Geithner plans to compare notes with his counterparts about actions aimed at stemming the global financial crisis. The United States is working on a new program to help banks clear out the toxic assets, using a mix of private investment and public financing.
Yeah, haven't heard much about that:
"Report: Obama weighing funds to buy assets" by Reuters | March 3, 2009
NEW YORK - The Obama administration is considering a plan to purchase bad loans and other distressed assets by creating multiple investments funds, according to The Wall Street Journal, quoting people familiar with the matter. The funds would be part of what the administration is calling a private-public financing partnership that would take distressed assets off banks' books.... The managers, the Journal said, would have to put up a certain amount of capital while additional financing would come from the government. The government would share in any profit or loss."
Of course, the GOVERNMENT in this case is YOU, taxpayer!!!
"Investors said they were unlikely to buy into the idea unless the government puts up a lot of the money and promises to absorb a lot of the losses.... The first loss has got to be the government's"
President Obama said the United States has two goals for the London summit. One is to ensure there's "concerted action around the globe to jump-start the economy." Second is to "make sure we are moving forward on a regulatory reform agenda" to ensure against a repeat of the crisis.
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More smoke blown up your skirt by the change administration.
And here is another one of their evil agents. Notice the shit-eating grin?
"Bernanke pushes for change in oversight; US regulators urged to rethink financial system" by Bloomberg News | March 11, 2009
Speaking at a Council on Foreign Relations meeting yesterday, Fed chairman Ben S. Bernanke reiterated his call for an agency to take on overarching responsibility for financial stability. (Brendan Hoffman/Bloomberg News)
WASHINGTON - Federal Reserve chairman Ben S. Bernanke urged a sweeping overhaul of US financial regulations in an effort to smooth out the boom-and-bust cycles in financial markets.
"We should review regulatory policies and accounting rules to ensure that they do not induce excessive" swings in the financial system and economy, the central bank chief said yesterday in remarks prepared for an address to the Council on Foreign Relations.
Bernanke recommended that lawmakers and supervisors rethink everything from the amounts firms set aside against potential trading losses and deposit-insurance fees to protections for money-market funds. His remarks reflect a judgment that the United States, just like emerging-market nations in the past, failed to properly manage a flood of capital over the past decade and a half.
Bernanke also reiterated his call for an agency to take on overarching responsibility for financial stability. While he didn't specify which regulator should take that job, he noted that the Fed was first formed to address banking panics and said the initiative would "require" some role for the central bank....
That's not why the Fed was formed; it was formed to enslave individuals and the nation in debt!!! And that's QUITE a SELF-SERVING SUGGESTION, isn't it? Yup, THOSE WHO CREATED the PROBLEMS will be the ones to fix 'em!
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Among the biggest challenges faced by regulators is addressing the issue of banks that are so big and interconnected with other firms that their failure would put the entire banking system at risk.
Did you see that chunk of sky just hit the ground?
"More than two-thirds of all banks and thrifts turned a profit in that period, but their earnings were outstripped by large losses at a number of major banks."
Gotta love the lying, doncha?
Bernanke said firms that are too big to fail are "an enormous problem." Large firms will require "especially close" oversight in the future, he said. Regulators need the authority to seize such firms, such as the Federal Deposit Insurance Corp. has for deposit-taking institutions, he said.
Did I just smell FASCISM in the AIR? Is that why they want the $500 BILLION dollar credit line? See: FDIC Preparing For Massive Bank Failures
Among other changes, Bernanke urged steps to protect against an outflow of money from money-market mutual funds.
Translation: It's YOUR MONEY and YOU CAN'T HAVE IT, American!!!! Because the FED SAYS SO!
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Want to see the end results of their great work these many years?
PARIS - The global economy will shrink this year as the world enters "a Great Recession," the head of the International Monetary Fund said yesterday....
I am calling it the GRAND DEPRESSION!!!!
On Sunday, the World Bank said the global economy will shrink this year for the first time since World War II and the global financial crisis will make it tougher for poor and developing nations to get needed financing. Trade is forecast to fall to its lowest point in 80 years in 2009, the bank said. The most drastic trade slowdowns are expected in East Asia, where growth had been robust.
The ramifications of the growing financial crisis on the world's poorest nations will likely remain for some time, the bank said. Because richer nations are borrowing more, developing nations are being squeezed out and many financial organizations that have provided financing to lower-income countries "have virtually disappeared."
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Financing for the poor has disappeared?
That's odd; we have plenty of vencap for biotechs, etc, and the banks just got another round of loot to lend. WTF?
WASHINGTON - The Treasury Department has provided $284.7 million to 22 banks in the latest payments from the government's $700 billion financial rescue fund. The government is buying preferred stock in banks as a way to bolster their balance sheets in hopes of getting them to resume more normal lending. With the new payments, the government said yesterday it has spent $197 billion on this part of the bailout....
Yup, we are OWNING the BANKS, but NOT NATIONALIZING them! I'm sick of the word games! Basically they are saying the criminals will still be running the show, only with taxpayer dollars in pockets, 'er, hands.
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