Everyone knows TAXPAYERS are going to take a BATH on this, and yet Wall Street sees it as a success. Why wouldn't they? TAXPAYERS are going to buy up all the unsellable shit from banks, thereby freeing them of debt and giving them a cash (taxpayer-given )windfall to boot!!!
"Washington in market to purchase toxic assets" by Martin Crutsinger, Associated Press | March 22, 2009
WASHINGTON - Struggling to contain the worst financial crisis in seven decades, the Obama administration wants to buy billions of dollars of toxic assets from banks to ease borrowing for consumers and businesses.
I'm so sick of that damn lie being repeated and repeated. Makes you wonder about everything else the agenda-pushing MSM features and flogs.
Some industry officials familiar with the details said yesterday that they expected Washington would try to remove as much as $1 trillion from banks' books. An announcement from Treasury Secretary Timothy F. Geithner could come as early as tomorrow.
And ONTO YOURS, taxpayers!!!!!! A trillion here, a trillion there. How much is this all adding up to, anyway?
If banks are not burdened by the soured loans, they would be in better shape to resume more normal lending.
Ummm, yeah, whatever, lying MSM:
U.S. Banks Driving Credit Crunch ON PURPOSE!!
Bush Administration Created Credit Crunch Crisis
Banks Cut Off CreditAccording to administration and industry officials, the plan would rely on the Federal Reserve and the Federal Deposit Insurance Corp. to supplement the government's $700 billion bailout fund.
You mean there is still so money in there? Give it back then!
The uproar over the millions of dollars in bonuses for employees at troubled insurance giant
There they go again with AIG -- and they will simply go around any Congressional bill this time (what they are already doing)!
The officials, who spoke on condition of anonymity because the details have not been announced, said Geithner's plan will have three major parts:
A public-private partnership to back private investors' purchases of bad assets. The $700 billion bailout fund would provide the backing, and the government would match private investors dollar for dollar and share profits equally.
If there are any; the LOSS is ALL YOURS, taxpayers!! After all, it will be YOUR FUNDS put up in any event!
Expanding a recent Fed program that provides loans for investors to buy securities backed by consumer debt, an effort to make it easier for people to get auto, student, and credit card loans.
Have you had enough lying yet?
The Term Asset-Backed Securities Loan Facility program is getting up to $100 billion from the bailout fund; that money then is being leveraged to support up to $1 trillion in Fed loans. Under Geithner's plan for the toxic assets, part of that $1 trillion would now go to support purchases of banks' troubled assets.
Using the FDIC, which guarantees bank deposits, to purchase toxic assets. Officials said the agency would create special investment partnerships and then lend them money to buy troubled assets.
Industry officials said the administration had not disclosed the exact amounts of money to be devoted to the effort.Why? Because the public might march?
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Nevertheless, it's coming.
"Next up: Overhaul of financial industry" by Associated Press | March 23, 2009
WASHINGTON - The Obama administration's latest attempt to tackle the banking crisis and get loans flowing to families and businesses would create a new government entity, the Public-Private Investment Program, to help purchase as much as $1 trillion in toxic assets on banks' books....
A key part of that regulatory framework would give the government new authority to take over troubled institutions that would pose a threat to the entire financial system if they failed. Administration officials believe this new power will save taxpayers money and avoid the type of controversy that erupted last week when insurance giant American International Group paid employees of its troubled financial products unit $165 million in bonuses - even though the company had received more than $170 billion in support from the federal government.
There is AIG AGAIN!! And yeah, this whole thing is going to SAVE the TAXPAYER MONEY!! Can you believe them putting that bullshit in here, readers?
Nice going, MSM!!! Your credibility just turned from shit into a puddle of rancid, sun-baked diarrhea.
Under the new powers being sought by the administration, the Treasury secretary could seize a firm only with agreement of the president and the Federal Reserve. The Treasury secretary would have power to limit payments to creditors and to break contracts governing executive compensation, a power that was lacking in the AIG case.
You see what's going on, right, readers? Do you have to Sig Heil when they take over?
The plan on toxic assets would use the resources of the $700 billion bank bailout fund, the Federal Reserve, and the Federal Deposit Insurance Corp.
So they will GET YOUR TAX DOUGH any way they can. They won't go through that mesy Congres again, what with the phones ringing off the hook.
The initiative will seek to entice private investors, including big hedge funds, to participate by offering billions of dollars in low-interest loans to finance the purchases.
The government would share the risks if the assets fall further in price.
Translation: YOU get the LOSSES, TAXPAYERS!!!!!!!
If not MORE!!!!!!
And if this is the KEY to solving the crisis, why did PAULSON CHANGE the PLAN, huh? Yeah, yeah, I'm tired of lame excuses. This was a loot job from the get-go.
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