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3 trillion more to fix our economy....

Discussion in 'U.S. Politics' started by XCALIDEM, Feb 11, 2009.

  1. XCALIDEM

    XCALIDEM Active Member

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    Unfreaking believable!!!! 3 trillion more on top of the $750 billion on the original bailout, plus the recently approved $830billion. Now 3 trillions!!!? :mad: WTF Barack Hussein Obama??? Where are we getting this freaking money from? This is the great plan from the man who didn't know that he needed to pay taxes....

    http://www.timesonline.co.uk/tol/news/world/us_and_americas/article5704914.ece

     
  2. XCALIDEM

    XCALIDEM Active Member

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    Markets crash after Geithner's news

    Treasury Secretary Timothy Geithner ducked the tough questions investors want answered as he rolled out a plan to repair the financial system -- and stock traders made him pay for it.

    Driving investor doubts was Geithner’s failure to clearly address three issues at the heart of the crisis: Will banks saddled with toxic debt be forced to fail? How will illiquid assets be removed from bank balance sheets? And what will be done to arrest the decline in house prices that triggered the turmoil?

    The risk is that the market reaction sabotages the plan before it gets under way, forcing Geithner to change his approach in response -- a position that his predecessor, Henry Paulson, frequently found himself in. That may mean the plan “may just end being an interim step,” said Kenneth Rogoff, a former chief economist at the International Monetary Fund who’s now a professor at Harvard.

    “Tim Geithner did a great job in painting the broad strokes of the problem and laying out general principles, but it was a big disappointment not to have more details,” Rogoff said.

    Rogoff also said Geithner missed an opportunity to send a stronger signal distinguishing his approach from Paulson’s: “ I would have liked to see President Obama standing behind the Treasury secretary, considering this speech, more than anything else, was supposed to lay out the policies signaling a decisive break from the past.”

    Bank Stocks

    http://www.bloomberg.com/apps/news?pid=20601087&sid=ank43KATMgXo&refer=home#
     
  3. Andy

    Andy Well-Known Member

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    They keep talking about frozen credit markets... does anyone realize what markets they are talking about?

    It's not regular mortgage markets. Those are doing fine. Just read the paper about recent home sales. They have to be getting a mortgage from somewhere, right? So regular mortgages are not the problem.

    What about credit cards? Anyone being declined on credit cards? Seen a massive drop in credit card offerings in the mail box? Of course not. So that's not the problem.

    So what "frozen credit markets" are they referring too? Answer: Sub-prime Mortgages! Isn't this amazing? Here they are trying to unfreeze the very line of credit that got the entire economy into this mess!
     
  4. XCALIDEM

    XCALIDEM Active Member

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    Yes, but that is not fear mongering.... It's only communicating to the Country... :mad:
     
  5. Chip

    Chip New Member

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    The federal government needs to take immediate statutory action to make ARMs and sub-primes illegal from this moment on ... and in addition allow such exiting loans considered non-refinanceable to be refinanceable ... and somehow encourage and support the refinancing of these loans with bailout monies.

    That will restore value to the securities supported by these otherwise deadly loans still in existence.

    But the majority of the credit crunch caused by defaults on what understandably ended up being worthless ARM and sub-prime supported securities has translated into anal retentive banks refusing to loan money to regular businesses these businesses need weekly just to keep afloat in these "normal trend" days of over-inflated-value businesses needing loans on a regular frequent basis just to stay in business.

    The money the banks need is to keep American businesses running ... and to thereby keep Americans employed!

    This recession's-depression's cause and effect problems are considerably involved ... and business-as-usual solutions may be complicated, and difficult if not impossible to find ...

    ... Because the problem with refinancing ARMs and sub-primes is that their 30-year promised yield is negated, almost like a default!

    Indeed, this recession-depression is a bad one.
     
  6. pocketfullofshells

    pocketfullofshells Well-Known Member

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    Where are we getting this freaking money from?"

    A question the republicans never asked for 8 years of Bush, and Bush tax cuts, and Wars, and increased spending....funny how the party name on the white house changes, and you act like you care again...
     
  7. XCALIDEM

    XCALIDEM Active Member

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    That's funny... as always you guys are always blaming Bush. Did he spent 3 trillion all in one shot?

    Obama is acting like a spoil child getting everything that he wants and you guys are so in love with him that you don't care if we mortgage our country to the chinese or the russians...

    Since you guys are so in love with him; here's the song that you guys sing to him...

     
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