Wild west of bailouts

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Submitted by Ricechex on November 25, 2008 - 10:38pm

Well, to add insult to injury...it looks like all of the uproar about the 700B bailout bill is nothing but a mere memory. Today, the government gave MORE money to Fannie and Freddie.

"None of the $600 billion used to purchase this debt or these mortgage-backed securities will come from TARP."

Apparently, the house does not even get a chance to vote on these issues now.

Is this really happenning? It didn't even make front page news. 600 Billion!

http://washingtontimes.com/news/2008/nov...

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They don't call him
Submitted by Arraya on November 25, 2008 - 11:41pm.

They don't call him helicopter ben for nothing. Money is coming from so many different angles it will make your head spin. Mish keeps good tabs.

http://globaleconomicanalysis.blogspot.com/

By my count the government has now pledged $8.5 trillion in lending facilities with $5.55 trillion of that coming from the Fed, allowing $250 billion for the Citigroup Bailout Agreement. Taking into consideration Treasury Secretary Henry Paulson's statement that $200 billion is just the “starting point” for the TALF asset-backed securities program, there is really no upper limit on pledges

Ricechex wrote:Well, to add
Submitted by carlsbadworker on November 26, 2008 - 1:51am.

Ricechex wrote:
Well, to add insult to injury...it looks like all of the uproar about the 700B bailout bill is nothing but a mere memory. Today, the government gave MORE money to Fannie and Freddie.

"None of the $600 billion used to purchase this debt or these mortgage-backed securities will come from TARP."

Apparently, the house does not even get a chance to vote on these issues now.

Is this really happenning? It didn't even make front page news. 600 Billion!

http://washingtontimes.com/news/2008/nov...

Yes. That's really disgusting. I thought that since TARP money won't be used for mortgage-backed securities anymore, taxpayers are finally protected from these toxic assets.
By the way, since TARP is not longer really for "Troubled Asset" Relief Program, it should start to use its real name "Credit Relief Alternative Program", or CRAP in short.

Thank you CBworker, that made
Submitted by DWCAP on November 26, 2008 - 3:58pm.

Thank you CBworker, that made me laugh and I really needed it.

You know what really pisses me off about all this, when it is all over, it will be considered a success and they will be hailed as heros regardless if anything is actually fixed or if it takes 10 years to work.

Your grandchildren owe over a
Submitted by Carl Veritas on November 26, 2008 - 7:45pm.

Your grandchildren owe over a $Trillion.

As the new injections of bank credit flows to the economy while the economy is not producing more goods,

that could spell high inflation during a recession with widespread unemployment of deeply indebted people.

They are using debt financing to supposedly stimulate
the economy, as Keynes have advocated. They ignore the debt and focus on their bankrupt concept.

If it's good for the federal govt to stimulate the economy, then the local counterfeiter cold do the job.
Why stop at 800 billion? If raising the minimum wage helps the poor, why not $200 per hour? Why the stupidity?

"Economics In One Lesson" by Henry Hazlitt is for beginners -- most members of Congress are, yet they're in charge of a Trillion+ economy ----and it should be a required reading for any public official. Ignorant bastards.