Archive for the ‘ bailout ’ Category

Documents: Paulson forced 9 bankS to take TARP

NEW YORK (AP) — The chief executives of the country’s nine largest banks had no choice but to accept capital infusions from the Treasury Department in October, government documents released Wednesday have confirmed.

Obtained and released by Judicial Watch, a nonpartisan educational foundation, the documents revealed “talking points” used by former Treasury Secretary Henry Paulson during the October 13 meeting between federal officials and the executives that stressed the investments would be required “in any circumstance,” whether the banks found them appealing or not.

Paulson also told the bankers it would not be prudent to opt out of the program because doing so “would leave you vulnerable and exposed.”

The meeting was hosted by Paulson, Federal Reserve Chairman Ben Bernanke, FDIC Chairman Sheila Bair and current Treasury chief Timothy Geithner, who was then president of the New York Fed. Continue reading

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You won’t believe what’s in that stimulus bill.

“Never let a serious crisis go to waste. What I mean by that is it’s an opportunity to do things you couldn’t do before.” White House Chief of Staff Rahm Emanuel

Democrats in Congress are certainly taking his advice to heart. The 647-page, $825 billion House legislation was sold as an economic “stimulus,” but now that Democrats have finally released the details we understand Rahm’s point much better. This is a political wonder that manages to spend money on just about every pent-up Democratic proposal of the last 40 years.

[Review & Outlook] AP

There’s $1 billion for Amtrak, the federal railroad that hasn’t turned a profit in 40 years; $2 billion for child-care subsidies; $50 million for that great engine of job creation, the National Endowment for the Arts; $400 million for global-warming research and another $2.4 billion for carbon-capture demonstration projects. There’s even $650 million on top of the billions already doled out to pay for digital TV conversion coupons. Continue reading

Obama: Stimulus Bill passes, After party at White House,

The Vote  244-188

President Obama won his first legislative victory as the House passed a $819 billion economic stimulus package adding to a projected $1.2 trillion deficit this year. Borrowing the money would add $347 billion to the bill’s costs over ten years, according to the Congressional Budget Office,Once it is passed, every American will be able to go the Web site recovery.gov and see how and where their money is being spent.”<1>

Not one Republican

President Obama bid to woo Republicans failed to convince even a single GOP member to join Democrats to back the bill. Eleven Democrats joined the entire 177-member House GOP caucus in voting “no”.<2>

President Obama and the 13 corporate executives

The president met with 13 corporate executives Wednesday morning to talk about the need there needs.

They need our money now

“The businesses that are shedding jobs to stay afloat — they cannot afford inaction or delay,” Obama said.

Than there you the American worker with no job only fear

“The workers who are returning home to tell their husbands and wives and children that they no longer have a job, and all those who live in fear that theirs will be the next job cut — they need help now.”<3>

Party at the Whote House
After the vote, he invited top House and Senate leaders of both parties to the White House for cocktails, hoping a little wine and schmoozing could grease the path for his signature economic initiative in the Senate.<4>

Should the Gop support the $825 billion bailout?

From The Cafferty File:

President Obamas hopes for broad bipartisan support for his $825-billion emergency stimulus package have been dashed.

The President wants the emergency bill on his desk by Presidents Day. But theres an obstacle in the way: Opposition from Republicans that seems to be growing by the day. Now they are complaining theyve been shut out of the process of writing the bill. They are pointing a finger at the Democrats for ignoring the Presidents call for bipartisanship.

Continue reading