Once The Stimulus Package Passes Geither Will Ask For Another $1 Trillion+ For Banks! - GoFuckYourself.com

Ethersync · 02-08-2009, 07:29 PM

When will this madness end!!!

http://www.bloomberg.com/apps/news?p...ZdQ&refer=home

Snake Doctor · 02-08-2009, 08:00 PM

It's ridiculous I agree.

Although to be fair, the $700 billion in TARP funds and the 1 trillion (I didn't read this particular story but I'm guessing it's for the bad bank idea?) are more like loans or asset purchases....and the taxpayer should get back most of their money..if not all of it plus interest.

That's different than outright spending, which the stimulus was.

tical · 02-08-2009, 08:37 PM

this seems simple.. im sure there is way more to it but

how much $ in bad assets (real estate related) do banks have? wouldn't it just be better if the government just absorbed all of real estate related bad debt (via a loan with some kind of interest) & let the banks get back to business - easing up on the credit crunch?

either way the government would have tangible assets (even though they aren't worth as much on paper as they were when picked up).... but shit if we're throwing trillions of dollars at banks why not fucking own something and require a slice off the top until the banks are paid in full

obviously i dont know the total $ of bad real estate debt but shit... wtf

fatfoo · 02-08-2009, 09:19 PM

Let's see if President Barack Obama suceeds in pushing the economic stimulus bill through Congress.

Ethersync · 02-09-2009, 12:58 PM

Quote:

Originally Posted by tical

this seems simple.. im sure there is way more to it but

how much $ in bad assets (real estate related) do banks have? wouldn't it just be better if the government just absorbed all of real estate related bad debt (via a loan with some kind of interest) & let the banks get back to business - easing up on the credit crunch?

either way the government would have tangible assets (even though they aren't worth as much on paper as they were when picked up).... but shit if we're throwing trillions of dollars at banks why not fucking own something and require a slice off the top until the banks are paid in full

obviously i dont know the total $ of bad real estate debt but shit... wtf

1) The problem is more than just bad mortgages.

2) Our government, both Democrats and Republicans, always bails out wall street before Joe and Jane 6 Pack get anything. They take care of their own.

notime · 02-09-2009, 02:47 PM

Quote:

Originally Posted by Ethersync

1) The problem is more than just bad mortgages.

2) Our government, both Democrats and Republicans, always bails out wall street before Joe and Jane 6 Pack get anything. They take care of their own.

My bank in Holland got bailed-out twice for 30 Billion in total. The day after; they cut 7000 jobs (incl. my account manager) and raised banking costs (creditcard, statement, internet banking, etc.)
And like you say, it makes no difference for the public/consumers (paying in the end for all the shit that's happening).

Vendot · 02-09-2009, 03:50 PM

I just dont get how this will all be paid back and is the US government printing money or is this coming from the purchase of US debt?

IllTestYourGirls · 02-09-2009, 03:56 PM

Sorry to burst your bubble it will be over 9 trillion

http://www.bloomberg.com/apps/news?p...Kok&refer=home

I think we could have bought everyone single family's mortgage with the amount they are giving the banks.

Ethersync · 02-09-2009, 04:14 PM

Quote:

Originally Posted by Vendot

I just dont get how this will all be paid back and is the US government printing money or is this coming from the purchase of US debt?

It's mostly being funded through Treasury Bonds right now though some speculate that the Fed may be printing up new money and discreeting using that to buy up the bonds people (e.g. China) are not buying on the open market thus keeping the low rates.

The US will not pay this money back unless there is a huge increase in taxes and/or a large devaluation of the dollar.

If Clinton had not repealed the Glass-Steagall Act we very well may not be in this mess at all......

GregE · 02-09-2009, 04:51 PM

Quote:

Originally Posted by IllTestYourGirls

I think we could have bought everyone single family's mortgage with the amount they are giving the banks.

Well, that would make too much sense.

Think about it, that would have likely stimulated economy like nothing else.

HorseShit · 02-09-2009, 05:02 PM

obama ftw

JD · 02-09-2009, 05:16 PM

Quote:

Originally Posted by IllTestYourGirls

Sorry to burst your bubble it will be over 9 trillion

http://www.bloomberg.com/apps/news?p...Kok&refer=home

I think we could have bought everyone single family's mortgage with the amount they are giving the banks.

yeah I was talking about this with my wife a few days ago... would have made more sense and actually accomplished something to just pay off everyone's shit. but as we all know... government never makes any damn sense :/

Ethersync · 02-09-2009, 06:35 PM

Quote:

Originally Posted by JD

yeah I was talking about this with my wife a few days ago... would have made more sense and actually accomplished something to just pay off everyone's shit. but as we all know... government never makes any damn sense :/

In situations like this what they do may make sense if you consider their motives may be different than what you think they are.

IllTestYourGirls · 02-09-2009, 06:52 PM

And people laughed at Ron Paul when he said it could be over 5-10 trillion.

We are being robbed at the fastest rate in history. Thank god for Keynesian economics and fiat money.

The 9.7 trillion and 1 trillion and 890 billion money is not included in this chart.

The spike is from Sept 2008 to current. BEFORE the market crashed. They knew it was coming, they were not going to tell you, then they planned on causing panic and stealing your money.

If you dont think the dollar and the us is fucked and that it can be saved with 1 trillion dollars you have your head in the sand.

02-08-2009, 07:29 PM	#1
Ethersync Confirmed User Join Date: Mar 2008 Location: London, Saint-Tropez, Bermuda, Moscow Posts: 5,289	Once The Stimulus Package Passes Geither Will Ask For Another $1 Trillion+ For Banks! When will this madness end!!! http://www.bloomberg.com/apps/news?p...ZdQ&refer=home

02-08-2009, 08:00 PM	#2
Snake Doctor I'm Lenny2 Bitch Join Date: Mar 2001 Location: On top of my soapbox Posts: 13,449	It's ridiculous I agree. Although to be fair, the $700 billion in TARP funds and the 1 trillion (I didn't read this particular story but I'm guessing it's for the bad bank idea?) are more like loans or asset purchases....and the taxpayer should get back most of their money..if not all of it plus interest. That's different than outright spending, which the stimulus was. __________________ sig too big

02-08-2009, 09:19 PM	#4
fatfoo ICQ:649699063 Industry Role: Join Date: Mar 2003 Posts: 27,763	Let's see if President Barack Obama suceeds in pushing the economic stimulus bill through Congress. __________________ Send me an email: [email protected]

02-09-2009, 03:56 PM	#8
IllTestYourGirls Ah My Balls Industry Role: Join Date: Feb 2007 Location: Under the gold leaf ICQ 388-454-421 Posts: 14,311	Sorry to burst your bubble it will be over 9 trillion http://www.bloomberg.com/apps/news?p...Kok&refer=home I think we could have bought everyone single family's mortgage with the amount they are giving the banks. __________________

02-09-2009, 06:52 PM	#14
IllTestYourGirls Ah My Balls Industry Role: Join Date: Feb 2007 Location: Under the gold leaf ICQ 388-454-421 Posts: 14,311	And people laughed at Ron Paul when he said it could be over 5-10 trillion. We are being robbed at the fastest rate in history. Thank god for Keynesian economics and fiat money. The 9.7 trillion and 1 trillion and 890 billion money is not included in this chart. The spike is from Sept 2008 to current. BEFORE the market crashed. They knew it was coming, they were not going to tell you, then they planned on causing panic and stealing your money. If you dont think the dollar and the us is fucked and that it can be saved with 1 trillion dollars you have your head in the sand. __________________

02-08-2009, 08:37 PM	#3
tical Confirmed User Join Date: Feb 2002 Location: Las Vegas Posts: 6,504	this seems simple.. im sure there is way more to it but how much $ in bad assets (real estate related) do banks have? wouldn't it just be better if the government just absorbed all of real estate related bad debt (via a loan with some kind of interest) & let the banks get back to business - easing up on the credit crunch? either way the government would have tangible assets (even though they aren't worth as much on paper as they were when picked up).... but shit if we're throwing trillions of dollars at banks why not fucking own something and require a slice off the top until the banks are paid in full obviously i dont know the total $ of bad real estate debt but shit... wtf

02-09-2009, 03:50 PM	#7
Vendot Confirmed User Industry Role: Join Date: May 2002 Location: Malaysia Posts: 3,376	I just dont get how this will all be paid back and is the US government printing money or is this coming from the purchase of US debt?

02-09-2009, 05:02 PM	#11
HorseShit Too lazy to set a custom title Join Date: Dec 2004 Posts: 17,513	obama ftw