Busted: Bankers and The Global Economy

November 16, 2008

Big U.S. Bailout Secrets, No Supervision

bailout game show giveaway

bailout game show giveaway

The Troubled Asset Relief Program, originally a $700 billion bailout program mandated by Congress was to be conducted with transparency and oversight. That hasn’t happened and none of the oversight posts have been filled. To make matters worse, the Federal Reserve is now showing $2 trillion in additional loans, which apparently have gone to the central bankers bottom line.

Disclosure has been a joke in a solution that was declared to be sound and manageable. Instead, there has been no accountability and a desire to change plans in the middle of the bailout game by Henry Paulson and his team. Most of Congress seems unconcerned.

House Rep Barney Frank gave the thumbs up revealing, “I talked to Geithner, and he was pretty sure that they’re OK.” Who is okay? Certainly the Federal Reserve is very okay as they have nothing to lose and everything to gain. Who is Barney Frank talking about? Revealing the collateral for the $2 trillion in loans would give away banking secrets, so nobody is talking.

The reality is that the Federal Reserve is taking bad debt from the banking industry and giving itself huge sums of cash, since it still holds all the loot. It’s profit taking time in New York City. Perhaps this is the money to pay for all those Ameros that the U.S. just sent to China to pay for their earthquake rebuilding project, but that’s only conspiracy talk. ~ E. Manning

May 12, 2008

Paper Tiger Taxpayer Bailout Plan at 1.7 Billion

Filed under: banking — Tags: , , , , , , , , , — digitaleconomy @ 9:12 am

The taxpayer cost of the mortgage refinancing should be limited to about $1.7 billion according to U.S. government sources. The problem is that few that qualify will actually be helped.

The proposal, authored by House Financial Services Chairman Barney Frank, passed the House with a 266-154 margin, with 39 Republicans joining virtually all Democratic House members to support the measure. The Bush Administration and many members of Republican leadership oppose the bill and are proposing other measures.

Congress feels that the country should be reassured by this paper tiger measure. The reality of the plan dictates otherwise. Very few at-risk homeowners will be able to get help. Because of the limited scope (more…)

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