Paulson’s Turkey Bailout

beeler1

~PCCapitalist

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Published in: on November 30, 2008 at 3:49 pm  Leave a Comment  
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Bernanke’s Secret Bailout

This from Bloomberg.com:

“Nov. 10 (Bloomberg) — The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral.

Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson said in September they would comply with congressional demands for transparency in a $700 billion bailout of the banking system. Two months later, as the Fed lends far more than that in separate rescue programs that didn’t require approval by Congress, Americans have no idea where their money is going or what securities the banks are pledging in return.”

This is a huge problem. An impeachable problem, except we cannot impeach a Fed Chairman or a Secretary in a Presidential administration. This is a complete outrage. It is our money and we should be told where it is going. At least when the U.S. Congress wastes are money they aren’t doing it behind my back.

(HT: Reason Hit & Run)

~Marxsevelt

Published in: on November 10, 2008 at 7:44 pm  Leave a Comment  
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Subprime Time

Reuters is reporting that the U.S. Treasury Department and President Bush are going to bailout people who may default.

“The plan, spearheaded by Treasury Secretary Henry Paulson, seeks to freeze “teaser” interest rates for homeowners who are current in their payments, but who would default after the rate resets higher. As floated, the plan would exclude those deemed to have the financial ability to meet higher payments.”

Which I’ve commented on the problems that will arise later here.

The best part of this one is the government is going to guess who can and cannot pay and freeze the rate.

The people that have already failed too bad the government doesn’t love you……

Don’t award people for making bad loan decisions….

~PCCapitalist

Published in: on December 7, 2007 at 5:39 pm  Leave a Comment  
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