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Companies start competing for bailout money
- Text size
MARTIN CRUTSINGER
Associated Press
October 27, 2008
The bailout is now the hottest lobbying game in town.
Insurers, automakers and American subsidiaries of foreign banks all want the Treasury Department to cut them a piece of the largest government rescue in U.S. history.
- A d v e r t i s e m e n t
The betting is that many with their hands out will be successful, especially with financial markets in a stomach-churning dive and predictions the economy is about to tumble into a deep recession.
These groups argue that the credit squeeze is so severe and the risks to the economy so dire that their industries need financial support as well.
The Treasury is considering requests from a variety of industries, but has not decided whether to expand the program, officials said Saturday.
Lobbying efforts are intensifying.
The Financial Services Roundtable wrote Treasury officials on Friday requesting that the initiative to buy $250 billion in bank stock grow to cover insurers, auto companies, securities dealers and U.S. subsidiaries of foreign companies, including banks. The Treasury’s plan is intended to bolster banks’ tattered balance sheets and get them to resume making loans.
As the Treasury now interprets it, these additional groups would not participate in the bank stock program. They could receive help from a separate part of the $700 billion rescue that will buy bad assets from financial institutions.
Steve Bartlett, the president of the Roundtable, urged the Treasury to broaden the definition of those eligible for the stock purchase program.
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October 27th, 2008 at 12:52 pm
It’s not that people are blind or asleep…it’s more like there afraid! Jesus said: “Whoever seeks to save his life will lose it, and whoever loses his life will preserve it.” (Luke 17:33)
October 27th, 2008 at 12:54 pm
This is sick!
October 27th, 2008 at 3:07 pm
I truly believe that the way to get us out of this deficit is to pour money into things like highways and whatnot. Perhaps even these new fangled contraptions called zeppelins. Check out this site and their revolutionary ideas http://www.petergreenberg.com/.....-zeppelin/
This idea is not new, its a great idea but not a new one. The answers are not these huge revolutionary things but things that already exist but need tweaking.
Another thing that would help our economy is to increase exports. Its simple math more money coming in is good. Why pay farmers not to farm? Thats a socialist idea not a capitalist idea. We are not capitalist nor do we truly believe in free trade. This means we have a mixed economy and that essentially means we are socialist…that however is an entire other can of worms.
October 27th, 2008 at 4:35 pm
When the 700bn bailout money is gone, the others who went off without assistance will riot. It’s coming to an end.
October 28th, 2008 at 12:37 am
I think if a couple million motivated Americans with big guns went to lobby Washington, they’d think twice about NOT giving us some of that dough!
October 28th, 2008 at 4:36 am
Each company going for ANY of this bail out money SHOULD HAVE TO GO UP AGAINST CONGRESS to see what or how much they get not put in “AN ORDER for it. Then it needs voted on By ALL Americans So, We’d be busy at the Poles voting in on it. Least we’d all have a say who would be getting the money since we are the ones responsible for paying this off? This idea would get people more involved and understanding whats going on with this money they basically took from us. Let Us have a say by voting on it. So, we vote 1 day a week or 1 day a month on 3-5 a month who would or wouldn’t receive this bail out money Not those crooked politicians who voted this in and are playing favorites or giving there friends or special interest groups first choice in the matter. Let US have a say too, who takes the Bail Out money, The loans in every americans name.
October 28th, 2008 at 7:52 am
There’s only 7 days left until the elections!
Make a wise decision at the voting booths!
Vote Chuck Baldwin in 2008!
NOBama! McCain is nearly exactly like Bush!
http://www.baldwin08.com
Information provided by,
-Freedom Forever-
Tyranny, NEVER!
October 28th, 2008 at 10:23 am
If the Government was TRULY concerned about the ECONOMY……They would have passed out that 700 Billion evenly to all Americans (except politicians of course) and the economy would have rebounded OVERNIGHT!!!