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Uses for $700 billion bailout money ever shifting
- Text size
JOHN DUNBAR
Associated Press
October 29, 2008
- A d v e r t i s e m e n t
First, the $700 billion rescue for the economy was about buying devalued mortgage-backed securities from tottering banks to unclog frozen credit markets.
Then it was about using $250 billion of it to buy stakes in banks. The idea was that banks would use the money to start making loans again.
But reports surfaced that bankers might instead use the money to buy other banks, pay dividends, give employees a raise and executives a bonus, or just sit on it. Insurance companies now want a piece; maybe automakers, too, even though Congress has approved $25 billion in low-interest loans for them.
Three weeks after becoming law, and with the first dollar of the $700 billion yet to go out, officials are just beginning to talk about helping a few strapped homeowners keep the foreclosure wolf from the door.
As the crisis worsens, the government’s reaction keeps changing. Lawmakers in both parties are starting to gripe that the bailout is turning out to be far different from what the Bush administration sold to Congress.
In buying equity stakes in banks, the Treasury has “deviated significantly from its original course,” says Alabama Sen. Richard Shelby, the top Republican on the Senate Banking, Housing and Urban Affairs Committee. “We need to examine closely the reason for this change,” said Shelby, who opposed the bailout.
The centerpiece of the Emergency Economic Stabilization Act is the “troubled asset relief program,” or TARP for short. Critics note that tarps are used to cover things up. The money was to be devoted to buying “toxic” mortgage-backed securities whose value has fallen in lockstep with home prices.
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October 29th, 2008 at 6:21 pm
STOP Funding this Madness !!! Just quit sending $$$ to the IRS ! They may get a clue that we are pissed off…Ya think …Duh !
October 29th, 2008 at 6:24 pm
Thats why they should read the bill’s before voting on them. I read somewere that only about %5 of the bills voted on are read by the lawmakers. its just more “Business as usual” except this time it cost us all a hind pocket full of $.
October 29th, 2008 at 6:31 pm
They demand $700 billion but don’t know what to do with it??? and we vote more of them into office?? Write in Jesse Ventura.
October 29th, 2008 at 6:39 pm
I’ll state the obvious… you had to be living under a rock not to have seen this coming. So now we’re supposed to be shocked that the crooks and corporates did exactly what everyone said they would? I’m still trying to figure out why no one got prosecuted for causing this disaster. Oh wait, I know, they had to get paid first.
Semper Fi
October 29th, 2008 at 6:39 pm
i laughed so hard my wallet flew out. i am printing my own money and declare it has more value. in your face fed.
get excited about removing who ever voted for this deal. their names are on record.
e
http://www.aniboom.com/video/301186/obama-plan/
October 29th, 2008 at 6:56 pm
Look if the money was invested in the proper areas the economy’s health would be getting better. Stock up on necessities and Learn proper natural health Care
http://www.curecabinet.com
October 29th, 2008 at 6:58 pm
I knew it, I just knew it…and 90% of America knew it!!!! We called, we e-mailed, we wrote…we altogether grabbed them by their collective throats and told them not to pass this…and what did they do? After the first failure to pass it, they showed US just who the bosses were and took it through the Senate first and added a $150 Billion more! That’ll teach us to tell them what to do!
Bush just sealed his legacy as a completely useless idiot that went along with Paulson and Bernanke’s Financial Market Scam! Our children and our children’s children will be in severe debt for their entire lives because of these crooks! I think they should all be tried and imprisoned. Now!
October 29th, 2008 at 6:59 pm
Remember that there is always plenty of money available when it comes to WARS.
October 29th, 2008 at 7:06 pm
It’ll probably be used to pay off the winners in the derivatives trades who are the plutocracy.
October 29th, 2008 at 7:52 pm
Hey! the calls to congress were ;”50/50″.
50%No and the other50% “Hell No!”
Must’ve confused them, toss ‘em out!, no incumbent gets a vote.?I don’t care if you have to vote for a candidate from the “Fuzzy Squirrels’ nuts party!!”
October 29th, 2008 at 8:49 pm
bankers are hot.
right in your face. and the president on national tv spreading fear.
vote all of them out.
e
http://www.aniboom.com/video/301279/obama-plan/
October 29th, 2008 at 8:57 pm
What part of ” Royally Fucked ” are you having a problem with? One billion dollars is widely accepted as being adequate funding for any construction mega- project. So the 700 billion would build 700 universities, hospitals, power generating facilities, thoroughfares, factories, bridges, public transportation systems, water treatment plants, levees, waste incinerators, day-care facilities, lifestyle rehabilitation centres, you name it! How many jobs would this create? Instead the banking elite carves it up as sauce for the goose. Don’t let them. Don’t let them. Don’t let them. Don’t let them!!!!!
October 29th, 2008 at 9:01 pm
Heck, you could send every citizen a big check for 18k probably… for what a measly couple a bill? FREE MONEY… WHOOPEEEEEEEEEEE
October 29th, 2008 at 9:11 pm
Good lord, what does it take to prove to a sheople that voting means as much as discussing the weather, it passes the time, but has absolutely no effect on the outcome. Well according to global warming theory breathing is detrimental to the environment it causes global warming. I can only laugh at the fools and want to be sycophants, it’s truly pathetic. They have decided to end the USA and by God they are going to do it no matter what we say. Hey, we here in Austin are having a no refuse DWI blood drive, they think you are drunk and they will take your blood ,no matter what you say or The Constitution. Sheople it’s over. There’s no more fleece, from here on out they are cutting off limbs and organs, they are going to kill the patient to supposedly save it!
October 29th, 2008 at 9:27 pm
the bailout now turns out that it is not as it was presented???????????
No shit sherlock. Bush said sign within 72 hours or face the possiblity of Marshall Law. Imagine George W. Bush using scare tactics and fear to drive home his point. That so unlike him huh!
He, Paulson, Bernanke, Greenspan, most of the upper echelons of Wall Street and about a ton of others along with a few from Congress should be drug out to the middle of Dupont Circle and publically hanged. Instead, after this……. they now know that they can do just about anything they want. after all, most Americans are too busy watching Dancing with the Stars. they have no time for silly little things like………………….FREEDOM & TYRANNY. Most are completely unaware that we’re currently under a tryannical adminisration. don’t look for that to change much come january either.
October 29th, 2008 at 9:38 pm
Just a fraction of the 700 billion invested properly would have really helped.. Learn proper natural health Care
http://www.curecabinet.com
October 29th, 2008 at 9:47 pm
MONEY-
THE ROOT OF ALL EVIL…
REPENT…. While you can….
October 29th, 2008 at 9:54 pm
#1 – that’s a good idea. i have a better idea that’s legal…
TAKE YOUR MONEY OUT OF THE BANK AND NEVER USE THEM AGAIN.
this will crush the nwo. we cannot be free until we get rid of the banks. i was reading today that bank fees are getting out of control. what better time than now to say bye bye mr. bank?
October 29th, 2008 at 9:57 pm
Washington is full of nothing but a bunch of crooks, or corporate whores as I like to call them. Although there is a few good men there they are heavily outnumbered by corrupt spineless pukes. I do like Mr. Senator Shelby though. From what I know of him he seems to be an honest man.
October 29th, 2008 at 10:45 pm
i got a idea… lets all buy guns and when they come lookin… .12 right in the forhead and say there is yuor mark and the price was right
October 29th, 2008 at 10:50 pm
http://www.megavideo.com/?v=ULKPORVG
October 29th, 2008 at 10:57 pm
#11 Ed
Dont know if youve noticed the story before this about rigged elections. Dont know if youve been on planet earth for very long………..
I think voting “them” out would be a good thing mate. You go ahead and vote.
FUCKING MORON
Oh and about the money…….why dont you give them some more so they can set up a task force to work out what theyre going to do with it.
If they didnt know what they were going to do with it.
HOW DID THEY KNOW HOW MUCH THEY NEEDED ?
What a scam.
America must be the dumbest country on the planet.
When does the movie come out ?
October 29th, 2008 at 11:04 pm
Just charge up all your credit cards and tell the banks to go F themselves. You’ve already paid for it.
October 29th, 2008 at 11:29 pm
This guy has his retirement plan figured out! It’s cracking me up…
http://pst-solutions.com/OS/ca.....cts_id=217
October 30th, 2008 at 1:18 am
In response to #23: john T Says:
October 29th, 2008 at 11:04 pm
“Just charge up all your credit cards and tell the banks to go F themselves. You’ve already paid for it.”
-end-
You must work for the banks trying to get more of the sheeple into your clutches. Go charge up your slave passes and telling your master F you is not the wisest in these times. I am not an advocate of censorship in fashion but this guy makes me think twice about my position. But thats his goal, but we have to let him post or he wins. Hopefully the truth will rise from the lies in the endgame. My voice will be heard.
Continue your infowar at http://www.latruth.com
:: independent :: unbound
http://www.latruth.com
October 30th, 2008 at 4:12 am
I advised several weeks ago every one who has creidt card, to stop paying them and tell the banks to f. off. I did that my self aftermy home foreclosure, and repo my 2 cars as a result of losing my job. NCO the mosyt annoying collection company call me every 5 minutes, I tell them I am waiting for the government to bail me out. I heard today in the Radio that another Credit Card Crisis is on it’s way with billions of dollars for banks to loose. I was so happy to hear that banks will loose, but then remembered that thanks, to the traitors in the congress, will get their money somehow, someway. So why paying them twice?
October 30th, 2008 at 4:31 am
Nick Nola…
I think John T got an idea there! read that Credit Card article…when it hits the fan, they will shut you all down anyways, jack the interest rates on you, reduce your limits, and then your way over balanced anyway. Why fear them banksters? It’s like growing up in NY afraid of the mob coming for weekly payments…whats the difference? They are worse than the mob because they act all legal in your face, and on TV, when they are the biggest criminals that ever lived, pulling in trillions a year… the mob is Barney compared to them. Your the one working for the Banksters Gra-Nola!! CUZ A COUNTRY BOY CAN SURVIVE!!!!!!!!!
October 30th, 2008 at 4:34 am
Nick Nola…
I think John T got an idea there! read that Credit Card article…when it hits the fan, they will shut you all down anyways, jack the interest rates on you, reduce your limits, and then your way over balanced anyway. Why fear them banksters? It’s like growing up in NY afraid of the mob coming for weekly payments…whats the difference? They are worse than the mob because they act all legal in your face, and on TV, when they are the biggest criminals that ever lived, pulling in trillions a year… the mob is Barney compared to them. Your the one working for the Banksters Gra-Nola!! CUZ A COUNTRY BOY CAN SURVIVE!!!!!!!!!
October 30th, 2008 at 6:46 am
If you buried yourself in debt- it’s your fault. You must pay off your debt. It’s the American Way.
October 30th, 2008 at 6:52 am
“Neel Kashkari, head of the Treasury’s financial stability program, told Dodd’s committee this past week that there are few strings attached to the capital-infusion program because too many rules would discourage financial institutions from participating.”
LOL, im rolling on this one, hahaha, what a slap to Dodd’s face. I bet he pissed his pants when Kashkari told him that. Replacing wickedness with even greater wickedness.
October 30th, 2008 at 7:03 am
Yeah we gotta do something to wake these people up in DC. They are more scared of the mobsters shooting them, then they are of the American people. You guys know they were threatened and thats why they passed the bill. I wonder how many more threats they will issue in order to get their way destroying our childrens futures?
They are more afraid of the NWO then they are of the people?
October 30th, 2008 at 8:36 am
Not paying taxes and debts will cause one thing to happen. The powers that be will use it as an excuse to throw you in jail. I realize the government’s income tax policy is a crime against the constitution, but they aren’t jailing anyone for it. They do often put people in jail for tax evasion. Ron Paul knows whats going on; do you think he’ll skip out on paying his taxes? Sooner or later, they’ll bring back debtors prisons too. This will happen quickly when people start charging up their cards and not paying the bills. Not to mention, they’re already on to the “run your cards up” idea. If you listen, you’ll hear about people with good jobs and excellent credit standings who’s credit limits are being cut back to just above what their balances are. My point is that they’ve already got their strategy planned out. They design and continually redesign the game, and you can’t win it. If we stand divided, they’ll pick us off one at a time. If we stand united, we won’t be able to trust each other (kind of like our how our republic works). In other words we’re fucked. If you beleive in Jesus, you’d better pray to him. Otherwise, I suggest alcoholism; jesus never did anything for me anyway. I just wanted to brighten your day!
October 30th, 2008 at 8:41 am
I DO NOT THINK THE CONGRESSMAN ARE AFRAID OF THE NWO MORE THAN WE ARE. THEY ARE BEING BLACKMAILED TO DO THE BIDDING FOR THESE CORPORATE INTEREST BECAUSE OF ALL THE BRIBES THEY HAVE TAKEN IN THE PAST NOT TO MENTION THE CAMPAIGN CONTRIBUTION WHICH ARE GIVEN UNDER THE TABLE OFF RECORD TO DO THE SPECIAL INTEREST BIDDING.
October 30th, 2008 at 9:30 am
I’ve got a Golden Parachute Ticket!!
Umm take care of others…well, maybe that would not be as helpful as maybe me buying things and going on a trip to spread the wealth.
When I spend this 25 billion it goes back into the system and saves the world.
So it is my duty to spend it anyway I want.
Gonna party like it’s 1999…..
October 30th, 2008 at 11:56 am
BERG RALLY – TODAY 3:00 PM – SUPREME COURT STEPS!!!!!!!!!!!!!!! http://www.obamacrimes.com
Peace.
October 30th, 2008 at 12:03 pm
my congressman in MI, Tim Walberg, voted against this bailout twice. even though he’s a republican, he’s got my vote next week. to those of you who’s congressmen passed this bill, despite 6:1 and even 10:1 calls against it, i have one word for you. RECALL. fire these fuck bags, that’s what would happen to me if i didn’t do what my bosses said.
October 30th, 2008 at 1:14 pm
This is totally criminal.
October 30th, 2008 at 2:59 pm
http://video.google.com/videop.....5659781278
October 30th, 2008 at 5:22 pm
I’m so fuckin’ bent!!!!! As you should fuckin’ be!!!! “All ‘HAIL’ Thermal Expansion!!!”
October 30th, 2008 at 6:50 pm
First, it’s “this”. Then, it’s “that”. Finally, after enough “this n that”, we see the end result- whatever the actual true original intention was. All creating a semi believable plausible deniability, just enough to keep the sheeple in the fog of ignorance they find so blissfully irresistable.
Finally, they condition the public so well, that they just blantantly announce they are screwing them, and they accept it without dissent.
October 30th, 2008 at 9:45 pm
What I never understood about the NWO is how it could have lasted this long. If they started this up 60 years ago the guys who cooked up this idea are dead by now.
October 30th, 2008 at 9:53 pm
You bankster trolls are out of your minds!!!!!! Even Andrew Jackson had this figured out, as did Thomas Jefferson. You let Banksters run the country, they’ll take everything you own…then you idiots say “pay the banksters or you go to jail!!!” You got to be kinding me man, how friggin blind can you be?! You take a 30 year mortgage for instance, you pay 3 times the original amount after 30 years! Credit Cards the same thing. WE HAVE FRIGGIN PAID THEM BACK, OVER AND OVER AND OVER AGAIN–IN INTEREST derived out out of nothing but monopoly money. Quatrillions created out of thin air to enslave everything under the sun…why should anyone pay back anything created out of thin air, based on usury and illusion, then quatrillions of dollars of interest added on top?!!!
This is how dumb we have become, brainwashed with the Banksters rhetoric and jedi mind tricks, “must pay your slave tax-aka interest- forever”. We have been conned and swindled for a century now. When will enough be enough??? According to idiots like #29 and #32, they’ll have the banksters rule forever. Nothing will ever change according to these mindsets…keep paying you slaves. OUR TAXES, AND ENDLESS INTEREST HAVE PAID WHATEVER YOU’VE BORROWED 1000X OVER, the banking Cartels\ Fed Reserve have raped the planet for more than a century making 10,000 fold…GIVE THEM A TASTE OF THEIR OWN MEDICINE–HOW TO SCREW YOU…SCREW THEM RIGHT THE HECK BACK!!!!!!! BOB CHAPMAN HAS IT RIGHT ON–NO MORE MR NICE GUY!!!!!!! THE END OF THEIR GAME HAS TO BE NOW!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
October 30th, 2008 at 9:54 pm
If you guys want a SERIOUS laugh… check out ALEX JONES vs GORDON BLOYER (I call him BLOWER, since he is a windbag full of hot air.)
http://www.youtube.com/watch?v=-YcTNYIOrHU <– Anyone who disagrees with Bloyer he calls them idiots, stupid, morons, quacks, etc. You guys should really give him hell for being a “well meaning fool” as Alex Jones calls him. Just thump this guy over the head with some TRUTH!
That bastard Gordon Bloyer blasted me on his comments (I am MrJustin5) and now he has blocked me from even e-mailing him.
October 31st, 2008 at 5:19 am
#41, it’s all about money and power, absolute corruption, when the old ones die they are replaced
by young ones with the promise of such, not to mention the lifelong grooming for their future positioning.
as far as this story, does it sound like deja vue?
war for terrorists, wait, war for wmd, wait, war for freedom of the iraqi’s, wait, what?
anyone making 300k a year or less, less taxes, wait, anyone making 250k less taxes, wait, anyone making less that 200k, less taxes, wait, 150k, etc, etc.
absolute corruption power play. it’s a brave new world out there.
November 1st, 2008 at 5:13 am
Has anyone been watching the stock market lately? That’s where some of the 700,000,000,000.00 has gone. It makes sense to allocate a large portion of the money to Feds Emergency Funds to buy up worthless paper the final week into the election, and then say look – no crisis The Market is as solid as ever. That’s why they wanted the money in the first place.
Another shell game…………………..
November 10th, 2008 at 8:34 pm
Yes we all see these brute beast pushing this new world order fast. But what these foolish devilish and deceptive monsters are lacking is the knowledge that they too will become the biggest victims of their own crimes.The bible says that they are decieving but yet being decieved.It’s but a matter of time before they start destroying each other with all the hate that they have in their life toward man kind.