President Bush authorized Treasury to tap up to $50 billion from a Depression-era fund to insure the holdings of eligible money market mutual funds.
The dramatic action comes as Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke are crafting a massive rescue plan to ...
(Read the rest at link ...)
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- Pericles1978
- added this
- added September 19, 2008
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Treasury Secretary Henry Paulson talks with reporters after meeting with Congressional leaders on the current economic crisis Thursday, Sept. 18, 2008 on Capitol Hill in Washington. At right is Federal Reserve Board Chairman Ben Bernanke, 2nd right is Speaker Nancy Pelosi, D-Calif., and second left is Securities and Exchange Commission Chairman Chris Cox. Paulson says the government is crafting a plan to rescue banks from bad debts that are at the heart of Wall Street's worst financial crisis in decades. (AP Photo/Lauren Victoria Burke)
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- Pericles1978
- 4 months ago
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PRIVATIZE THE PROFITS & SOCIALIZE THE COST !
What else is new ;)
Crony capitalism & corporate welfare in full swing !
1) http://en.wikipedia.org/wiki/Crony_capitalism
2) http://en.wikipedia.org/wiki/Corporate_welfare" Of all forms of tyranny the least attractive and the most vulgar is the tyranny of mere wealth, the tyranny of plutocracy " : John Pierpont Morgan
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- WhiteNoise
- 4 months ago
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Eighth grade stuff; no, actually shear idiocy. And these are the best we can do for LEADERS.
Anybody see why I don't participate in this economy or government anymore?
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- Walks_in_Storms
- 4 months ago
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PENTAGON SHIPS TROOPS TO THE US TO PREPARE FOR CIVIL UNREST
FINANCIAL CRISIS IS NOT OVER
http://www.newsdissector.com/blog/As Churchill said during another time of great public anxiety, "This is not the end, this is not even the beginning of the end. But it is the end of the beginning." At this time of possibly the greatest American economic crisis since 1929, I think that description applies to today's news that both the legislative and executive branches of the U.S. government are determined to deal with the guts of the sub-prime problem. To date they were only supplying bandages and graves for the wounded and dead victims of the sub-primes.
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- WhiteNoise
- 4 months ago
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AND I'M GOING TO HAVE TO PAY FOR BUSH'S FUCKING JOKE OF A PRESIDENCY!!!!!!!!!!!!!!! FUCK.
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Save the rich! Screw the poor!
No money for healthcare but plenty for war
Then they bail out the crooks that greed fed
While sending our children to Iraq to get deadThen they come out and tell us to vote
They give heartlfelt speeches some speechwriter wrote.
And people believe them...naive women and men
Then they take some more power and screw us again!The revolution will not be televised.
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- JanforGore
- 4 months ago
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Eat a giant cock George.
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Sounds like Socialism to me. Not that the government didn't already own the banks in one form or another, but now it's becoming more publicly known. How ambivalent the people of this country have become.
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exciting times! Let the money and stuff fail. It has been a big distraction anyway.
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Terrorists don't have to hit us again. We've done a great job of imploding all on our own. Which is what I think the plan was all along. Our children don't deserve this, and my teenage son shouldn't have to now worry that every penny he will make in his life will have to go to pay for this. What kind of world are we making for our children? It is downright criminal.
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- JanforGore
- 4 months ago
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Senators unaware of bailout "details"
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- Pericles1978
- 4 months ago
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Gov't rushing to finish huge financial rescue plan
The Bush administration sketched out a multi-faceted effort on Friday to confront the worst U.S. financial crisis in decades, outlining a program that could cost taxpayers hundreds of billions of dollars to buy up bad mortgages and other toxic debt. Relief washed over Wall Street with a surge of buying.
President Bush, flanked by Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke, acknowledged that the program will put a "significant amount of taxpayers' money on the line."
Markets unhinged by anxiety in recent months greeted the plan enthusiastically. The Dow Jones industrials shot up over 400 points and stayed in that territory into the afternoon. Global stock markets soared, too.
The administration is asking Congress to give it sweeping new powers to execute the plan. Paulson said it "needs to be big enough to make a real difference and get to the heart of the problem."
(Read The Rest at Link...)
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- Pericles1978
- 4 months ago
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Bring on the chaos!
Ride on!
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where will we all be in 2 years? then 10?
