Bailout // Current TV

Main Street: "Bailout doesn't smell right..."

The bailout doesn't smell right to the people of Manassas Park, where the... more

Pericles_Lewnes
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3 years ago
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28 comments

Democrats seek bailout restraints

Ceos better than normal people, deserve more

smice
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3 years ago
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8 comments

Paulson: We can’t wait for regulatory reform

Sunday's Meet the Press recapped and dove into in this article: Sept. 21st 08... more

starr111
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3 years ago
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5 comments

Palin goes after Obama on economy, energy - First Read - msnbc.com

Palin chastised Obama Sunday for not taking a position on plans for the recovery of... more

starr111
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3 years ago
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Treasury Now Wants to Bailout FOREIGN Banks

Treasury Secretary Henry Paulson called coverage of foreign banks "a distinction... more

Nothingness
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3 years ago
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1 comment

Obama: No 'blank check' for Wall Street -

Barack Obama said Sunday that the government’s $700 billion proposal to help... more

starr111
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3 years ago
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0 comments

Keep Wall Street out of the retirement business

Should we trust these folks with a privatized Social Security system?

starr111
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3 years ago
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"Just give us the money and don't ask questions" say Congressional Repuglicans

The Bush administration asked Congress on Saturday for the power to buy $700 billion... more

pissedoffinarkansas
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3 years ago
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23 comments

Survey: only 7% of US voters back bailouts

93% of US voters realize, they aren't bailing out ordinary Americans, they are... more

Conniepae
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3 years ago
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13 comments

US bailout: why we all will suffer

Not just the speculators the imprudent and the financial titans … everyone.... more

onepersonsopinion
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3 years ago
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2 comments

Taxpayers to Pay HALF-TRILLION in Latest Bailout

Struggling to stave off financial catastrophe, the Bush administration on Friday laid... more

rebot
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3 years ago
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3 comments

Financial bailout plan to cost a half-trillion dollars or more

WASHINGTON (AP) -- Struggling to stave off financial catastrophe, the Bush administration on Friday laid out a radical bailout plan with a jawdropping price tag - a takeover of a half-trillion dollars or more in worthless mortgages and other bad debt held by tottering institutions.

Relieved investors sent stocks soaring on Wall Street and around the globe. The Dow-Jones industrials average rose 368 points after surging 410 points the day before on rumors the federal action was afoot.

A grim-faced President Bush acknowledged risks to taxpayers in what would be the most sweeping government intervention to rescue failing financial institutions since the Great Depression. But he declared, "The risk of not acting would be far higher."

The administration is asking Congress for far-reaching new powers to take over troubled mortgages from banks and other companies, including purchasing sour mortgage-backed securities. Administration officials and congressional leaders are to work out details over the weekend.

Congressional officials said they expected a request for legal authority to buy up the bad loans, at a cost in excess of $500 billion to the government. Democrats were discussing whether to try to attach middle class assistance to the legislation, despite a request from Bush to avoid adding controversial items that could delay action. An expansion of jobless benefits was one possibility.

In other major steps, the Treasury Department and Federal Reserve moved to give money-market mutual funds the same kind of federal protection, at least temporarily, that now applies to savings and checking accounts and certificates of deposit at banks. Money-market accounts sold through retail banks are already FDIC insured.

The spreading global selling panic had started to threaten some money-market funds, usually thought of as rock-solid investments. Administration officials feared a run on these funds, held by millions of Americans.

"Every American should know that the federal government continues to enforce laws and regulations protecting your money," Bush said at the White House. The 75-year-old Federal Deposit Insurance Corporation now insures savings and checking accounts and certificates of deposit up to $100,000.

Separately, the Securities and Exchange Commission acted to block short-selling in financial securities. That is a trading method that bets the value of stocks will go down. It has been blamed for accelerating the plunge in stock prices of banks and other financial institutions.WASHINGTON (AP) -- Struggling to stave off financial catastrophe, the Bush... more

ivxx
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3 years ago
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Tennessee Man Receives Government Bailout

WASHINGTON — The Federal Reserve today announced it will be giving 14 billion... more

TheSkunk
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3 years ago
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3 comments

The massive bailout ...

Urgently moving on multiple fronts to stem the worst financial crisis in decades, the... more

Pericles_Lewnes
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3 years ago
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26 comments

Lawsuit filed to stop AIG bailout

On the day following the 221st anniversary of the signing of the U.S. Constitution, WTP Chairman and constitutional activist Robert Schulz today filed a federal lawsuit in United States District Court in Albany seeking to halt the execution of the emergency bailout of American International Group, Inc. (AIG) by the United States Government and the Federal Reserve.

The lawsuit asserts that the commitment of public funds and credit for the direct benefit of privately owned AIG is an ultra virus action by the United States Government and Federal Reserve, i.e., beyond the limited legal authority granted by the Constitution. The lawsuit asks for a "show cause" hearing demanding that the Government produce evidence of its legal authority to commit public funds for such a purpose, as well as emergency and permanent injunctions halting the bailout transaction.

According to available information regarding the transaction, the Federal Reserve will loan AIG $85 billion dollars to stabilize its financial crisis, in effect, using taxpayer money to fund the loan. In consideration of taxpayer financing of the private bailout, the U.S. will receive stock warrants for 79.9% of AIG stock.

Schulz believes that, "Beyond the moral hazard and dangerous precedent established by this action, it is of vital importance that the American people recognize that the present financial crisis is a direct and predictable result of decades of constitutional violations by the Federal Government. Through a longstanding policy of disinformation and collusion with the Federal Reserve and Wall Street financial elite, the United States Federal Government has denied public access to information about the secretive operations of the privately owned and operated Federal Reserve and its monopoly control of America’s money system. This monopoly control of our currency by a private banking cartel has resulted in increasing distortion, volatility and cyclical (boom and bust) economic conditions in the U.S. and abroad. America’s fiat currency (produced from thin air) is manipulated by the Federal Reserve for the benefit of its owners, major Wall Street financial institutions and the Federal Government and is not unaccountable to the taxpayers. These abuses of the Constitution have taken our financial system to edge of the abyss. The chickens have come home to roost."

Since 2002, the We The People Foundation and its supporters have tried, thus far unsuccessfully, to get the Government to respond to a number of First Amendment Petitions for Redress of violations of the Constitution, including the Federal Reserve System’s violation of the money clauses of the Constitution. Had the Government honored the Constitution and its obligation to respond to the citizens’ Petitions for Redress, many of the nation’s financial and monetary problems could have been avoided.

http://www.wethepeoplefoundation.org/PROJECTS/AIG/AIG-PressReleaseSept18-2008.pdfOn the day following the 221st anniversary of the signing of the U.S. Constitution,... more

onepersonsopinion
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3 years ago
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4 comments

Pelosi orders wide Wall Street probe

House Speaker Nancy Pelosi has ordered a broad, swift investigation of Wall Street and... more

Pericles_Lewnes
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3 years ago
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21 comments

Feds Bail Out AIG

The U.S. government stepped in Tuesday to rescue American International Group Inc.,... more

ebindelglass
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3 years ago
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Fannie, Freddie, meet Uncle Sam

The federal government has prepared a plan to take control of troubled mortgage... more

neocongo
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3 years ago
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1 comment

The U.S. Economy Is Socialism for the Rich

In the United States, far-Right Republicans and Democratic liberals alike have sold... more

Octoguy
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3 years ago
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Fannie Mae/Freddie Mac BAILOUT Bill Passes in House + Other Important Nasties

Today as an American you got shafted. Unlimited printed money to bail out Freddie and... more

Octoguy
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3 years ago
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1 comment

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