tagged w/ Government Bailout
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I'm trying to hold one of the biggest banks in the world accountable for its actions. J.P. Morgan Chase (originally known as Chemical Bank) has $2.07 TRILLION in total assets, took $25 BILLION in TARP bailout from the government, and stole $726 from my step-daughter Victoria.I'm trying to hold one of the biggest banks in the world accountable for its actions.... more
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If you're in prison, now might be a good time to develop a taste for pork. The same is probably true if you're in the military or in a public school. As part of a government effort to boost America's hog farmers — who have identified themselves as the forgotten casualties of the H1N1 swine-flu epidemic and asked Washington for financial help — the Agriculture Department announced last week a $30 million purchase of surplus pork. That brings the federal total of pork purchases for fiscal 2009 to about $150 million, or close to $100 million more than last year's figure for the same period. During a Sept. 10 morning press conference, Secretary of Agriculture Tom Vilsack also said he would work with fellow Cabinet secretaries in the Defense, Justice and Education departments to encourage pork purchases on military bases, in prisons and in schools.
In addition, Vilsack took the opportunity to ask — indeed, plead — with the media to desist forever from use of the misnomer swine flu, which has been the cause of many of the pork industry's woes. "It may seem silly," said Vilsack, "unless you're a pork producer. Then, you have to tell your family you can't afford to pay the bills because you're now selling your product for less than it cost you to produce it."If you're in prison, now might be a good time to develop a taste for pork. The same is... more
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ajrmy
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added this
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3 months ago
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Good news could be on the way for home buyers, a $15,000 tax credit may be extended to all home buyers.
The House (H.R. 1245) and Senate (S.1230) each have bills that would:
* Increase the first-time home buyer tax credit from $8,000 to $15,000;
* Expand the tax credit’s eligibility to apply to any buyer;
* Eliminate the $75,000/$150,000 income cap;
* Extend the tax credit for one year from the date of enactment.
Real estate has brought this country (and the world) out of our last several recessions. This could be an important step towards recovery.Good news could be on the way for home buyers, a $15,000 tax credit may be extended to... more
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Hi - my name is Rob Miller from Ukiah, CA. This is an actual picture of my grant check! The amount: $12,759.62.
Yes, this is real. Each year, the US government hands billions of dollars to average citizens like you and I.
It’s hard to believe, trust me, I was the same way. I have always worked hard for my money, and learned early in age, from my hands-on working class mechanic father- nothing in life is for free.
When Samantha and I got married, we decided to buy a new home together, since we both wanted to have children, we knew our small one-bedroom apartment would not suffice.
I worked extra shifts, and Samantha along with her day job at a day care center, took on night shifts as a waitress at the diner near our apartment.
It took us 2 long years to save up enough for a down payment on our first home together. And a year and half later, our baby girls were born.
We didn’t expect twins, but seeing our two precious children, felt better than anything we had ever felt. But it was stressful. Raising twins is a full time job- Samantha had to quit work and I had to work even harder.
When I lost my job, I couldn’t fathom how I would provide for my family. How we would get through more than a few months without losing our home, cars, health insurance, how we would pay our credit card bills and more.
I turned to my father again. You pick up and find a job-you have a family to support, son.
I looked for work and Samantha went back to being a waitress at night. It broke my heart to hear my girls cry when she was not there to tuck them into bed at night.
With the recession, there was no work. We were blowing through our savings, which were small.
An ex-co worker called me one evening to see how things were. I told him my situation and he asked why I hadn’t applied for government grants.
Grants?
“Yeah, it’s like free money.”
He told me about it, and after hearing free money; I listened, with a skeptical ear.
Free money? No way, I thought to myself.
I told Samantha about it when she got home that night. Tired, she said, “Why don’t you just look into it? I’m sure it won’t hurt.”
A few months later and I’m holding a $12,759.62check. That won’t bounce.
After doing all my research, I found that the US Government has all these free grants available to the public, for different reasons, but many of which often go unclaimed. What was amazing about it was that they aren’t loans; they are checks you never have to pay back, and are funded by different areas of the government and government agencies. There are literally thousands of grants from the federal and state organizations, but it seemed almost impossible to find all of them. That’s when I found the Federal Government Grant Solutions, which is what guided me during such a new process. It went through everything I needed to do to obtain my grant check- in an easy and quick way. At that point, I needed it as quick as I could get it.Hi - my name is Rob Miller from Ukiah, CA. This is an actual picture of my grant... more
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WASHINGTON — President Bush on Friday announced $13.4 billion in emergency loans to prevent the collapse of General Motors and Chrysler, and another $4 billion available for the hobbled automakers in February with the entire bailout conditioned on the companies undertaking sweeping reorganizations to show that they can return to profitability.
The loans, as G.M. and Chrysler teeter on the brink of insolvency, essentially throw the companies a lifeline from the taxpayers that will keep them afloat until March 31. At that point, the Obama administration will determine if the automakers are meeting the conditions of the loans and will continue to receive government aid or must repay the loans and face bankruptcy proceedings.WASHINGTON — President Bush on Friday announced $13.4 billion in emergency loans to... more
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The White House Tuesday demanded that Detroit automakers prove their “long-term viability” in return for a 15-billion-dollar rescue bailout but said a deal with Congress was in sight.
President George W. Bush’s administration is making “good progress” in its talks with congressional leaders over legislation to shore up General Motors, Ford and Chrysler, White House spokeswoman Dana Perino told reporters.
“We are still working through a number of issues, some of them just small and technical, and other ones a little bit more meaty in scope, but, all in all, making sure we’re headed in the right direction,” she said.
But Perino stressed: “Our insistence that long-term viability be reflected in the legislation is something that we have held very strong feelings about, and that has not changed.
“There will not be long-term financing if they cannot prove long-term viability.”
Short-term loans of 15 billion dollars are meant to sustain the car giants through March, allowing president-elect Barack Obama time to address their crisis after he takes office on January 20.
GM and Chrysler are first in line after warning they are fast running out of cash. Ford, though equally hampered by slumping sales, says it faces no immediate liquidity crisis but wants a nine-billion-dollar line of credit.The White House Tuesday demanded that Detroit automakers prove their “long-term... more
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Seeing as they want to bail out arrogant greedy CEO's, why don't ehy give Dame dash a helping hand.Seeing as they want to bail out arrogant greedy CEO's, why don't ehy give Dame dash a... more
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It took 19 hijackers to fuck up America for a good long time. It only took 10 of these cunts to destroy the American economy. Probably permanently. And all 10 will skate away scott free.It took 19 hijackers to fuck up America for a good long time. It only took 10 of these... more
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Dear American:
I need to ask you to support an urgent secret business relationship with a transfer of funds of great magnitude.
I am Ministry of the Treasury of the Republic of America. My country has had crisis that has caused the need for large transfer of funds of 800 billion dollars US. If you would assist me in this transfer, it would be most profitable to you.
I am working with Mr. Phil Gram, lobbyist for UBS, who will be my replacement as Ministry of the Treasury in January. As a Senator, you may know him as the leader of the American banking deregulation movement in the 1990s. This transaction is 100% safe.
This is a matter of great urgency. We need a blank check. We need the funds as quickly as possible. We cannot directly transfer these funds in the names of our close friends because we are constantly under surveillance. My family lawyer advised me that I should look for a reliable and trustworthy person who will act as a next of kin so the funds can be transferred.
Please reply with all of your bank account, IRA and college fund account numbers and those of your children and grandchildren to wallstreetbailout@treasury.gov so that we may transfer your commission for this transaction. After I receive that information, I will respond with detailed information about safeguards that will be used to protect the funds.
Yours Faithfully Minister of Treasury PaulsonDear American:
I need to ask you to support an urgent secret business relationship... more
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Congress asked to come up with a plan to save the White House from being foreclosed on!
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"The bailout package that is about to be rammed down Congress’ throat is not just economically foolish. It is downright sinister. It makes a mockery of our Constitution, which our leaders should never again bother pretending is still in effect. It promises the American people a never-ending nightmare of ever-greater debt liabilities they will have to shoulder. Two weeks ago, financial analyst Jim Rogers said the bailout of Fannie Mae and Freddie Mac made America more communist than China! 'This is welfare for the rich,' he said. 'This is socialism for the rich. It’s bailing out the financiers, the banks, the Wall Streeters.'"
"The bailout package that is about to be rammed down Congress’ throat is not... more
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Is this about the biggest BULLSHIT you have ever heard of? The Federal Government has to bail this pricks out, and they get fucking rich!
WASHINGTON — Some of the biggest financial firms that could benefit from the government’s rescue plan also have handed out some of Wall Street’s biggest paychecks to their top executives.
Goldman Sachs chief executive Lloyd Blankfein, for instance, took home nearly $54 million in salary, perks, bonuses and other stock awards in 2007. J.P. Morgan Chase chief executive James Dimon collected $30 million in cash, stock and options. And Wachovia chief executive G. Kennedy Thompson received total compensation of about $15.6 million.
As Congress and the Bush administration wrangle over the details of a $700 billion bailout plan for the financial-services industry, lawmakers are moving to make sure executives at firms that take taxpayer money don’t continue to receive gigantic paychecks or walk off with huge severance payments. The details on how such curbs would work have yet to be finalized.
Is this about the biggest BULLSHIT you have ever heard of? The Federal Government has... more
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Last week, Republican presidential candidate John McCain called for a commission to "find out what went wrong" on Wall Street. It was an excellent suggestion: Public inquiries into Wall Street practices served the country well in the 1930s.
And Mr. McCain has a special advantage to bring to any such investigation -- many of the relevant witnesses are friends or colleagues of his. In fact, he can probably get to the bottom of the whole mess just by cross-examining the people riding on his campaign bus. So the candidate should take a deep breath, remind himself that the country comes first, pull the Straight Talk Express over at a rest stop, whistle up his media pals, and begin.Last week, Republican presidential candidate John McCain called for a commission to... more
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"Under the pressure of the financial crisis, one presidential candidate is behaving like a flustered rookie playing in a league too high. It is not Barack Obama."
When George F. Will starts railing against the Republicans you know something is wrong.
"Under the pressure of the financial crisis, one presidential candidate is behaving... more
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Congressional Democrats began to set their own terms on Sunday for a plan to rescue the nation’s financial institutions, including greater legislative oversight of the Treasury Department, more direct assistance for homeowners and limits on the pay of top executives whose firms seek help. The Democrats’ demands came as Treasury Secretary Henry M. Paulson Jr. blanketed the Sunday talk shows to promote the Bush administration’s $700 billion bailout package, emphasizing that it was needed not just for Wall Street, but for all Americans. He urged Congress to move swiftly to approve a “clean” rescue plan without tacking on extra programs."
Congressional Democrats began to set their own terms on Sunday for a plan to rescue... more
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In the wake of last week’s financial meltdown, Sen. John McCain (R-AZ) has been calling for more regulation and criticizing lax oversight of Wall Street, despite the fact that he and former senator Phil Gramm passed much of the deregulatory reforms that led to the current crisis.In the wake of last week’s financial meltdown, Sen. John McCain (R-AZ) has been... more
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The Federal Reserve approved the conversion last night of the two remaining investment titans on Wall Street, Goldman Sachs and Morgan Stanley, into bank holding companies, offering them broader government protection in exchange for tighter regulation and constraints on their once fabulously profitable business. The Federal Reserve approved the conversion last night of the two remaining investment... more
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Threat of collapse forces Democrats to work fast with GOP
Democrats began the week with a you-break-it-you-buy-it approach to the financial crisis: It's President George W. Bush's fault, let him fix it.
But disarray approached a meltdown and possible collapse of the entire economy. Only then did the Democrats, who control Congress, and presidential candidate Barack Obama pledge to work with Republicans on a bailout that the Bush administration puts at $700 billion.
They also are seeking help for the unemployed and people who are at risk of losing their homes. Bush is admonishing them that "the cleaner the better" for legislation he hopes Congress approves in the week ahead.
Threat of collapse forces Democrats to work fast with GOP
Democrats began the... more
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Even after committing $285 billion over the past couple of weeks to bail out mortgage lenders Fannie Mae and Freddie Mac and insurer AIG, the Federal Government is now looking to fork over more — much more.
The Treasury Department and Federal Reserve now are making plans to buy troubled mortgage securities en masse from banks and other financial firms. This would amount to moving from ad hoc loans and bailouts to a more systematic approach to resolving the bad-debt problems at the heart of the current financial crisis. Systematic apparently sounds good — the Dow jumped 400 points after CNBC first reported Thursday that such an effort was in the works, and on Friday, markets around the world opened sharply higher. But the price tag could be steep. "We're talking hundreds of billions," Treasury Secretary Hank Paulson said at a press conference Friday morning. "This needs to be big enough to make a real difference and get at the heart of the problem." The more alarmist economists are saying the cost of resolving the current crisis will exceed $1 trillion. To put that in context, total U.S. government spending in 2007 was $2.7 trillion.
The closest historical parallel to this effort is the Resolution Trust Corporation, which was formed by Congress in 1989 to buy up and dispose of the assets of failed savings and loans. The difference is that while the RTC took over the assets of corporate corpses already in government hands, the assets everybody's worried about now are on the books of still alive banks, investment banks and other firms. The idea would be to get them off the books of these institutions, hold on to them for a few years and possibly try to renegotiate their terms to slow foreclosures. The big challenge will be coming up with a way to do this that avoids bestowing a wholly unearned windfall on the shareholders of the companies ditching the toxic securities.
There's also the question of whether Congress, which was planning to adjourn at the end of next week so its members could go home to campaign for re-election, could create such an entity on short notice. On Wednesday the answer from several key lawmakers was no, but on Thursday House Speaker Nancy Pelosi told President Bush she'd keep the chamber in session longer if needed. It's also possible that the Treasury and the Fed could come up with an improvised solution that doesn't need congressional approval. Paulson and Fed Chairman Ben Bernanke visited Capitol Hill Thursday night to talk over the possibilities, and Paulson said Friday that he would "spend the weekend working with members of Congress of both parties" to come up with legislation that he hoped to pass "over the next week." In the meantime, Treasury on Friday announced a $50 billion guarantee program meant to calm mounting fears about the safety of money-market mutual funds.
Why should government (and by extension taxpayers) even be contemplating such action? The clearest explanation is probably that of Paul McCulley, a managing director of the money-management firm PIMCo, who wrote an essay last summer on "The Paradox of Deleveraging" that continues to resonate in financial and economic circles. When a debt-fueled investment bubble bursts, financial institutions that make their living off borrowed money (banks, investment banks, hedge funds) tend to want to reduce their leverage — their ratio of debt to equity. That's perfectly rational. But when everybody does it at the same time, big trouble ensues. "[N]ot all leveraged lenders can shed assets and the associated debt at the same time without driving down asset prices, which has the paradoxical impact of increasing leverage by driving down lenders' net worth." Basically, if all lenders de-leverage at once, the financial system implodes — and everybody, not just the bankers, suffers.
---More at Link---Even after committing $285 billion over the past couple of weeks to bail out mortgage... more
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The $500 billion that the U.S. government estimates that it will cost to buy the risky investments of financial institutions in coming months approaches what it costs to run the Pentagon for a yearThe $500 billion that the U.S. government estimates that it will cost to buy the risky... more
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