Feds unveil plans to unfreeze consumer debt market

Feds unveil plans to unfreeze consumer debt market

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WASHINGTON (AP) -- The government has introduced a pair of new programs that will provide $800 billion to help unfreeze the market for consumer debt which Treasury Secretary Henry Paulson calls vital to supporting the economy.

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How can this possibly be okay? A PAIR of bills? How could the first 'bailout' not have been enough? Why is this man still employed?

Is this the best our President Elect can come up with? Where does this leave our future generations?

This is ridiculous! I can't think of a worse idea. I'm sure that the U.S. has some of the best educations available in the world. Why don't we ask one of those people to come up with a plan. It can't be a WORSE plan, so any step is a step forward.

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(visit the link for the full news article)

Yeah it's a wonderful plan take tax payers money then give it to the banks who created the problem in the first place so they can turn around and lend it back to us with interest!


NICE!


yeah right!!!!!

[edit on 25-11-2008 by SLAYER69]

Originally posted by ObamasLoveChild
Is this the best our President Elect can come up with?

is it obama's fault if it rains crooked now aswell?

Don't worry, this guy says that by 2011 there will be more jobs after he give everyone ANOTHER stimulus check. Stimulus checks to me rank right up there with the debit cards that they gave people after Katrina. It does not help the economy and the tax payer pays for it.

Do people realize that this is not free money but redistributed tax funds that you paid to begin with? This is not free money.

People were banking on Obama to correct the Bush administrations faults for the economy, right? Sad part is that it was another democrat that put us in this mess in the early 90's and in 2006 the house was stolen by Democrats with promised change that never came. Now our president elect is appointing Washington insiders and those associated with the Clinton baloon in the 90's.

People need to STOP spending, small businesses needs tax breaks to hire more people and Americans need to take whatever job they can get right now and stop being so selective in making less than they did before they were laid off.

Personally it pisses me off that Obama raised 700 million dollars of American money when he could have used money that was set aside for him. He bought an election with money that could have been used to stimulate our economy...ever think of that one?????


Mod edit: Reduce length of image link.

[edit on 11/25/2008 by Hal9000]

What a brilliant plan Hank Paulson...you are certainly a financial genius.


Let's just keep throwing billions of dollars at the problem over and over and over again until it goes away. Pure genius!! Keep on printing that funny money.


Meanwhile Americans will have a new $30 Trillion deficit to contend with and before long a loaf of bread will cost $14.78.

Let me ask again....who put these idiots in charge of giving away our tax dollars?

It sort of confuses me at times, the logic that is used in this whole bailout business. The auto makers ask for a $25 billion loan to help save the ENTIRE American auto industry, saving hundreds of thousands of American jobs, and these people act like it is the end of the world. They demand business plans and they look upon this request with hostility and skepticism.

They somehow seem to have forgotten the fact that less than a month ago they gave AIG $150 BILLION....to try and save ONE single insurance company that meant very little to anyone.


Now another $800 billion?

There is something seriously underhanded afoot in the handling of all of this money, and when it get's sorted out the American tax payer will realize that he/she has been completely screwed with no benefit of vasseline.

The source of the issue is the FED, kill the root of the problem
listen to the below speech




Obama is nothing new
If you voted for Obama, you voted for a facade
still a better choice than McCain but not chuck baldwin

Cross fingers...NOW

[edit on 25-11-2008 by ModernAcademia]

reply to post by pieman


I merely inquire as to whether or not this is his best plan? He put his thinking cap on and tucked in with some of the 'best economic minds' he's surrounded himself with, and THIS is the best plan??

The Fed is the enemy.

The international bank cartel of bankers should be declared by all sovereign states to be a nation unto itself - then we should declare war on them and act as exactly what they seem to have 'engineered' us to be..., a war machine.

These people, since their initial 'organization' have been responsible in one way or another for tens of millions of deaths, for the hording of the wealth of the planet , for the truly despicable and wanton abandon of starving and impoverished people world-wide. They have meddled in the domestic affairs of sovereign states and fomented both treason and revolution all for their personal gain.

Hell is too good for them.

Originally posted by Maxmars
The Fed is the enemy.

The international bank cartel of bankers should be declared by all sovereign states to be a nation unto itself - then we should declare war on them and act as exactly what they seem to have 'engineered' us to be..., a war machine.

Bravo

That is the RIGHT answer.
Lets start at the top where it all begins.

Originally posted by esdad71


Don't worry, this guy says that by 2011 there will be more jobs after he give everyone ANOTHER stimulus check. Stimulus checks to me rank right up there with the debit cards that they gave people after Katrina. It does not help the economy and the tax payer pays for it.

Do people realize that this is not free money but redistributed tax funds that you paid to begin with? This is not free money.

People were banking on Obama to correct the Bush administrations faults for the economy, right? Sad part is that it was another democrat that put us in this mess in the early 90's and in 2006 the house was stolen by Democrats with promised change that never came. Now our president elect is appointing Washington insiders and those associated with the Clinton baloon in the 90's.

People need to STOP spending, small businesses needs tax breaks to hire more people and Americans need to take whatever job they can get right now and stop being so selective in making less than they did before they were laid off.

Personally it pisses me off that Obama raised 700 million dollars of American money when he could have used money that was set aside for him. He bought an election with money that could have been used to stimulate our economy...ever think of that one?????

that's the problem, people ran out of credit, they stopped spending, imported cars are piling up at the ports in california where nowhere to go, ect.....
so, now, they are throwing more money into the mess, so we can have our credit back, so we can buy their cars and whatnot....
but, well....I just don't see how unfreezing the consumer credit is really gonna help. isn't it the fact that the consumers have overused their credit and overextended themselves and now can't pay that has gotten us into this mess.
as far as taking any job, regardless of what it pays?? fine, I'll go out and grab that $7 an hour job, even though I know for a fact that I will need much more than that to support my family...then I will run to the government and beg for help with my rent, help heating my home, help with my medical expenses, help with the groceries, ect....
you won't mind pitching in to help me, will you??
sure you will, god, people on here are always griping about how they have to help their fellow americans.
the way they are handling their little crisis convinces me even more, they want us all either begging to them for our daily bread, or well....going so deep into debt to obtain it. how about we take some measure to get the cost of living in line with what the lowest amoung us is earning for a change...see what that accomplishes. sure the heck can't be any worse than the mess we have now!!

the government throws a ton of money around for crap an overwelming majority of the people don't give a crap about and don't benefit from. gee, if they just took those programs that fit the above description out, well, they wouldn't have to take so much from us, just to turn around to give it back to those few who fit their qualifications of acceptance. so screw the tax credits for the businesses!! just stop taking so much to begin with...don't tell me how I need to learn to live on that $7 an hour job!! they need to learn how to run a government on much less money than they are using now!



[edit on 25-11-2008 by dawnstar]

Let's make a note of what Hank "Skeletor" Paulson and Ben "Helicopter" Bernanke are doing here.

They pushed through the original $700B bailout (TARP) on the premise of buying toxic assets from banks to free up the credit markets. Remember that?

Before the bill was even signed into law, according to Hank, he changed his mind and wanted to use the TARP money for "capital injections" into healthy banks to shore up the economy.

Now today, under the guise of freeing up the credit markets, the Federal Reserve has unveiled a NEW plan to...um...buy up troubled assets from financial institutions.

Think about that for a second. This "new" bailout appears to be for what the original bailout was intended.

Only with this bailout, the Federal Reserve is heading it up.

My theory: the minimal amount of oversight required in the original TARP plan was more than Ben & Hank wanted to deal with. They switched up the original bailout to do the capital injection dance in exchange for stock shares, partially nationalizing the largest banks in the country.

Now the Fed can buy up whatever toxic crap they feel they need to buy without any oversight.

Originally posted by SLAYER69

Originally posted by Maxmars
The Fed is the enemy.

The international bank cartel of bankers should be declared by all sovereign states to be a nation unto itself - then we should declare war on them and act as exactly what they seem to have 'engineered' us to be..., a war machine.

Bravo

That is the RIGHT answer.
Lets start at the top where it all begins.

Then.... focus on the Bank Of International Settlements (BIS)

not that their members are the ultimate puppet-masters,
but all 'problems'+'solutions' go through their preview...




i reckon the Specialized head central bankers have meetings under BIS oversight and approval.

First, is Honda going bankrupt?Suburu?BMW? MErcedes? Do you want me to list all of the automakers who are using the US to export good cars and make money and do not need a bailout?

Second, I am all for helping my fellow American. Did I state I do not? However, if you do not have the skill set to make 30 bucks an hour, you may have to work 50 hours a week at two jobs making 8 bucks to get by. So, since you do not want to work you will run to the government for a handout? Please tell me where that is fair? I pay 800 dollars a month for insurance and close to 1000 in taxes but I still have to scrape by with NO assistance. I do it as Americans have done for years.

Third, the government is not throwing money around, they are creating it to give consumers a false sense of security. The day is not far off when you will go to your bank or try to use a credit card and it will not work.

Now, when that happens, you are saying that people with jobs should support those who have no interest in bettering themselves? I mean, that is the bottom line of your post dawnstar.

Did you stop to think about the statement i made about the 700 million the savior spent on his campaign based on donations when he could have used government monies already put aside and that 700 million would have gone to bills, car payments and mortgages instead of his own Direct TV channel or a half hour of prime time TV? That is sickening.

I vomit in my mouth when I hear that they are going to suspend foreclosures because it is not the little guy with 5 kids that is helped but the investor who is flipping houses and lost his ass.

Open your eyes and see that this is something that the US needs to come together on and STOP blaming the administration.

We put ourselves in this mess with HDTV, Humvees and Starbucks.







[edit on 25-11-2008 by esdad71]

reply to post by dawnstar


That is my point Dawnstar this morons and geniuses we have within our government think that they are fixing the problem first went keeping the wealthiest from going bankrupt (first billions of bail out was used for that no question asked) then filling the banking carter coffers with money (so he can lend and give credit) and then when consumer can not qualify any way for loans because the economy is not producing jobs they will start thinking about how to create jobs so people can have credit to get into more debt.

Oh, I remember that is going to be Obamas Job.

The real problem that is killing our nation is not going to be addressed and is not going to be fixed so the squandering of tax payer money is the easiest way to put a band aid to the problem until the festering problem can not be covered anymore.

Originally posted by esdad71

Second, I am all for helping my fellow American. Did I state I do not? However, if you do not have the skill set to make 30 bucks an hour, you may have to work 50 hours a week at two jobs making 8 bucks to get by. So, since you do not want to work you will run to the government for a handout? Please tell me where that is fair? I pay 800 dollars a month for insurance and close to 1000 in taxes but I still have to scrape by with NO assistance. I do it as Americans have done for years.

Third, the government is not throwing money around, they are creating it to give consumers a false sense of security. The day is not far off when you will go to your bank or try to use a credit card and it will not work.

Now, when that happens, you are saying that people with jobs should support those who have no interest in bettering themselves? I mean, that is the bottom line of your post dawnstar.

Did you stop to think about the statement i made about the 700 million the savior spent on his campaign based on donations when he could have used government monies already put aside and that 700 million would have gone to bills, car payments and mortgages instead of his own Direct TV channel or a half hour of prime time TV? That is sickening.

I vomit in my mouth when I hear that they are going to suspend foreclosures because it is not the little guy with 5 kids that is helped but the investor who is flipping houses and lost his ass.

Open your eyes and see that this is something that the US needs to come together on and STOP blaming the administration.

We put ourselves in this mess with HDTV, Humvees and Starbucks.







[edit on 25-11-2008 by esdad71]

no, that isn't the main point I am trying to make...
the point I am trying to make it that.....

businesses have been striving to obtain the cheapest labor they can find for decades now. which would be fine and dandy if there was some kind of pressure to keep the cost of living down connected to that....I mean, come on, someone making $7 an hour, having to live on the 40 hour a week job on that $7 an hour, well, they wouldn't be renting no $600/month apartment now, would they? I imagine, in the winter their windows would be just a tad bit frosty because they certainly wouldn't be paying no $300/mo or so to heat it and keep the lights on, would they? would they be paying over a hundred bucks for medical treatment for the flu? coming home with over a hundred dollars of groceries every week? would they be out this christmas buying new tvs, dvd players, video game systems, ect?
heck no!! they wouldn't even be able to get the basic necessities, they certainly wouldn't be spending they amount this government seems to think they need to spend to keep the economy churning along!!
they are relying on someone else to help them get those basic necessities!! and many are getting them through our bought and paid for by the corporate elite business sector!! so, some in the healthcare field decide they should be getting more money, they run to the government, and well...the government finds a way for them to get more money....by, of course.....taking more money from us! since, much of the population couldn't give them that money as they aren't earning the money now to pay they now what they are getting. they extend the medicaid, ect.....
more people on the rolls, more money being dolled out for each of them. absolutely no pressure on the business sector to decrease the costs of living, or raise the wages so the people can pay their own way...
cheap labor might be good in the right circumstances....but, well, this isn't the right circumstances! if we were all forced to live on what we made, I got a feeling that well...there might end up being alot less cheap labor around, not enough to fill our needs!
like you said, what happens when the government runs out of money to throw around? what happens when they have no money to hand out to the poor, loan them the money for their college education, ect?
well, guess what.....they will either lose their cheap labor. or it will not be as cheap as it was, or the cost of living will go down.....
either way you go, it means less profit for the businesses..
less hundred thousand or more salaries...
and probably more crime.

but, let me ask you something....
in principle...
how should the people get the money that they need to survive?
should it come from their own labors in a job.....
or should it come from the friendly government, through charity organizations, ect...

because, I got to tell ya, I look through the help wanted section quite a bit, and well, I've seen alot of jobs being advertised wanted 3, 4, 5, and even more years of experience. if they have that much experience, well, it seems to me that it is logical that they ain't no student living with mamma and papa! and yet, they are offering near minimum wage for these jobs!
it would also be safe to assume that they just may have little ones to support also.....but well....they aren't even offering enough to pay for their employee, let alone a family!
when you add up the administrative costs to siphon them money to make up the difference through the government systems, well.....
if would be alot cheaper for socieity if their bosses would just pay them a decent wage, and raise their prices a little bit, maybe decrease management's salaries some, and well.....
it would also get us out of that inflationary cycle that comes with a government that is bought out by these corporations giving the money out!

all these people in these jobs aren't gonna go out and get themselves a college educaton, and their isn't enough decent paying jobs for them to do this.
they aren't gonna do squat as long as they are getting more between their job and the government than those in some of those higher paying jobs have access to at the current time...and believe me....this is happening!
they are gonna have kids, heck they will have more kids maybe, if they find it financially rewarding, which it is!
so, well, you decide....
who should be paying them their daily bread.
quit frankly, I am getting tired of doing it!

You see, the American people cannot say no. That is the problem. Instead of paying the rent or the electric, they pay for a new 360 game for the kid and they call the electric company to push the bill 2 weeks. Then the car breaks down and you can;t pay the electric but you stop and get Pizza for everybody anyways because hey, maybe I can go get some food stamps or a handout from the church. These people make me sick.

What i hate, is the single mom/dad or couple that cannot make it with each working two jobs and too proud to take help when they deserve. That number of people is slowing shrinking.