The gravity of the financial crisis confronting the Obama administration will come into stark focus today when officials unveil a three-pronged rescue program that may commit up to $1.5 trillion in public and private funds, and possibly more, lawmakers and other officials said.
In announcing the plan, Treasury Secretary Timothy F. Geithner will not ask Congress for more funds than the roughly $350 billion that remain in the Treasury Department’s original rescue package for the financial system, though congressional sources said such a request could come later if the new programs are unsuccessful. The rest of the money would come from other government agencies, such as the Federal Reserve, as well as private-sector contributions.
A senior administration official warned last night that the ultimate cost to taxpayers has not been determined. Several of the programs have not been finalized, and most are designed to ultimately return money to taxpayers.
Geithner plans to announce a public-private partnership that would seek to finance the purchasing of toxic bank assets that are at the heart of the credit crisis, officials and congressional sources said. These sources briefed by Treasury officials said the program may initially raise $250 billion to $500 billion in public and private funds to offer low-cost financing to encourage investors to buy the toxic assets. An administration official said the proposal is still subject to a public review and may not take final shape for several weeks.
And the liberals were complaining about the cost of Iraq war.
[url=http://www.firstthings.com/blog/2009/02/05/just-how-much-is-11-trillion/]Amanda Shaw[/url] collected the numbers on the price tag for the new “stimulus” plan:
Adjusted for inflation, it’s more than it cost for:
• The Marshall Plan
• The space race
• The Korean War
• The New Deal
• The invasion of Iraq
• The Vietnam War….
[b]Combined![/b]
Madness.
The “stimulous” bill also has a stealth Health Care System that will have the Federal Government dictating to doctors what procedures/treatments are cost effective. If you are older, you go to the back of the line for treatment.
I fear our Great-Grandchildre will still be paying for this $1.5 Trillion dollar hoax.
Here is the link on the health care take over hidden in the bill:
http://www.bloomberg.com/apps/news?pid=20601039&refer=columnist_mccaughey&sid=aLzfDxfbwhzs
Treasury Secretary just announced the specifics of the plan. Market doesn’t think much of it. Dow Jones Industrials reacted by falling 300 points – now below 8,000. Again.
The inmates are running the asylum.
Why do I have so little Hope right now?
Maybe to help pay for this fiasco, Sec. Geithner could start paying his taxes. Just a thought.
Guys, the inmates voted in the inmates.
We’re screwed until 2010 — and even then, I’m not confident that there will be many good folks to vote for. When you lose elections, bad things happen [or rather, I should say, further even more bad things happen].
Obviously, I won’t be voting for folks who voted for this spending bill.
So . . . last December, I voted for a Democrat over my stupid Republican senator. But still . . . if there’s going to be any kind of recovery from the inmates, then us inmates are going to have to cease voting for and electing inmates.
Everytime these twits say something or vote on something, the market tanks another 300 points. Don’t they get it? Their plan is DOA!
I suppose it’s a good thing that I liked Argentina as much as I did, seeing as we’re now following its economic trajectory.
Elections have consequences. We now are living that fact. Keep that in mind in 2010.
Why, oh why, did it take Republicans so long to grow this new backbone they suddenly found? Why were they not acting like Republicans all along, instead of Democrats in Elephant clothing?
And why can we not put up qualified people in both parties for elected office, instead of machine-heads who just parrot the party lines? We need real leadership in all branches.