Paulson Urges Release of Next $350 Billion From TARP

[TomClash]

Source: Bloomberg

Dec. 19 (Bloomberg) -- Treasury Secretary Henry Paulson urged Congress to release the second half of the $700 billion financial rescue fund after the government exhausted the first $350 billion in less than three months.

Congress, which passed the Troubled Asset Relief Program on Oct. 3, “will need to release the remainder of the TARP to support financial market stability,” Paulson said today in a statement released in Washington.

The Treasury today agreed to lend $13.4 billion to General Motors Corp. and Chrysler LLC, after spending $335 billion mostly to increase bank capital. Lawmakers, who can vote against giving Paulson the remaining funds, have criticized the Bush administration for not using the rescue package to help stem foreclosures.

Paulson’s call for the other $350 billion may set off a debate in Congress, where some members have criticized the Treasury chief’s management of TARP and demanded more help for struggling homeowners. The chairmen of the House and Senate banking panels have said they are reluctant to give the outgoing Bush administration access to the rest of the money.

Read more: http://www.bloomberg.com/apps/news?pid=20601087&sid=aedL2qYa1Xrk&refer=home

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Shouldn't Congress find out how the first $350 billion was "spent?"

[Romulox]

1. Hell no. Cut that asshole off. nt

[Blue_Tires]

30. +1

or give a slice of that $350 billion to Detroit

[snappyturtle]

2. Last ditch effort to rape the 'treasury ' some more for friends of the administration.nt

[MannyGoldstein]

3. Paulson: Congress Needs to Release Second $350B

Source: The NY Times

WASHINGTON (AP) -- Treasury Secretary Henry Paulson said Friday that Congress will need to release the last half of the $700 billion rescue fund because the first $350 billion has been committed.

Paulson said the use of the rescue fund to provide loans to the auto industry along with all the other rescue efforts for the financial system meant that the administration has now basically allocated the first half of the largest government bailout program in history.

------------

Under terms of the $700 billion rescue fund that Congress approved on Oct. 3, when the administration determines the second $350 billion is needed it has to submit a report to Congress detailing how it plans to use those funds.

The money automatically will become available unless both houses of Congress pass legislation blocking the funds within 15 days of receiving the administration's report.

Read more: http://www.nytimes.com/aponline/2008/12/19/washington/AP-Paulson-Rescue-Fund.html

---

I guess the Wall Street predators finally stopped laughing their asses of over the first $350 B, and have regained enough composure to ask for the second lump while keeping a straight face.

[Hugin]

4. Yep, and as predicted here on DU not breaking the UAW is the extortion lever of choice by Bush,Inc.

no text.

[Warpy]

5. Congress needs to sit on its hands

for the next 32 days.

The financial world is not going to end in 32 days.

The picture might be quite different once the fear mongering monetarists are out of power.

[RUMMYisFROSTED]

6. Computer says "No."

[MikeE]

10. LOL

:rofl: I LOVE Little Britain

[bluestateguy]

7. Congress should release the money, effective 1/20/09 at noon

Then Obama can give all the money to the auto industry, state governments and foreclosed homeowners.

[2Design]

8. not until dems in charge - we need grownups handling the money n/t

[natrat]

17. sure who do you think passed the bill in the first place-denial is retarded

[AzDar]

9. No. HELL , no.

[Raschel]

11. President Paulson speaks. Err, King Henry speaks.

[UpInArms]

12. F*** Paulson and the horse he rode in on - consumer credit relief is scheduled for 6/10

what a friggin' crock of shit

Shove it up your arse, Paulson

and then go and DIAF

[BelgianMadCow]

13. Yo! Just blew it all away. Can't say how. Gimme more!

really now!

[gasperc]

14. yeah, no

you guys really blew it with the first $350 Billion, we'll wait till 1/20 on the second half. you fucked us over here in Michigan with your foot dragging, let's smash labor and the UAW bullshit, so yeah, no, go fuck yourself Paulson

[happylib]

15. FUCK NO

To give his friends more money and we'll never find out where a penny of it went. I bet a lot of this money wen't outside the US. Probably to bail out Pakistan, China, UK and other countries and rich people

[natrat]

16. ok cue freak whores barney frank,dodd and pelosi to fall allover themselves to push this

[geckosfeet]

18. Sorry henRy. No $350bln for you and your buds. Lets see some oversight,

some regulatory reform and some documentation to demonstrate how the first $350bln was lent out or otherwise distributed through financial institutions to needy Americans.

[whistle]

19. Good money going to the same place that all the other bailout money has gone...into the pockets of

...BushCo cronies. These funds have accomplished zero in terms of turning the economic meltdown around. Let's save it for Obama's first 100 days!!!

[NashVegas]

20. No No No No No No No

[4_TN_TITANS]

21. Quick - before 1-20-09 gets here! n/t

[Festivito]

22. To be considered when we know where the other 2T$ went.

Then we'll require a lot of openness followed by a lot of jail terms for non-compliance, and then a broad spectrum analysis of taking that money and putting into the Fed, i.e. out of the money supply so that none of US have money to have jobs nor cars, THEN WE'LL SEE.

[Hubert Flottz]

23. Using the Big Three and all those jobs for bait!

Merry Freakin' Christmas...

And the GOP wants to raise hell about somebody buying a senate seat?

[happylib]

24. Paulson is soon to be a wanted man

He stole the biggest amount in history. He's easy to find its a guy pushing a wheel barrell around holding his balls.

[damntexdem]

25. Congress should tell him to go screw himself.

Not another dime should be allowed to flow through his hands -- he already blew $335 billion with no accountability. Leave what's left to the Obama Administration.

[aquart]

26. Put that guy in front of a firing squad.

He put money in his friends' pockets and destroyed us all.

[glowing]

27. No, they've stolen enough money.. NO, NO, NO.

[sarcasmo]

28. He wants to spend it before the first of the year, HELL NO!

[customerserviceguy]

29. Quick!

Goldman Sachs still has time to make those year-end bonuses for the bozos who pissed the economy into the toilet!