U.S. Taxpayers Risk $9.7 Trillion on Bailouts as Senate Votes

[antimatter98]

Source: Bloomberg

Feb. 9 (Bloomberg) -- The stimulus package the U.S. Congress is completing would raise the government’s commitment to solving the financial crisis to $9.7 trillion, enough to pay off more than 90 percent of the nation’s home mortgages.

Read more: http://www.bloomberg.com/apps/news?pid=20601087&sid=aGq2B3XeGKok&refer=home

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Notice that Congress and the White House continue to be bank-centric in the bailout.

They let homeowners, unemployed people twist in the wind but 9 trillion to the banks
is just fine with this Congress and Obama White House.

Main Street, RIP.

[KansDem]

1. I'll tell you this: pay off more than 90 percent of the nation's home mortagages...

...and you'll stimulate a lot of consumer spending!

[closeupready]

2. Yep, you nailed it. Bank-centric. Congress members can't let their financial portfolios tank, ukno

Bunch of piggies taking care of themselves at taxpayer expense.

[high density]

3. Hmm.

I could see us nationalizing the banks far before TARP grows to $9.7 trillion. It makes no sense otherwise.

[WyldRogue]

4. Ugh

That's right, we got to help out them bankers because after all, they are sooooo pivotal to creating economic stability in our country, NOT the average, fighting for their lives American whose tax dollars were thrown to the bankers by Bush and the enablers and NOW being thrown around by Obama and the same enablers.

It's a damn shame that I myself voted someone into office to help out We the People but looks like it's a case of greedy, corrupt bankers first, We the People last.

I guess they'll eventually think up some kind of bill later on to supposedly help We the People out but I'm not going to hold my breath. I wonder what they would have done if THEY were in dire straits, fixing to lose their homes and worried how they were going to feed and take care of their family...oh wait, they don't have to worry tho now do they, I mean, after-all, We are just peons in the grand scope of things and used like cows, milking from us dollar after dollar whilst we chew on the cud they they decide to give us.

...... disgusting, each and every one of them in the WH, Senate and House.

Next time, I won't let my vote go so easily...

[movonne]

9. Yeah!!! mc cain would have been better...

[Whosis]

16. Oh there is no doubt he wouldn't

now that the election has passed, folks are just hoping the President won't turn Washington like the rest of them.

[CatholicEdHead]

5. This is effectivly doubling the national debt

it was about $9T before this crisis hit, it was growing with the Iraq war but at a relatively smaller level. To go from $9T to $18T in 6-12mo is outrageous.

And it still may not be enough as estimates for Credit Derivatives were well over $50T late last summer.

[Psephos]

7. Who cares? We don't have to pay for it. Future generations get stuck with the bill.

What a bunch of suckers.

:sarcasm:

[Zynx]

12. That's not the increase in the debt. That is our level of commitments if everything fails.

Also, the Fed doesn't currently have the amount of loans outstanding that the article seems to imply. Their balance sheet isn't that large so the number must include facilities that have already come due.

[2Design]

6. I do not want the senate version of this - I hope it fails and we go back to House version n/t

[Whosis]

8. Just Imagine what would happen

if 90% of us didn't have to depend on banks anymore for our housing. The baks and wall street wouldn't be able to control the government anymore.

[NeoConsSuck]

13. Welcome to DU!

and you're right. Our government ceased representing citizens back in the JFK-Johnson period.

[Whosis]

15. Thanks for the welcome

Been browsing here for a few years. Don't know which side I am on anymore, they both seem to be disappointing me lately. I see enough folks on here who have similar feeling that I do so I thought I could contribute.

[Democrats_win]

10. Isn't the Bloomberg headline a little misleading?

The headline implies that the bailout that the senate is considering today involves $9.7 trillion. The truth is, the Federal Reserve has risked nearly all of this 9.7 trillion dollars without our elected representatives having a vote.

Of course Bloomberg is a hack for the banks so they don't want any money going to the real economy without it going through the banks first. That's why they use misleading headlines to sabotage the vote.

[Zynx]

11. I can't believe Bloomberg let such a dodgy headline be put up.

This is if all the banks failed and every commitment we made suddenly had to be made good on. That's not going to happen.

This is similar to saying a life insurance company has $xxx billion of payments that they have to make if you add up all of their life insurance policies. That's true, if everyone dies right now.

[and-justice-for-all]

14. If they stopped funding the Bush Warmongering programs..

how much would that help?