Geithner Says Bank-Rescue Plans May Reach $2 Trillion

[NeoConsSuck]

Source: Bloomberg.com

Treasury Secretary Timothy Geithner pledged government financing for as much as $2 trillion of efforts to spur new lending and address banks’ toxic assets, seeking to end the credit crunch hobbling the economy.

“Instead of catalyzing recovery, the financial system is working against recovery,” Geithner said in unveiling the Obama administration’s financial-bailout overhaul in Washington today. “At the same time, the recession is putting greater pressure on banks. This is a dangerous dynamic, and we need to arrest it.”



Read more: http://www.bloomberg.com/apps/news?pid=20601087&sid=alrfNKtY3gJE&refer=home

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Two Trillion? Now I understand why we needed to cut funding to Head Start and aid to States in the Stimulus bill.

[EraOfResponsibility]

1. :(

[saigon68]

2. Is anyone else but me offended by this?

It is disgusting

Who the fuck is going to pay for this

Well at least these A-Holes won't be sleeping in cardboard boxes tonight.</sarcasm>

[TBF]

4. Yes, I'm disgusted. I'm disgusted that they looted our treasury, disgusted that

they got away with it, and even more disgusted that Geithner wants to give them more money. No more money. Let the investment firms fail. They are no more than casinos anyway & have always been a scam. The remaining banks that cannot stabilize on their own should be nationalized - immediately.

[barb162]

19. Yes, it's offensive but it will probably be more than 3 trillion+

by the time they get done.
We'll be paying for it, that's who. Remember, capitalism is good for Wall Street only in good times. In bad times, they want socialism.

[rollingrock]

3. More trickle-down economics

give all the money to the wealthy Wall Streeters, and hope a few crumbs trickles down to the rest of us.

[Veritas_et_Aequitas]

5. I see it more as

the wealthy piss all over us, thus their urine trickles down that way.

[rollingrock]

6. I just wonder where this 2 trillion is coming from

according to the US national debt clock we were already 10+ trillion in the hole, before the meltdown.

www.brillig.com/debt_clock/

[CatholicEdHead]

13. Social Security $2T at some point

Grover set the stage that it was this for the country's financial system to stay alive, the "bathtub of debt" that Obama inherited.

[customerserviceguy]

7. Wow

Almost three times the farce that was rammed through Congress by Chimpy & Co.

[pauldp]

8. Obama needs to FIRE GEITHNER NOW.

We do not need a Fed insider/Billionaire Banker Boy Buddy as Treasury secretary. There are plenty of experienced economists out there who would actually work for us. Fuck Geithner.

[Politicalboi]

9. Maybe they can now ask

Donald Rumsfailed where that 2.3 Trillion went and get it back and problem solved. Oh that's right we're moving forward. Nevermind.

[RUMMYisFROSTED]

25. The most under-reported story of Chimpy's admin.

Considering the scale of it.

[w4rma]

10. Nationalize them. New ownership. Let the stockholders eat it. Or just let the big ones fail. (nt)

[Robbien]

21. Geithner Plan: Look Ma, No Socialism

Geithner and his too big to fail garbage.

Someone should tell him that they are just too big to save.

[w4rma]

22. They really are too big to save. (nt)

[debbierlus]

11. Obama appointed the SOB in the first place - he didn't have to do that

This is disgusting.

And, the disgust should be directed at the man in charge, not the guy who he choose. He was a horrendous choice. It was OBAMA'S CHOICE.

Stop blaming his appointees and start blaming the guy who appointed them.

[bottomtheweaver]

12. Fire his fat tax cheating ass.

This isn't what Obama got elected to do, iy's what McCain DIDN'T get elected to do.

:mad:

[Imperialism Inc.]

14. Folks this isn't just a give away of $2 trillion.

As Geithner said we will get a lot of this back later. It is lending not giving.

I can understand still being opposed to it but the level of ignorance of what was actually proposed is a little disturbing.

[razors edge]

15. It's doomed to failure, by design.

Is it class warfare yet?

[Psephos]

16. har har har - just put it on the national credit card, and red staters' future kids will pay for it

Who cares where the money comes from, just kick the can down the road, let the suckers of the future pay for it. Yeah, that'll work.

If astronomical borrowing and short-term partisan thinking got us into this mess, then more astronomical borrowing and short-term partisan thinking will get us out...right?

Serious students of how to fix things should look at how Japanese "stimulus" plans failed utterly until the Japanese wised up. They finally took all the zombie corporations and banks off life support, let them die, and forced a harsh national acknowledgment of the new, permanently lower value of previously-inflated assets. That only took about ten years to figure out, and left Japan gasping with debt. Yet we're about to repeat the Japanese lesson.

I am pissed.

[Triana]

17. This is bullshit. Nationalize them - the Fed should run them for a while

fire the damn CXOs and owners.

Like someone else said "Now I understand why we needed to cut funding to Head Start and aid to States in the Stimulus bill."

It's BULLSHIT. We do NOT need to be pouring MORE taxpayer dollars into the spoilt, tempermental CHILD that is Wall Street!

[barb162]

18. The biggest banks need to be nationalized.

[ShortnFiery]

20. That's (prediction of a slow, hard recovery period) is what made the Market DIVE.

What? He should have lied to us? :shrug:

[Owl]

23. We can't afford this crap.

[Romulox]

24. So we traded Oil Shills (Repubs) for Bank Shills (Dems). "Change!" nt

[WriteDown]

26. Can you say Lost Decade?

And you know if they're announcing that it is going to be 2T then it will be at least 4T in reality.

[whosinpower]

27. another snip from the article -

snip - Asked in the interview whether the government is prepared to remove executives from their jobs, Geithner said “we have done it already, and we would do it again.”

I would like to know who was fired - because I do not recall ANY executive given walking papers in return for taxpayer dollars. Can any DUer enlighten me??????
Who got canned? Who did the government demand leave their place of employment?????

There is now a growing tide of folks who are demanding nationalizing the banks now - investors, Joe Public, economists........2 trillion is allot of labour to recoup. I think of debt as labour yet to be done.

[GeorgeGist]

28. $2 Trillion so rich people can ...

keep Americans deeper into debt. Heckuva plan, Timmeh.