What Fun! The Banks Are Gonna Get Even MORE Of Our Tax Dollars

[Orwellian_Ghost]

The results will help regulators decide whether banks may need additional assistance so they can carry out the critical mission of boosting lending to customers, a key ingredient to the economic turnaround.

Bank regulators said they wouldn't release the tests' results, but the banks will likely make some disclosure of the outcome, particularly if it shows they don't need more capital. Banks that seek private capital likely will indicate how much they need and the government will announce any new investments.

Administration officials did not say whether they expect to request more taxpayer money to fund the next round of investments in banks, beyond general statements that they would provide the capital that banks need.

But in his speech to Congress Tuesday evening, President Barack Obama said more money beyond the $700 billion committed last year would be needed. Saying he understands bank bailouts are unpopular, he insisted it was the only way to get credit moving again to households and businesses. He also called on Congress to move quickly on legislation to overhaul regulations on the nation's financial markets.

<snip>

http://finance.yahoo.com/news/Treasury-says-big-banks-can-apf-14468316.html

[f the letter]

1. Unreal. n/t

[TBF]

2. Someone has to pay for all the ugly new red signs and the new

imaging machines. We just got them at our local BofA branch (I need to move the household checking - moved savings to a local credit union recently). They had a big moving van and were busy installing the last machine this morning when I went through the ATM lanes. They image the checks you deposit so you don't need envelopes anymore. It took twice as long, but the BofA workers out "assisting" were very proud of their new machines. I asked them how much they cost but they didn't seem to know.

[leftstreet]

3. Bush told me to go shopping. Obama wants me to borrow

Given that wages have stagnated for at least the past 20 years, I guess it's the same thing.

Be Patriotic, Consume!

:toast:

[TBF]

4. "The more things change, the more they remain the same" comes to mind.

[cascadiance]

5. If we give them more money, we need to put even more conditions on those loans...

Here's an idea I had to at least help free up those companies and customers that are locked into contracts with these "banks" like AMEX that are now abusing their customers despite getting bailouts...

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=5133441&mesg_id=5133441

[DemReadingDU]

6. Where's the protest?

Millions of us need to protest these bailouts like they already are doing in France, Ireland, Greece, Iceland, and other countries. This is my tax money, my children's tax money, and the future tax money of my little grandbabies.

We don't need to get credit moving for us. This is a scam to get more money to the banksters to get their credit moving again so they can continue with more fraud schemes.


:grr: :mad:
edit for more of these
:grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad:

[TBF]

8. We only use am ex now, and only if we have to for renting a car or something -

you pay it in full each month. Credit cards are the biggest racket out there. I agree about the protesting.

[Junkdrawer]

7. Thank Gawd it didn't go to Heathcare or Alternate Energy....

THAT would be fiscally irresponsible.

[maryf]

15. Or affordable housing...nt

[KG]

9. Thank Gawd it Passed!

:eyes: :eyes: :eyes: :eyes: :eyes:

[ejpoeta]

10. which they can spend lobbying congress to NOTget that mortgage stability

bill through.... we wouldn't want bankruptcy judges being able to help homeowners stay in their homes, now would we!!

[earth mom]

11. Jeezus! Anybody with a lick of common sense can see this is throwing good money after bad!

The banks aren't gonna do nothin with that money but spend it on parties, jets & bonuses! :argh: :grr:

Obama-wake up and smell the corruption!!!

[change_notfinetuning]

12. even here, there is a shortage of common sense.

You hit the nail on the head. May as well just flush it down the toilet.

I see lots of fine tuning. I don't see much change, Barack. As a big Obama supporter, I am disturbed . . . but a teeny bit hopeful.

[TBF]

13. Double the fun -

More on Reuters this evening:

Banks could get $750 billion more under Obama budget
Thu Feb 26, 2009 5:31pm EST

By David Lawder

WASHINGTON (Reuters) - President Barack Obama could funnel up to $750 billion in fresh government aid to battered U.S. banks, more than doubling a financial bailout approved last year, his proposed budget revealed on Thursday.

The White House penciled in a $250 billion "placeholder" amount for additional financial rescue efforts into the fiscal 2010 budget, but said this would represent the net cost of asset purchases from financial institutions.

It estimated a loss of 33 cents of every investment dollar, so if it invests $750 billion in bank shares or other assets, the ultimate cost to taxpayers would be only one-third of that amount.

But administration officials were quick to say that they may not ask for any new funds.

"We have no plans to go to Congress to ask for additional money, and again the hope is it will not be necessary," White House budget director Peter Orszag told a news briefing. "But just in case it is, the budget includes a placeholder should further stabilization efforts become necessary."

Orszag said the figure was added into the budget "in case the situation deteriorates." (more at the link)

[maryf]

14. morning K&R nt