Bail-out increased to 7.4 TRILLION

[Frostie]

TRILLION! 7.4 TRILLION DOLLARS not billion.

"Bloomberg has requested details of Fed lending under the U.S. Freedom of Information Act and filed a federal lawsuit against the central bank Nov. 7 seeking to force disclosure of borrower banks and their collateral.

Collateral is an asset pledged to a lender in the event a loan payment isn’t made.

‘That’s Counterproductive’ "

“Some have asked us to reveal the names of the banks that are borrowing, how much they are borrowing, what collateral they are posting,” Bernanke said Nov. 18 to the House Financial Services Committee. “We think that’s counterproductive.”

WOW is all I can say about this statement. Counterproductive to allow tax payers to know where their hard earned money is going? Robbery is what you call it when someone takes your money and doesn't tell you where they put it.

"The money that’s been pledged is equivalent to $24,000 for every man, woman and child in the country. It’s nine times what the U.S. has spent so far on wars in Iraq and Afghanistan, according to Congressional Budget Office figures. It could pay off more than half the country’s mortgages."

"In the three years before the crisis, such average weekly borrowing by banks was $48 million, according to the central bank. Last week it was $91.5 billion."


http://bloomberg.com/apps/news?pid=2...Drk&refer=home

[amickracing]

It could pay off more than half the country’s mortgages."

I think that money should be spent on the responsible people who bough as much house as they can afford, not more. If it'll pay off half the country's mortgages, I say pay all of them half off.. I know I could sure use 13 years less of a loan!

BTW, we are screwed... lol

[mikethe ductman]

Just what did you think the republicans were going to say?
Its just like every thing else they have done from day, its done behind closed doors with people we/the public don't need to know about.

Its funny how when Obama told us who was going to run the treasury, that in one hours time the stock market gained over 500 points.

Come 1/20/09 the clowns will be gone and the grown ups will be in charge.

[Tiger93rsl]

I'm still steming about the first $700 B what the hell let's just p!ss it all away. I hear there are a few bums in Detroit with some really nice jets who need some money really bad. If I was any one of those CEO's I would resign before I asked for money. The only thing that's saying is I don't know how to do my job I cost the company millions of dollars could you help me out please I really need this 4 Million dollar a year job.

[Frostie]

Just what did you think the republicans were going to say?
Its just like every thing else they have done from day, its done behind closed doors with people we/the public don't need to know about.

Its funny how when Obama told us who was going to run the treasury, that in one hours time the stock market gained over 500 points.

Come 1/20/09 the clowns will be gone and the grown ups will be in charge.

Obama is just going to put another hole in the side of a sinking ship. Government spending is way out of control, and he is proposing more spending...

[mikethe ductman]

The same thing was said about BC

The only new spending I want to see, is spending that will help cut back on the use of oil

[Frostie]

The same thing was said about BC

The only new spending I want to see, is spending that will help cut back on the use of oil

"Most of the spending programs are run out of the New York Fed, whose president, Timothy Geithner, is said to be President- elect Barack Obama’s choice to be Treasury Secretary."

[adrianf]

http://bloomberg.com/apps/news?pid=2...Drk&refer=home

That's trillion with a T.

[Frostie]

http://bloomberg.com/apps/news?pid=2...Drk&refer=home

That's trillion with a T.

LOL, im an idiot. Kinda loses its dramatic appeal after a screw up like that!

[midhvac]

I'd rather they give my money as a REWARD/INCENTIVE to the companies that are making a PROFIT by being HONEST and using SOUND BUSINESS PRACTICES.

[HeyBob]

Moved into ARP

[COOL J]

What about Citi group/Citibank, just got a second 20+ billion injection this last weekend. After a 25+ billion injection earlier this year.
Yet they continue their sponsorship of Shea stadium of 20 million annually/ total contract agreement of over 400 million!!!
During a CNBC interview the CEO said he see's nothing wrong with it!!!!!!!
WTF!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[Snapperhead]

Its funny how when Obama told us who was going to run the treasury, that in one hours time the stock market gained over 500 points.

you're funny . You honestly think Wall Street brokers are sitting in front of a wide screen watching CNN to decide what to sell stocks for ? ?

You obviously have never seen what goes on in there . Its a friggin nuthouse with hundreds of people running around with nothing but documents and numbers flying .