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77 Comments
- JasonCox, on 03/04/2009, -0/+38So we pay taxes to the government, the government then gives our tax money to the banks, the banks then lend us our own tax money and then we then pay the banks for giving us the privilege of lending us our own tax money?
All this story is missing is a Nigerian Prince. - y0y0howsdajell0, on 03/04/2009, -0/+21"Federal Reserve, the nation's central bank, aggressively cut interest rates."
Because that's worked SO well so far... - welk, on 03/04/2009, -2/+19Brilliant. The country is so short of debt.
- kosser, on 03/04/2009, -1/+17BREAKING NEWS: US Government continues to ***** us over and we post articles about it only to TALK not DO ANYTHING
- stix213, on 03/04/2009, -1/+14Without reading it I'm just going to make a guess... This involves taking money out of my pay check and giving it to other people who figured out how to lose their's right?
- JMartin13, on 03/04/2009, -1/+14My wallet is getting empty.
- inactive, on 03/04/2009, -4/+14Help the banks who screwed our country get richer.
Send the bill to American Taxpayer.
nice. - Auscifer, on 03/04/2009, -2/+11"To combat the credit crunch, the federal government has propped up struggling financial institutions while the Federal Reserve, the nation's central bank, aggressively cut interest rates. Now the government plans to provide hundreds of billions of dollars to promote a wide range of loans through a program known as the Term Asset-Backed Securities Loan Facility.
The funds will finance debt purchases by investors who have been hard hit by the financial crisis. Overseen by the Federal Reserve and the Treasury Department, the program is expected to begin later this month and is intended to spur as much as one trillion dollars in business and consumer lending."
Where is the news?! I already knew about interest rates and bank/insurance/fanniemae nationalization! Am I the only one that finds this article lacking details? I'm sure there's more to this "plan" that I would like to know more about. I'm inclined to bury this crappy article for telling us nothing. - RonPauls, on 03/04/2009, -0/+9Great, cause what we really need right now is more debt!
- Yimyack, on 03/04/2009, -1/+9I'm working to get OUT of debt - going back to cash only.
Knowing my luck though, I'll get out of debt & the whole system will be ***** 2 months later. - inactive, on 03/04/2009, -0/+8Debt is really the solution to everyone's problems. Just ask anyone that has a lot of debt, they'll tell you it's awesome.
- pilgrim3970, on 03/04/2009, -0/+6yeah, pretty much....
- AresDiggs, on 03/04/2009, -0/+5Well since you will no longer be needing your wallet because its empty and all.... can i have it?
- AresDiggs, on 03/04/2009, -1/+6Ron Paul FTW!
- mescad, on 03/04/2009, -0/+5Well, now that's an idea that would encourage me to borrow large sums of money.
- geekee, on 03/04/2009, -0/+5In many parts of LA, you can't get anything for under $700K, and $700K might get you a 1200 sq ft. fixer upper on a very small lot.
But we can't let housing prices come down. That's what all the politicians keep saying. - mdoverkill, on 03/04/2009, -0/+5I voted for someone who is against the Fed and Bailouts. Also, I try to educate those I know about the Fed. The question is what have YOU done?
- mmeads, on 03/04/2009, -0/+5Didn't the act of government sponsored lending get us into this mess to begin with? I guess I missed the newfangled approach that they're taking this time to get us out of it.
- RealmDown, on 03/04/2009, -2/+6Tight credit is tighter, the banks are richer, and my wallet IS empty.
- Kazimieras, on 03/04/2009, -0/+4Negative interest rates here we come!
- dystra, on 03/04/2009, -0/+4lending is what caused this mess right?
- Bloodwine, on 03/04/2009, -0/+4We're in a bit of conundrum. On the one hand. people have been borrowing and spending way beyond their means which greatly contributed to this economic mess.
However, many Americans are now wising up and the savings rate is going through the roof. People have quit borrowing, scaled back on their purchases, and are trying to wipe out their debt and establish rainy day funds.
The problem huge uptake in the saving rate is that means people aren't spending, and therefore aren't buying products and services which businesses rely on to stay afloat. Just look at Japan, they had 0% rates and people still saved like crazy. - fuxxx, on 03/04/2009, -0/+4Debt solves all problems, apparently.
- inactive, on 03/04/2009, -0/+41600
- DaveF, on 03/04/2009, -0/+4My favorite plan is the foreclosure bailout *****.
http://news.yahoo.com/s/ap/20090304/ap_on_go_pr_wh ...
"Mortgages for single-family properties that are worth more than $729,750 are excluded."
I'm glad the rich ***** down the street can get bailed out on his mcmansion using my tax dollars while I sit here fighting to come up with a down payment for a $200,000 place.
It is imperative that we continue to move with speed to help make housing more affordable and help arrest the damaging spiral in our housing markets,” Treasury Secretary Timothy Geithner said in a statement.
That makes sense. It is imperative that we make housing affordable by keeping the price high. *****. - normalkid0615, on 03/04/2009, -1/+5Global Enslavement
- spritom, on 03/04/2009, -0/+4Let's see...recently we've spent:
$152 Billion in Feb 08
$29 Billion - Bear Stearns in 08
$200 Billion - Fannie Mae and Freddie Mac (covers them only through 09, total cost still unknown)
$850 Billion in Sept 08
$789 Billion in February 09
$300 Billion in the proposed 2010 budget (it's $500 Billion more than 09, but our trend lately has been to add $200/year)
So are the "funds" mentioned in the article part of the same $2.3 Trillion above? Or are they talking about even more money? - tj_walker, on 03/05/2009, -0/+4Ford posted another loss. Yeah, don't they get it, we want something that is worth the investment for the long term, not something that will break down and need to be resold as scrap metal in 10 years. I know that does not get repeat sales.
Hey, look at Mercedes. Sell something that you buy and get 20 years or more out of. DUH.
= :)K - trythison4sighs, on 03/04/2009, -0/+4Don't forget the "help" they got from congress. The banks couldn't have done it without help from them. Or help from the SEC for not looking, lobbyists for paying off congress, the Media for white-washing articles and making anyone complaining about the problem SEVEN ***** YEARS AGO look like a loon... No, no...you're right... it's JUST the banks. Maybe, if this wasn't a nation of whiners, pussies and children we wouldn't have put ourselves in this situation... I didn't tell any of these people to go out and buy things that they couldn't afford. Not the house, car, stereo, game system, vacations, etc. Do you understand now? I'm NOT for bailing the banks out that's not what I'm saying. What I'm saying is it's time for those of us that act responsibly to stand up and be heard. I want you all to get up and go to the window and yell, "I'm mad as hell and I'm not going to take it anymore!"
- KJGJ, on 03/04/2009, -0/+4Let's not forget the banks were either run by the government or told by the government to give out the loans.
- Frixionburne, on 03/04/2009, -1/+4It's the same information that people have been riding throughout the election, the promise of change, that is all. You don't have to do much when the people that voted for you take everything you say as infallible.
- BotchaMcCoola, on 03/05/2009, -0/+3Maybe you are not getting some of it either. If the interst rate is high enough you can get a loan. They just won't loan at artificially low interst rates. They are not fools like the politicians and Fed think. Give the economic laws a chance.
- FiatFaux, on 03/05/2009, -0/+3Shouldn't that be titled...
USSA UN-EVIL$ PLAN TO $BAR LENDING?
BIG BEN BERNIE REFUSES "TRANSPARENCY" OF BIG BUDDY BANKERS BEING FED:
http://digg.com/business_finance/Ben_Bernanke_Refu ...
Oh, the sweet $ocialist $windling irony of it all... Being grilled by SENATOR BERNIE SANDERS!!! - geekee, on 03/04/2009, -0/+3It's not a paradox. The current govt. trends are more of the same. They're trying to keep the bubble inflated rather than letting the market correct itself. The article implies that the fix will work. That is a huge assumption. I don't see a paradox. I see the govt. doing exactly what got home-owners into trouble. They're borrowing money and gambling on future revenue from their investment to pay back the loan.
FTA
"It is a paradox of the current economic slump: loose lending standards and reckless debt incursion set the stage for the financial meltdown that has pummeled the U.S. economy. Yet conventional wisdom holds that the recession will linger as long as credit remains tight, and consumers and businesses are unable or unwilling to take out loans for purchases and activities that will stimulate the economy." - geekee, on 03/04/2009, -1/+4Except they're not taking out of your paycheck. They're borrowing it, so you get to pay the interest while the debt balloons
- yarcod, on 03/04/2009, -0/+3Here's the next step in that. Savings goes up, so banks have more money to lend out. Credit "Crisis" solved.
We don't need the government screwing this up more. - JanetFlair, on 03/04/2009, -0/+3Shouldn't most people in this country not borrow anymore? Isn't that half the problem? Get a hold of your paychecks people and stop paying the rich to rob from yourself. Interest no matter how low is not your ***** friend.
I feel like those who are responsible are being punished. And those who really need help like my 'rents have nothing. Who is getting all this money?
What people need are personal finance classes. They should be mandatory to graduate high school. - superherofive, on 03/04/2009, -0/+3Cutting interest rates in a market where you cannot get a loan is like fishing in the Sahara.
There is no punchline to any of this. - Kazimieras, on 03/04/2009, -1/+3This isn't nearly as good as the plan I was expecting:
Effective March 5th all US currency will spontaneously combust. It will literally burn a hole in your pocket if not spent. - uselessexpert, on 03/04/2009, -0/+2Yeah, now that the banks have been bailed out, they can return to their regular practices of screwing the american public with their ridiculous fees and high interest rates.
Hey, they have to pay back that debt to the government some how.
Might as well be us already. - Hetman, on 03/04/2009, -1/+3If you look at interest rates in the 60s, 70s and 80s they are way higher then they are today. One of the reasons we are in this problem is because of low interest rates and the fact that banks did no require people to make down payments when getting a loan. If anything banks should be able to charge a higher interest rate than they do now.
- JohnGalt01, on 03/05/2009, -0/+2So Barney, will the banks have to lend to people that won't pay it back again?
- HairyPoter, on 03/05/2009, -0/+2welcome to neverland. A land where you cure debt stimulating people to spend more. This tactics will bring us to the third world soon as we expect. We are already second.
- FiatFaux, on 03/05/2009, -0/+2We'll print some more Trillion$ of this paper "money"...
Pay you up front to take it (signing bonus) so long as you get USSA in more debt...
Then, we will just merge your country into our larger debt scheme called the NAU...
When this paper $#!+ isn't worth anything anymore suddenly one day you wake up,
We will give you 1 AMERO for each $100 Federal Reserve Note for the Daily Rations.
OH, no more paper "money". That was a failure... The "New Deal" is an RFID CHIP!! - FiatFaux, on 03/05/2009, -0/+2FED up with fiat "credit" system they're "saving" with Trillion$ more of the $#!+?
Take credit & paper "money" that's left- Exchange it for real Constitutional money ASAP.
Silver is about to launch like a rocketship into orbit as Zimbabwe Hyperinflation NWO begins!!
US Rep. Dr. Ron Paul & Sen. Bernie Sanders find hidden Fed Fraud for US who care to Listen:
http://digg.com/business_finance/Ben_Bernanke_Refu ... - TheFunnyDigger, on 03/04/2009, -0/+2Sounds like a great big Ponzi scheme.
- jessehadden, on 03/05/2009, -0/+2Funny. I first read this as, "US Government Unveils Plan to Lure Spending."
- sbova99, on 03/05/2009, -0/+1I don't think this new plan is going to work, but I guess it is worth a try. It still seems pretty easy to get a home loan in Washington State. If you have a credit score over 680 you are good to go. I guess only time will tell.
- DigitalBrian, on 03/05/2009, -0/+1Lower my freaking credit card interest rates, then I will spend again, the system as is is ridiculous, people with lots of money already get the lowest rates, while people like me has to struggle from paycheck to paycheck to even afford my rates.
- sultanknish, on 03/06/2009, -1/+2and when the debt grows bigger, Obama can throw another bailout using our money
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