“Public-Private Investment Program” is latest corpoRATe criminal bankster reward program
Here’s a suggestion for real hope, change and responsibility:
– Ralph Waldo Emerson
Well Cricketeers, as the corpoRATe pig rich tax evasion is allowed to continue, the enrichment of the criminal corpoRATe banksters is on track to continue via dumping the toxic assets on the “little people” who pay their taxes.This from ap:
Feds unveil plan to sop up bad bank assets
By MARTIN CRUTSINGER, AP Economics Writer
March 23, 2009
WASHINGTON – The Obama administration, striving to ease lending in the struggling economy, moved Monday with private investors to sop up bad bank assets. The administration said the program could grow to $1 trillion in purchases eventually, if it proves successful in attacking the bad-books problem that has been at the heart of the banking crisis.
In a lengthy fact sheet, the administration said it plans to use $75 billion to $100 billion from the government’s existing $700 billion bailout program for this purpose, and it predicted participation from a broad array of investors ranging from pension funds and insurance companies to hedge funds.
To achieve the goal of freeing up more lending, the program would entice private investors with low-cost loans provided by the Federal Deposit Insurance Corporation and the Federal Reserve. The government would also shoulder the vast bulk of the risk.
In one example used in the fact sheet, the purchase of a batch of bad mortgage loans would see the private investor put up 6 percent of the cost with the rest provided by the government, with the FDIC covering 84 percent of the cost with a loan and the remaining 6 percent coming from funds from the $700 billion bailout program.
DAGNABIT! The lemon socialist corpoRATe welfare $700 billion bailout having now been proved the complete FAILURE I and others predicted it would be. It has become politically impossible for the feckless appaRATchiks in washingtOOn to misappropriate any further funds via another bailout bill. Has this failure taught those dirty dem and filthy repubs that the entire idea of giving huge sack of cash to the executhieves who crashed the world economy is a bad idea?
The ethically challenged corpoRATe bag men and woman of the two parties of the apocalypse in “elected” orifice have found a back door way to dump the ever increasing costs of this ongoing corpoRATe bailout on YOU. This is just the latest corpoRATe welfare fraud! They hope that YOU will miss the fact that it doesn’t matter if the looting of the treasury happens via an additional bailout bill, or by a bill that increases the funding of the Federal Deposit Insurance Corp. YOU the tax payer will be paying for it either way. I will say what I have been saying, and will continue to say. NO MORE FUCKING TAX PAYER FUNDED BAILOUTS! These corpoRATe criminal organizations like corpoRATe welfare mothers aig and shittybank need be forced into RECEIVERSHIP. What good assets are left in these looted companies need be seized and become property of the tax payers. The toxic assets need be dumped on them that created them: the corpoRATe executhieves and their sucker investors! That ain’t gonna happen though. This from cnnmoney:
Treasury unveils long-awaited ‘bad-asset’ plan
By partnering with private investors, government hopes it can finally flush out toxic assets from banks’ balance sheets.
By David Ellis and Jennifer Liberto, CNNMoney.com staff writers
March 23, 2009
WASHINGTON (CNNMoney.com) — The Treasury Department unveiled its long-awaited plan to remove many of the troubled assets from banks’ books Monday, representing one of the biggest efforts by the U.S. government so far aimed at tackling the ongoing financial crisis.
Under the new so-called “Public-Private Investment Program”, taxpayer funds will be used to seed partnerships with private investors that will buy up toxic assets backed by mortgages and other loans.
The goal is to buy up at least $500 billion of existing assets and loans, such as subprime mortgages that are now in danger of default.
Treasury said the program could potentially expand to $1 trillion over time, but that the hope is that the program would not only help cleanse the balance sheets of many of the nation’s largest banks, which continue to suffer billions of dollars in losses, but help get credit flowing again.
The government will run auctions between the banks selling the assets and the investors buying them, hoping to effectively create a market for these assets.
To kickstart things, the administration said it will commit $75 billion to $100 billion and would consider how the program is progressing before committing more money.
“There is no doubt that the government is taking risk,” said Treasury Secretary Timothy Geithner. “You cannot solve a financial crisis without the government assuming risk.”
SONOFABUSH! The right wingnut idiot rant concerning the outrageous bonus payments to the executhieves at corpoRATe criminal organizations like corpoRATe welfare mother aig is “contracts are sacrosanct under us law and the government should not take action against this bonus contract.” I say, the same should be true of the contracts created to create and move these toxic assets. These contracts are sacrosanct and the government should not interfere in those deals by buying these toxic assets. These toxic assets are a matter of contract and should anyone who now holds them be unhappy with their ownership of them. They should use the courts to relieve themselves of them. UNDER NO CIRCUMSTANCES SHOULD THE GOVERNMENT INTERVENE IN THESE TOXIC ASSET CONTRACTS!
In the mean time the smokescreen “debate” about how best to further enrich the criminal corpoRATeers via tax payer funds involving the dirty dems and filthy repubs. Has shutdown any debate about really important issues like health care and the ongoing pork barrel military spending. We at ClapSotronics continue to insist that these two issues are where the political economy rubber really meets the problem solving road!
Here’s my FAVE endorsement for single payer universal national health care, from the neolib who now refuses to give it to us:
Let’s see, in the video statusQUObama had a step by step process to get a single payer health care plan:
- dems take back white house CHECK √
- dems take back senate CHECK √
- dems take back house o’reps CHECK √
- PAY UP BITCH! Mauhahahahahahahah
The ongoing ClapSotronics serving suggestion:
EAT THE FUCKING pig corpoRATe rich!
laBAMAnostra and laBUSHanostra agree:
- That the disaster of a war should continue indefinitely. laBAMAnostra has the same exit strategy as laBUSHanostra did, no exit strategy what so ever! The corpoRATe pigs agree the current war should be escalated and additional wars should be started whenever possible!
- That the waste, fraud, and abuse pork barrel spending on ever larger pentagon budgets should continue and money “should be no object” when it comes to the funding of military death and destruction! paygo my ass!
- That the thieving corpoRATe insurance companies (the rotten aig being only the tip of the corpoRATe iceberg in the insurance larceny business) should be able to continue to pocket almost half of our health care dollars via the waste fraud and abuse filled current “free market health care system.” This ripoff comes in the form of over the top corpoRATe insurer “administrative costs” and corpoRATe drug pusher profiteering even as the rest of us are badly served by their wealth care, NOT REALLY HEALTH CARE SYSTEM!
- That the wal-fare system (click this link to see how I defined the wal-fare system in an earlier post) started by the klinton klan co-presidents slick willy and hillary dillary doo (she a former walmart board member and both former co-presidents are now made members of laBAMAnostra) and made ever worse by the waste, fraud, and abuse pork barrel funding of so called “faith based” organizations should be able to continue to poverty pimp we poor folks into ever deeper poverty! Punitive policies that force us into slave labor, low wage “jobs” and sermons are no replacement for the basic human needs based system we should have!
- That the inherently dishonorable corpoRATe criminals should be allowed to continue to “self police” as the idiots in washingtOOn chant the tired deregulation mantra!
It’s time to put an end to deregulation and the kid glove wrist slap treatment they get by regulating the corpoRATeers and RICO statute CRIMINAL PROSECUTIONS OF THE corpoRATe THIEVES!
The Telepathic Crickets™ on the ClapSotronics editorial board and I are tired of never getting anything during the economic boon times but poorer, as the pig corpoRATe rich get ever richer. We are REALLY TIRED of getting ever poorer during the economic bust times, as the pig corpoRATe rich get ever richer!
The scientifically impossible I do right away
The spiritually miraculous takes a bit longer