Corporate Welfare

[Bane]

And the BULL CRAP doesn't stop

Bush: 'We must act now'

Bush, Paulson outline powerful steps targeting troubled mortgage-related assets weighing down the finance industry. Plan could cost hundreds of billions.

NEW YORK (CNNMoney.com) -- President Bush and Treasury Secretary Henry Paulson on Friday outlined a series of far-reaching steps - likely to cost hundreds of billions of dollars - aimed at stemming a widening financial crisis that is roiling the financial markets and undermining confidence in the banking system.

"We must act now to protect our nation's economic health from serious risk," Bush said at a White House press conference. "There will be ample opportunity to discuss the origins of this problems. Now is the time to solve it."

"This is no time for partisanship," Bush added. "We need to move urgently needed legislation as quickly as possible without adding controversial provisions that could delay action."

Earlier, Paulson said that federal action would target the mortgage-related "illiquid assets" that are burdening the finance industry.

"The federal government must implement a program to remove these illiquid assets that are weighing down our financial institutions and threatening our economy," said Paulson. "This troubled asset relief program must be properly designed and sufficiently large to have maximum impact."

The new program would cost hundreds of billions of dollars, according to Paulson.

"This has got to be big enough to make a real difference," he said.

The plan will be fleshed out in the coming days in meetings between Paulson, other Bush administration officials and lawmakers.

"I will spend the weekend working with members of Congress of both parties to examine approaches to alleviate the pressure of these bad loans on our system, so credit can flow once again to American consumers and companies," Paulson said.

The mortgage plan is part of an extraordinary effort by the federal government to contain a financial crisis that has rocked Wall Street and has started rippling out to Main Street.

In the past week, two of the nation's most venerable investment banks - Lehman Brothers and Merrill Lynch (MER, Fortune 500) - have fallen and the Federal Reserve was forced to lend $85 billion to prevent the sudden collapse of insurance giant American International Group (AIG, Fortune 500).

Source

 

[chocalate_topaz]

This is no joke. The bank bailout are affecting us/will affect us majorly. Credit has been tightened...and soon only the A credit folks will get money. Ouch. That's a lot of folks not being able to buy stuff.

I don't have the solution, but I think we must do something before it's too late. Ask Bear Sterns.

 

[Olde Hornet]

The insurance / financial / investment industry demanded to be allowed to do all of this stuff and the government removed the depression era laws that would not have allowed this problem to occur. They wanted their taxes lowered and the government did that.

NOW we (tax paying americans) have to bail them out. I say let them fail! NO BAIL OUTS! . They took the risk, let them pay! :angry: :upset: :smh:

All of these free capital advocates are crying for government help - this is WRONG! :angry: :upset: :smh:

HISTORY REPEATS ITSELF - regulation laws will come back, until we forget our history again. :angry: :upset: :smh: