Biden Says Banks May Get More, More, More
The vice president let it slip Sunday that the $700 billion TARP bailout bill could have a sequel Also, Nancy Pelosi indicated that Congress might dole out more funds to financial institutions Let's see, that's $700 billion on TARP, $850 billion for the still-pending stimulus package, plus the mysterious billions they're tossing around at the Federal Reserve Here's hoping China doesn't cut up our national credit card.
The vice president let it slip Sunday that the $700 billion TARP bailout bill could have a sequel. Also, Nancy Pelosi indicated that Congress might dole out more funds to financial institutions. Let’s see, that’s $700 billion on TARP, $850 billion for the still-pending stimulus package, plus the mysterious billions they’re tossing around at the Federal Reserve. … Here’s hoping China doesn’t cut up our national credit card.
WAIT BEFORE YOU GO...Washington Post:
Banks and other financial institutions may need more than the $700 billion in public money that has already been approved to repair the nation’s feeble credit system, Vice President Biden and congressional Democrats said yesterday [Sunday].
In his first appearance as vice president on CBS’s “Face the Nation,” Biden said that Timothy F. Geithner will report quickly about the use of the second half of the financial bailout funds soon after the Senate confirms him as Treasury secretary, possibly today.
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Lessons learned from the 2008 financial crisis show that taxpayer-funded blank checks to institutions do nothing to help those struggling
If the president wants the federal government to be able to borrow cheaply, there are far better options than negative interest rates.
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