Why would the government need to acquire bad assets from banks if it just spent hundreds of billions of tax dollars bailing out the banks from their bad assets?
Whether I understand it or not, this should come as no surprise. Fiscal irresponsibility, be it Republican or Democrat, is the only thing these idiots are good at. Instead of stimulus and bailout programs, the government should have just issued every American a huge check. If they had, those mortgages that couldn’t be paid would be paid, the health care people couldn’t afford would be affordable, and the government wouldn’t get the chance to mismanage our tax dollars. And what better way to stimulate the economy than by putting money in the hands of the people who know how best to spend it? And the irony of it is that the money is our tax dollars, which means cutting us checks is the same thing as cutting our taxes. Hmmmm… On Jan 17, 9:51 pm, "M.A. Johnson" <[email protected]> wrote: > A Government Bank? Please, No!Posted by Bill Anderson at January 17, 2009 > 07:54 PM > Nearly a century after the creators of the Federal Reserve System believed > they had given the banking system its "magic bullet," today's government > geniuses are proposing the next logical step:a government bank. No, I am not > kidding:WASHINGTON (Reuters) - The incoming Obama administration is > considering setting up a government-run bank to acquire bad assets clogging > the financial system, a person familiar with the Obama team's thinking said > on Saturday.The U.S. Federal Reserve, Treasury and Federal Deposit Insurance > Corp have been in talks about ways to ease a banking crisis that is once > again deepening -- and a government-run "aggregator bank" is among the > options.Outgoing Treasury Secretary Henry Paulson and FDIC Chairman Sheila > Bair both said on Friday a government bank was one of a number of ideas U.S. > regulators had been discussing.The source said advisers to President-elect > Barack Obama, who takes office on Tuesday, were also considering the idea of > an aggregator bank among a range of options that could be pursued.David > Axelrod, a top adviser to Obama, told Reuters the new administration would > have something to say about a fresh approach to the financial crisis in "the > next few days."Oh, yes, socialism is a "fresh approach." Yeah, it is "fresh" > the same way that a newly-created cowpieis "fresh." I hate to tell these > geniuses that a government bank is going to be enmeshed in all sorts of > corruption and political pressures before long. However, like the Tennessee > Valley Authority, it never will go out of business, just as long as there is > a living, breathing taxpayer to squeeze. --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more. -~----------~----~----~----~------~----~------~--~---
