Obama May Add to Bailout Funds

Discussion in 'Economy' started by Zoom-boing, Jan 24, 2009.

  1. Zoom-boing
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    Zoom-boing Gold Member

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    Report: Obama May Add to Bailout Funds - First 100 Days of Presidency - Politics FOXNews.com

    "Report: Obama May Add to Bailout Funds
    Leading economists and lawmakers believe that as financial institutions are taking on trillion dollar losses, the previously approved $700 billion bailout package won't be enough to solve their problems.

    With the economy deteriorating rapidly, lawmakers are preparing for a new request from President Obama for another massive round of spending, which could send the total bailout price soaring toward $1 trillion, the Washington Post reported.

    Economists say that Obama's pledge to use at least $50 billion of the rescue funds to help borrowers avoid home foreclosures could realistically cost $250 billion."

    If at first you don't succeed? What I don't understand is why the administration hasn't demanded accountability from the banks that have already received $350 Billion. Every dime should be accounted for, any monies given out as compensation, bonuses, golden parachutes, etc. should be taken back, and the banks have to start actually lending the monies they received out to the people who need it. How do they know that the first batch of dough won't work if it hasn't even reached main street? They seem to be putting the cart before the horse again, imo. I think they're money drunk.
     
  2. editec
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    editec Mr. Forgot-it-All

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    The kids down on the farm are starving and they cannot understand why giving money to the bankers who helped bankrupt the farmer isn't working?

    No real solution not involving public executing bankers is going to really solve the problem, folks.
     

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