Dow Dives as Geithner Reveals Latest Trillion Dollar Bailout
Here comes TARP II—
They haven’t even had the final vote on the trillion dollar Generational Theft Act and already Treasury Secretary Timothy Geithner announced another trillion dollar bailout for banks.
Funny… Barack Obama was just slamming Republicans last night for doubling the national debt, something he’s trying to beat in just 3 weeks.
Geithner said that Americans have lost faith in financial institutions.
It probably didn’t help that a tax cheat was just put in charge of the IRS.
“Instead of catalyzing recovery, the financial system is working against recovery, and that’s the dangerous dynamic we need to change.
“It is essential for every American to understand that the battle for economic recovery must be fought on two fronts. We have to both jump-start job creation and private investment, and we must get credit flowing again to businesses and families.
“Last fall, as the global crisis intensified, Congress acted quickly and courageously to provide emergency authority to help contain the damage.
“That vote gave the Administration the authority to act to pull the financial system back from the edge of catastrophic failure.
“The actions we took were absolutely essential, but they were inadequate.
“The force of government support was not comprehensive or quick enough to withstand the deepening pressure brought on by the financial crisis.
“The spectacle of huge amounts of taxpayer money being provided to the same institutions that help caused the crisis, with limited transparency and oversight, added to public distrust.
“Our challenge is much greater today because the American people have lost faith in the leaders of our financial institutions, and are skeptical that their government has — to this point — used taxpayers’ money in ways that will benefit them.
More… Ace is stunned by the remarkable restraint the democrats have shown thus far this year:
Almost Ten Trillion in Bailouts, Spending, Guarantees, and “Stimulus” So Far, And More to Come
Drudge is red-lining this Bloomberg piece.
That’s 2/3rds of the entire value of everything produced by the US last year. Not 2/3rds of the federal budget — 2/3rds of the value of everything we made last year. Everything.
And more to come.
Obama and the Democrats claim we need to take “dramatic steps” — I’m sorry, was 8.7 trillion not dramatic enough for you?