Tuesday, December 23, 2008

Wasted The First $350 Billion Need The Second (Bailout)

Paulson, Kashkari, and Frank are seeking the second disbursement of bailout funds. I am sternly against giving any further funds to these clowns. They have no process in place for tracking how the first $350 billion was used by the receiving institutions.

They essentially lost the money intended to bailout the banks. I was against any bailout for the banks, so, I am certainly against the second distribution of funds. Paulson, Kashkari, and Frank claim what they are doing is in Americans best interest, however, it certainly is not. It sickens me to consider the immense amount of money they have lost, and with so little regard for how the funds should be used. Call your senator or congress person and demand they reject the request for the second $350 billion.

Financial Crisis Discussion

"Treasury Secretary Henry Paulson announced Friday that with the decision to provide loans to the auto companies, the first half of the $700 billion bailout fund has been committed. He said Congress needed to approve the release of the final $350 billion.

House Financial Services Committee Chairman Barney Frank, D-Mass., said Monday he is preparing legislation to require that some of the bailout money be spent for specific purposes, such as stemming foreclosures and reducing mortgage rates. Frank is pushing to get the second half of the $700 billion rescue fund released next month, before Obama is inaugurated.

Frank's bill would impose tighter restrictions on the second $350 billion, such as requiring banks to report on their new lending every quarter and toughening limits on executive compensation.
(Where was he on the first $350 billion. Perhaps his friends have already been taken care of in the first $350 billion!)

Frank said his legislation would also include a version of a plan, supported by Federal Deposit Insurance Corp. Chairman Sheila Bair, to spend $24 billion to give lenders financial incentives to modify more loans and help more borrowers keep their homes. Bair has estimated it could prevent 1.5 million foreclosures.
( I don't want to give my money to anyone. I don't care if they choose to get in a bad mortgage or lied on their mortgage application!)

It was unclear whether Frank could gain enough support to win congressional approval to release the second $350 billion before Obama takes office, given opposition among Republicans."

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