Obama delays announcement of Bank Rescue Plan

[OriginalWheelman]

http://uk.reuters.com/article/...90208

The Obama administration on Sunday pushed back until Tuesday the announcement of a keenly awaited bank rescue plan as it pressed lawmakers to settle their differences over a huge economic stimulus package.

"We're focused on working with Congress to pass an economic recovery bill so we can create the jobs and make the investments necessary to get our economy moving again," Treasury Department spokesman Isaac Baker said.

Treasury Secretary Timothy Geithner will outline the bailout plan in a speech at 11 a.m. EST (4 p.m. British time) on Tuesday, the Treasury Department said.

The announcement of the bank rescue plan -- which will seek to shore up some of the biggest commercial banks in the United States -- had been due on Monday.

...

Obama's team is now turning its efforts to cleaning up the "toxic" assets clogging the financial system and it is expected to propose a range of measures, including further state acquisitions of stakes in banks, buying up some toxic assets and guaranteeing banks for losses on others.

The announcement has been delayed until after the vote on the stimulus. BHO seems pressed to pass the stimulus before this next plan comes up, why?

[Jacko3]

Its a smart and savvy move. If you outline the bank bail out plan before a vote for the stimulus, then the republicon senators railing against the stimulus plan and who have also not come up with an alternative plan of their own, will find ways to reduce or chop down a stimulus plan that has been heralded by Investors as a hopeful hint of a tool that may likely work.

Here is the article of what investors are saying:

http://www.usatoday.com/money/...lskip

Here is an article on the thorough sabotage and misinformation, which cannot be prudently justified, and being trumpetted by republicons and Rush Limbaugh, all over this nation.

http://politicalticker.blogs.c...warns/


Modified by Jacko3 at 6:16 AM 2/9/2009

[OriginalWheelman]

Or he's planning on spending so much on that that he knows the stimulus would not get passed if it gets out how much the Bank Rescue is for.

Those who presided over the last eight years — the eight years that brought us to the point where we inherit trillions of dollars of deficit, an economy that's collapsing more rapidly than at any time in the last 50 years — don't seem to me in a strong position to lecture about the lessons of history," Summers told ABC's "This Week."

There were a bunch of Dems who presided over the last 8 years two. This is partisan BS. There is a difference between the fundamental economic beliefs of the two parties which are bringing about the conflict on the stimulus, and the partisan crap like this that seeks to slander a side and place blame unfairly.

[Jacko3]

Or he's planning on spending so much on that that he knows the stimulus would not get passed if it gets out how much the Bank Rescue is for.

There were a bunch of Dems who presided over the last 8 years two. This is partisan BS. There is a difference between the fundamental economic beliefs of the two parties which are bringing about the conflict on the stimulus, and the partisan crap like this that seeks to slander a side and place blame unfairly.

I am not going to speculate with you on Obama's strategy, but I do know that it pays to be politically savvy. The Democrats have been in power only, since 2006, in Congress, and that power grab has been tenuous to say the least.

[OriginalWheelman]

So your sayign it is ok to manipulate the facts to get people to vote for your side? When the Dems were the minority they still had votes and used them poorly. This is common trend on both sides. They had control of congress and it didn't stop the economy from going under.

[Jacko3]

Again, I am not going to speculate on how well or poorly they used their votes. I do know that democrats are less aligne along party lines than republicons.


Modified by Jacko3 at 6:36 AM 2/9/2009

[OriginalWheelman]

Again, I am not going to speculate on how weel or poorly they used their votes. I do know that democrats are less aligne along party lines than republicons.

[Jacko3]

I really do not know what is funny about this. Maybe faux laughter is a good elixir.

This is bush's record before he left office. I wonder why rush Limabugh did not say a thing abotu this?????????????

http://content.usatoday.com/co...y&p=2

[OriginalWheelman]

The Dems are every single bit as partisan as the Republicans. Get off your high horse for a second and realize that the Dems are not some overly righteous party here to save the world from the Repubs. They were around BEFORE the Repubs if you bother to look. Blaming Bush for the recession is fallacy as well. There were far far more influences on the economy than Bush.

[Jacko3]

The Dems are every single bit as partisan as the Republicans. Get off your high horse for a second and realize that the Dems are not some overly righteous party here to save the world from the Repubs. They were around BEFORE the Repubs if you bother to look. Blaming Bush for the recession is fallacy as well. There were far far more influences on the economy than Bush.

Now I can laugh---give me a second to do so.

When Citigorup started to collapse in 2007, its CEO, Charles prince was shown the door and asked to leave. When Merril Lynch was failing in 2007, its CEO, Mr. O' Neal, was asked to step down. When the USA started failing economically, if republicons actually beleive so much in market principles, then the CEO of the USA who was Bush, and his party---republicons, was also asked to step down through political ballots.

I think the market worls just fine, as it is. There is no high horse to get off from. Which high horse are talking about?????????? Let me laugh some more-----

[OriginalWheelman]

What about Clinton forcing these companies to take high risk mortgages? The same ones causing them to go under right now. Your ignorant ramblings were funny, now they're sad. If you believe the Dems are infallible you are in for a major let down.

http://international-financial...risis

An increasing number of commentators agree nowadays that the Clinton Administration is partly responsible for the current financial crisis the world is experiencing.

[Jacko3]

What about Clinton forcing these companies to take high risk mortgages? The same ones causing them to go under right now. Your ignorant ramblings were funny, now they're sad. If you believe the Dems are infallible you are in for a major let down.

http://international-financial...risis

LMAO! I like you a lot. You never give up! Clinton, the President of the US, force anyone to do anything--not even Monica Lewisnksi???????????

You may want to check out this youtube video showing clearly as George Bush was busy selling the snake oil of cheap mortgages to the many unsuspecting victims in this nation. LMAO!

Man, I have been doing this for a long time---cleverly taking apart political illusions many people hold.

http://www.youtube.com/watch?v=kNqQx7sjoS8

[OriginalWheelman]

LMAO! I like you a lot. You never give up! Clinton, the President of the US, force anyone to do anything--not even Monica Lewisnksi???????????

During March 1995 congressional hearings William A. Niskanen, chair of the Cato Institute, criticized the proposals for political favoritism in allocating credit and micromanagement by regulators, and that there was no assurance that banks would not be expected to operate at a loss. He predicted they would be very costly to the economy and banking system, and that the primary long term effect would be to contract the banking system. He recommended Congress repeal the Act.

You may want to check out this youtube video showing clearly as George Bush was busy selling the snake oil of cheap mortgages to the many unsuspecting victims in this nation. LMAO!

Man, I have been doing this for a long time---cleverly taking apart political illusions many people hold.

http://www.youtube.com/watch?v=kNqQx7sjoS8

http://www.hud.gov/offices/cpd.../addi/

This speech is about the American Dream Downpayment Initiative. IT has nothing to do with the sub prime mortgage crisis.

Flat out denial is not cleverly taking apart someones political illusions. You seem to hold a few of your own. Ever hear the saying, "Remove the log in your eye before pointing out the one in your neighbors."?
Modified by OriginalWheelman at 7:50 AM 2/9/2009

[Jacko3]

Flat out denial is not cleverly taking apart someones political illusions. You seem to hold a few of your own. Ever hear the saying, "Remove the log in your eye before pointing out the one in your neighbors."?

Yep! I have a small tree in my eye. But the republicons have a huge Oak tree in theirs. Don't confuse republicons with republicans---they are different. Would you like for me to school you on the difference and when the difference emerged??? The republican party of Abraham Lincoln is not the republicon party of George Bush----totally different.

[smockers83]

...a stimulus plan that has been heralded by Investors as a hopeful hint of a tool that may likely work.

There are mixed feelings from investors on the bailout. The bailout in of itself will not stimulate the economy enough to bring us out of the recession. The price tag may be high but as a percentage of GDP it just isn't high enough. What investors may be betting on is that the stimulus package will instill confidence in the economy more than it is designed to stimulate.

The push for subprime mortgages was started by democrats of the Clinton years, maybe not Clinton himself, but the party. They pushed banks to make these loans to get home ownership up and to quell cries of racism in the lending industry.

[Jacko3]

There are mixed feelings from investors on the bailout. The bailout in of itself will not stimulate the economy enough to bring us out of the recession. The price tag may be high but as a percentage of GDP it just isn't high enough. What investors may be betting on is that the stimulus package will instill confidence in the economy more than it is designed to stimulate.

The push for subprime mortgages was started by democrats of the Clinton years, maybe not Clinton himself, but the party. They pushed banks to make these loans to get home ownership up and to quell cries of racism in the lending industry.

The creation of Fannie Mae and Freddie Mac, is very much a democratic innovation. Whether or not the democrats pushed hard to let folks with sub-stabdard ability to acquire homes, is another debate altogether. But we do know that the ethics an behvior that spurred the greed and avarice that has led ot this financial calamity is the off-spring of Ronald Regan. How is this possible??????

You will want to start investigating the death of ethics in business practices starting with the Regan destruction of the Defense Industry Initiative on Business Ethics and Conduct (DII). This was the forerunner of Sarbanes Oxley Act of 2001. By the destruction of this initiative with Regans comment, "govt is the problem and not the solution" matra, businesses felt a sigh of releif in acting the way it pleased them---no more standards of conduct.

In addition to this, in 1999, Republicons ended a 66 year law called the Glass-Steagal Act that helped protect regulated commercial bank cutomers from unregulated investment banks.The first provision (allowing the Fed. Reserve to regulate savings account interest rates) was repealed by the Depository Institutions Deregulation and Monetary Control Act of 1980 (under Reagan's watch, not Clinton). Other provisions (including prohibiting a bank holding company from owning other financial companies) were repealed in 1999 by the Gramm-Leach-Bliley Act. That's right. The very same Sen. Gramm who headed McCain's so-called economic policy team and the same Sen. Gramm who called Americans "whiners" for worrying about a "mental recession". Clinton did sign the latter into law, but he did not "push" or author it; that was 100% Republican agenda, from Reagan through Bush.

You see, the republicons have overwhelmed the air waves with their distinct deceit. Lee Atwater and Karl Rove have been incredible at shaping the message most americans receive, and thus, making them to act against their own self-interest, time after time. This is not to say that the democratic party does not have their blame, far from it, they do. I am amazed at how easily the republicons achieve this end without any challenge whatsoever from anyone.

[OriginalWheelman]

Yep! I have a small tree in my eye. But the republicons have a huge Oak tree in theirs.

The point of the saying is that you should be kinder to your enemy for his faults because you have some yourself. No one is perfect.

Before you go off about me accusing Obama... I'm questioning his intentions. It will become clearer Tuesday what his intentions are. I'm suspicious because of how fast this is being pushed through. If history teaches us anything it's that fast legislation is bad. We can barely get the slow stuff in order.

[Jacko3]

The point of the saying is that you should be kinder to your enemy for his faults because you have some yourself. No one is perfect.

Before you go off about me accusing Obama... I'm questioning his intentions. It will become clearer Tuesday what his intentions are. I'm suspicious because of how fast this is being pushed through. If history teaches us anything it's that fast legislation is bad. We can barely get the slow stuff in order.

I agree completely with you. If you go back to another topic of ours, i made concessions to you, but you refused to take it. I have no enemies in this life. In fact, I see you as a friend i can banter and debate with. Thats what intellectual growth and development is all about. Nothing on this debates rises ot the level of enemity. I take everything with a pinch of salt.

[OriginalWheelman]

Well I think it's safe to say this is the reason for the delay in the health care reform announcement.

zer...nutes

[infinitiandbeyond]

Jacko,

You mean to tell me that USA Today has it right? Are you kidding?

Proof is in the pudding in the market reaction today, AFTER the vote and passage of the stimulus. See it here: http://finance.yahoo.com/news/....html

We're in absolute deep trouble!! Kiss your freedoms goodbye.