U.S. Treasury Widens Scope of Bad-Debt Plan Beyond Mortgages »
Posted By Eagle_Eye 1 year, 2 months ago in Business & FinanceSept. 21 (Bloomberg) -- The Bush administration widened the
scope of its $700 billion plan to avert a financial meltdown by
including assets other than mortgage-related securities.
Read Full Story at bloomberg.com »
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Eagle_Eye
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Eagle_Eye1 year, 2 months ago
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FTA: "The U.S. Treasury submitted revised guidance to Congress on its plan, referring to its proposal to purchase so-called troubled assets, a change from its original plan for investments tied to home loans, according to a document obtained by Bloomberg News and confirmed by a congressional aide.
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The change suggests the inclusion of instruments such as car and student loans, credit-card debt and any other troubled asset.
Firms that are headquartered outside the U.S. will now be eligible, in another change from the guidance sent to Congress yesterday"
WTF???? They are going to put our country into BILLIONS of dollars of additional debt!!! This can't happen to this country, our financial situation is horrible all ready adding more debt to our economy is a disaster.-
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Lurch1 year, 2 months ago
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The most troubling thing?
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The govt wants to add other `instruments` to the list of corporate assets to be bailed out. But the Republicans don`t want to add the actual loan and mortgages from us taxpayers/consumers to the list. Cause, you know, that would be like socialism, just wrong.
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Eagle_Eye1 year, 2 months ago
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"car and student loans, credit-card debt and any other troubled asset." I don't see any assets there, all I see are companies that made bad risks.
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I say let them all "crash and burn" and then the market can clean itself up!! Don't bail out these corporate fat cats! -
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Eagle_Eye1 year, 2 months ago
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Hi moz, thanks for the input ....
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"How does ordinary consumer debt fit into all this?" It doesn't! Every one in this mess is trying to get a free ride...and keep their "record profits".....just say no to government bail out.
How did the government help the "mom and pop" business' that failed due to big box stores? How did the government help out the American people when these companies where gouging them with outrageous mortgages?
Give people back their houses and let the government give them the loans, not the corporations.
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nostalgia1 year, 2 months ago
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I do have one question
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"The U.S. Treasury submitted revised guidance to Congress on its plan, referring to its proposal to purchase so-called troubled assets, a change from its original plan for investments tied to home loans, according to a document obtained by Bloomberg News and confirmed by a congressional aide."
If the Feds are buying up investments tied to home loans aren't the mortgages going to be held by the Feds?
If so why are so many Congressmen showing up on TV wanting to add more money to the bill to protect people with subprime loans from foreclosrue?
Why do they need more money if the goal is to buy the subprime investment instruments?
Do they think the Federal govt is going to foreclose on people?-
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Eagle_Eye1 year, 2 months ago
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Good questions nostalgia, I would certainly hope not, I think, IMHO, they need to redo the whole mortgage issue and give people better mortgages that they can afford.
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But this business of "other non-liquid assets" is very troubling, it's a big loophole for any one to jump in. I also don't agree with covering foreign companies.
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diablolita231 year, 2 months ago
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I think that some commitment to the future and a more solid business plan is what's needed. I feel sorry for the people that work for these companies, I don't want anyone to lose their job. I work for ShoreBank (http://shorebankdirect.sbk.com/), whose invested over $3.4 billion in the low income urban communities of Chicago, Cleveland, and Detroit since inception in 1973. ShoreBank lent $415 million in community development and conservation loans in 2007. They've financed the purchase and renovation of more than 51,000 units of affordable housing, and created more than 12,000 jobs. It makes me hopeful to see green practices spreading, I hope other banks to realize that they too can be a part of bettering the world around them.
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Eagle_Eye1 year, 2 months ago
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It is nice to see banks that are successful and didn't take the huge risks financing people that couldn't afford the 3,000+ feet homes in zero lot line developments. It was the developers and greedy municipalities that started this. If only some control to the development was held so that there wasn't such a surplus of homes this wouldn't be so bad.
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