Posted by: tristar3research | March 30, 2009

Synchronized Quantitiative Easing (Centralized Money Printing) is an Inflationary Disaster

Like he needed to say it: Treasury wants MORE taxpayer money! We have being told that EVERYTHING is “too big to fail”!

Bail me out! Bail me out too! No, all of us, help !

Bail me out! Bail me out too! No, all of us, help, Timmy !

U.S. Treasury Secretary Timothy Geithner said some financial institutions will need substantial government aid, while warning against any attempt to tax investors who join a federal program to buy tainted assets from banks. “Some banks are going to need some large amounts of assistance,” Geithner said today on the ABC News program “This Week.” The terms of a $500 billion public-private program to aid banks “cannot change” for investors or they’ll lose confidence in the plan, he said on NBC’s “Meet the Press.” The Obama administration is pursuing the most costly rescue of the U.S. financial system in history while facing taxpayer concerns the aid is bailing out Wall Street firms that took excessive risks. After allocating about 80 percent of $700 billion in aid approved by Congress, administration officials want to keep open the option of seeking more.

Some commentators believe that less than $10B is left of the original program and that the PPIP program is being funded using leverage on the FDIC’s resources as they seek another $500B from CONgress.

Bloomberg continues, Most members of Congress probably wouldn’t support a request for new bailout funds because they aren’t clear about how the government used the $700 billion authorized in the first legislation, McCain said. “We still don’t have the transparency and oversight,” McCain said on “Meet the Press.” He said his biggest concern is that the cost of stemming the financial crisis will worsen annual deficits projected to exceed $1 trillion for many years. “What I am most worried about is laying the debt on future generations of Americans,” he said.

The conjunction with the further bailout of the auto industry, Obama fired GM’s CEO Rick Wagoner on Monday morning…

Yeah, the problem is the corruption in the system

Yeah, the problem is the corruption in the "system"

When asked on “This Week” whether Treasury had enough resources to provide a similar level of aid to struggling U.S. automakers, Geithner said the administration was “prepared as a government to help that process.”

“We want to have a strong automobile industry,” he said. “We want it to emerge from this period of challenge stronger.”

And a strong dollar, too!


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