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November 25, 2008
Government to Unveil Consumer Credit Facility,This Is Insane!
Government to Unveil Consumer Credit Facility
Washington--The government is working on a new loan facility to help companies that issue credit cards, make student loans and finance car purchases.
The Treasury Department and the Federal Reserve will unveil the program Tuesday, according to people familar with the plan. They spoke on condition of anonymity because a formal announcement has yet to be made.
Treasury Secretary Henry Paulson has said he plans to use a "relatively modest share" of the $700 billion financial bailout money to pay for the new program.
It's the latest effort by the government to break through a dangerous credit clog that has badly hurt the economy.
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And there is also this............
Fed throws fresh lifeline to U.S. financial system (800 Bln)
WASHINGTON
The Federal Reserve threw a massive life-line to consumers on Tuesday with two new programs aimed at making it easier for them to obtain loans for homes, cars and on credit cards.
Under the new mortgage program, the Fed will buy up to $100 billion of debt issued by government-sponsored mortgage enterprises Fannie Mae, Freddie Mac and the Federal Home Loan Banks. It will also buy up to $500 billion of mortgage securities backed by Fannie Mae, Freddie Mac, and Ginnie Mae.
The central bank also launched a $200 billion facility to support consumer finance, including student, auto, and credit card loans and loans backed by the federal Small Business Administration. This will lend to investors who hold securities backed by this debt.
The launch of the two programs lifted investor spirits and drove up the blue chip Dow Jones industrial average more than 100 points, or about 1.3 percent, within minutes of its open.
"One of the big problems we have is that there has been a lack of demand for debt. You have seen the market for securitized debt such as credit cards or student loans dry up completely," said Scott Brown, chief economist at Raymond James & Associates in St. Petersburg, Florida.
"Here is the Fed taking a bunch of debt out of the market," he said. "It should help unblock the credit markets."
The new mortgage-support facility was intended to strike at the collapsed housing market, the core of the United States' economic woes.
"This action is being taken to reduce the cost and increase the availability of credit for the purchase of houses, which in turn should support housing markets and foster improved financial conditions more generally," the Fed said.
Wild Thing's comment.......
More control of private sector at our fingertips.
The government causes the problem, and then more government is proposed to “fix” it.
Wow. How much more money is going to be thrown at all these problems? You can’t stop a train wreck by throwing money at the tracks. Steps such as these will only slow down and lengthen the inevitable crunch.
Great, now instead of just issuing mortgages to people who can’t afford it and backed by the taxpayers they want to issue credit cards to the same people.
Barney Franks is probably drooling over the idea of taxpayer backed credit cards for losers.
Posted by Wild Thing at November 25, 2008 12:55 PM
Comments
Nice move Jorge, many of us disagreed with the appointment of Henry Paulson, Chairman and Chief Executive Officer of Goldman Sachs, when President George W. Bush bullheadedly went ahead against the apprehensions of everyone and nominated Henry M. Paulson, Jr. to be Secretary of the Treasury on June 19, 2006. The United States Senate unanimously confirmed Paulson to the position on June 28, 2006.
We now have an insider bailing out all his buddies. Rope, Ladder and no damned instructions needed.
Posted by: Jack at November 25, 2008 05:21 PM
The answer is to print the following until the economy improves and can stand on it's own.
Posted by: Les at November 25, 2008 06:09 PM
Jack, your right they all voted for this. I think there were only like about 10 they didn't vote for the bailout. I am ticked at all of them, Bush and all.
Posted by: Wild Thing at November 25, 2008 06:23 PM
Les,money oh yessss Obama money. waaaa he is so horrible.
Posted by: Wild Thing at November 25, 2008 06:26 PM
Happy Thanksgiving!
Posted by: Robocop at November 25, 2008 06:46 PM
Subject: Making a Case for the USSR of America
First we must remember the "Patience" that the Marxist have had in their desire/attempt to take over America. They started in the 1920's and found that the use of force via unions etc. would not work. Hiding behind the "Codeword's" Progressives or "Secular Progressives", they changed their plans and through infiltration now have control of the Federal Government and many other governments from city, to county, to state. It has taken them over 80 years to get where they are today so "Patience" is one of their great virtues. Research and the books I have recommended I believe prove this to be true beyond any doubt.
Their plans for control and the steps the must take from this point on are obvious:
1) They already control the press with the exception of Radio. They now plan on the Censorship of Radio with the "Fairness Doctrine". Effectively setting up the mechanism to control all sources of information and adding through propaganda, Control of the People. This as everyone must know is extraordinarily effective in all Dictatorships, kingdoms, and Marxists ruled nations.
2) Elimination of a "Secret Ballot", insuring the Unionization by Marxist Controlled Unions of the Nations Work Force. More Control of the People. Control of the people through Unions has always been a very successful tool since Lenin.
3) Gutting of our Military by cutting all spending by 25%, not only in the development of future weapons and equipment, but in numbers until such time as they control the Military.
4) Creation of a Civilian Security Force on a par with the US Military, giving them a "KGB" to use if required to control any civil unrest or chance of a Civil War.
5) Elimination of all Weapons and Ammunition currently available to the public and eventual confiscation from the people their current Weapons and Ammunition. Without Weapons the People haven't the means to wage War against the Marxist Government. Eliminating weapons from the population is one of the first rules of controlling the people.
6) Appointment of Marxist Judges to the Supreme Court and all other federal courts, giving them the power to legislate from the bench anything they can't get through congress.
7) Nationalization of Banks, Business and Industry. I can't prove this but I suspect that the current Monetary Crisis was some how achieved thru manipulation by the Marxist Congress, of Fanny & Freddy etc. In any case the Nationalization has begun.
All of the above in one way or another has been promised by the Marxist Imam Obama and the Marxists that now control the Congress. Yes, they have been more subtle then I have, but there is no other reason for the seemingly "innocuous" things they tell us they plan to do, and of course 'Out of Fairness", that on closer scrutiny will Damn Our Constitutional America to the Hell of Marxism.
Again I must caution everyone that the Patience they will take is their most effective weapon they have at their disposal. It combined with the effective Propaganda and Brain Washing have brought us to where we are today.
The Big Questions are:
(1) What are we going to do about it??
(2) Do we really give a Damn??
The first question I can answer. Every thing we can and if necessary "Civil War". I would willingly take up Arms if Necessary, however at this time, my only weapons are education of my friends and family, getting them involved and attacking the enemy through the Internet and pressuring what's left of Conservatives/Republicans in the Congress and the Country
The second question leaves me confounded. I know I give a Damn and assume my friends and family do and can I get them involved and to take action.
What about the rest of America that elected the Leader of their own enslavement?
Posted by: TSGT Uvin A. Clough Jr., USAF, RET. at November 30, 2008 10:08 AM
How puny we have become when even our Secretary of State is not concerned about the incursion into the Americas by our oldest and most dangerous Enemies. Her take on the Marxist Imam Obama is the first I've seen by any correspondent - maybe some people are waking up to the coming USSR of America.
Maxstake
The Pirates of the Caribbean and Obama
By Rene Guerra
As the Marxist (and most likely Leninist) he is, and despite all the diversionary pirouettes he is doing these days appointing all sort of "promising" prospects (in realty, holdovers and mummies from the Clintons' administration)--- Obama's ultimate intentions are aimed at bringing America down to her feet via "structural changes" as he so many times has heralded it.
America's enemies and rivals know it and, neither tardy nor laggard, they are positioning themselves to take as much advantage of the onslaught as possible.
After visiting Venezuela, where he made all sorts of deals with Hugo Chávez ---including the construction of a nuclear reactor "for civilian purposes", most likely much the same a Iran's --- Dmitry Medvedev stopped in communist Cuba as a prelude of Raul Castro's visit to Moscow early next year. Read the AP report below about Medvedev visit to Cuba where he "cleared up everything" with the Castros.
Obama's grabbing the presidency is causing dark, menacing clouds to gather on America's horizon. The complicit "mainstream" media keeps purposely mum; the order of the day is "don't rock Obama's boat."
Even Condoleezza Rice is in that mood. She dismisses Medvedev's and Russian naval forces' meandering among America's Latin American enemies as entirely insignificant, and not as the portentous premonition it represents.
"A few Russian ships is not going to change the balance of power," she commented on national TV recently.
Even the greatest ignoramus among all ignorami would readily infer that the military presence of Russian forces in the Caribbean could cause dangerous incidents or nuclear proportions.
But Rice doesn't want to rock Obama's boat either, for, to her, skin color is first, country, second.
By the way, not in vain Rice's eyes were glassy in ecstasy when, almost swooning, made public comments the day after the presidential election on national TV about Obama's victory, making it evident that, to her, it was more important that a black man had won the presidency than the menace it posed to America --- and to the world--- the fact that that black man is a Marxist and possibly a Leninist.
And many suckers thought of Rice as a good GOP prospect for the Presidency; her reluctance to jump into the fray is now fully explained.
All signs tell that dark clouds are indeed gathering on America's horizon.
Conservatives don't stop bleating that ". . . We all wish Barack Obama to succeed as president," as Victor Davis Hanson arrogates it to us all it in his JewishWorldReview.com article "The Hysterical Style."
Do we actually want to wish Obama success in undoing the America the Founders bequeathed us? Is that what we actually want?
Not me! Count me out of the suicidal crowd
I want ideological and political war with no quarters on Obama and the rest of the Left, particularly the Democrat Party.
If conservatives and true Republicans don't get into goal-oriented, intelligent, well-organized political action immediately, America is doomed. We must reclaim the U.S. Congress in 2010 and win the Presidency in 2012
Posted by: TSGT Uvin A. Clough Jr., USAF, RET. at November 30, 2008 12:17 PM