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Originally posted by alphabetaone
That's true....although what I truly see happening is that (like you said) it just continues to stall ANYWAY, because they will throw all this 'new capitalization' into the treasuries, sit on it, and not loan anyway just to shore up their positions.
"I'm disappointed by the outcome, but I assure our citizens, and citizens around the world, that this is not the end of the legislative process."
Originally posted by Flash_dancer
Congress has shown absolutely no regard for the 9 million Americans that are in default or foreclosure status.
Originally posted by XTexan
I'm glad to hear this bill didnt pass, and I thank all those who contacted their reps and let them know what they thought. Good job and way to speak up. That said I'm sure the next version will pass.
On a side note, if I have a citibank credit card, and they go under, what happens with my debt on that card?
Mr Rudd said Australia, along with Britain and European powers, was working to convince US lawmakers to put aside domestic politics and approve a plan that would allow the Treasury Department to buy up toxic assets from struggling banks.
Recently, conditions in the real estate market have worsened. At the same time, credit markets are being affected by problems associated with subprime loans. Together, these events are putting pressure on financial institutions, including those supervised by OCC and OTS. Accordingly, Treasury needs to ensure that it has the capability to monitor and take prompt action to address potential problems at other institutions should economic conditions worsen.
Originally posted by jam321
reply to post by Mdv2
One trillion dollar lost but when the market rebounds How much of a profit do they make? Just because we invest 700B doesn't guarantee that there won't be any losses or that it will fix the situation. Many of us also believe that the government was plenty aware of this crisis and chose to allow it to become a crisis. Regardless of what politicians say on paper about this being for Main street, it isn't. We have had oversight prior to this and it wasn't done. CEO's will still get their bonuses in form of higher salaries, and main street people will still be paying part of their debt through bankruptcy court. This bill isn't to take care of main street no matter who says it is.