Paulson needs the last of the 700b of Tarp money

Paulson needs to drain the remaining Tarp money before Obama gets in the White house!!!!!!!

Following the White House's announcement of up to $17.4 billion in loans for General Motors [GM 4.30 0.64 (+17.49%) ], Chrysler, and Ford Motor [F 3.02 0.18 (+6.34%) ], Paulson said in a statement that the first $350 billion of the Troubled Asset Relief Program funds was effectively exhausted.

Paulson wants the rest of the money before his coffers runs dried.

It seems that Paulson wanted the money for his squandering alone and has been opposed to the Auto Makers bail out.

The action marks another about-face for Paulson, who had staunchly resisted using the financial bailout funds to help automakers, saying this money was intended to stabilize financial institutions.

www.cnbc.com...

But the funny thing is that just a few weeks ago he was claiming that he wanted to leave some TARP money for the Obama administration to start with.

Now it seems that it doesn't matter anymore as the next president have already a bail out plan of his own.

Paulson Will Leave Obama Administration $410 Billion in Bailout Money

Treasury Secretary Henry Paulson told the Wall Street Journal on Tuesday that he does not intend to spend the remaining $410 billion authorized as part of the $700 billion bailout package because there was not “enough left to make a meaningful impact."

Paulson told the paper that the financial industry is stabilizing and that he would prefer to leave the remaining money in reserve for the Obama administration as it sees fit as well as to cover any other emergencies that may arise

www.economyincrisis.org...

So now Paulson while claiming that the "financial are stabilizing" he is running out of money to keep them stabilized

What a holy mess people!!!!!!!

the police are Tasering the wrong people, aren't they?

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i just seen the 'Request' that Paulson is making on the Yahoo Financial...

here's the kicker - sneeky Paulson timed his 'request' ---errr Demand,->>

as soon as the Detroit 3 bamboozled the administration for fluff money that will be used under the elites christmas trees...
Then ! ... Paulson immediately did the formal bailout/TARP request !


Well-> here's the nitty gritty on the procedure of the TARP Funds release...

the House and the Senate, together... have 15 days to vote down the release of the remaining $250-350Billion in TARP Funds

Or else Paulson, (Treas Secretary)...Automatically get the Funds released into his hands...to spend as he wishes !


And, is this co-incidence??? the legislature is going on holiday recess !!!
(so, in effect, the next tranche' equaling $250Billion will be handed to Paulson before NewYears... & the other $100Bn will soon follow !!)


All under the false guise of 'salvaging' the system.... BS... it's feathering the pockets of the elites,
and this all should be prosecuted as economic sabotage against the State of the Nation... a felonious high crime and misdeameanor, inho

Udio you are so right is not funny, so sad that our nation and the tax payer has been rob blind, the financial institutions that really needed the money took it and alas they save their butts, but financial groups like AIG just used the money to be spend for their corporate way of life and to keep their high standards of living.

Why oh why is not people rioting in the streets of America wanting the heads of all the corrupted people involve in this scam.

The Ponzi scam was nothing compare to what our own government is doing to us.

Bend over please we have not finished yet, now there comes Obama with another trillion dollar bail out.

reply to post by marg6043


Obama is passing a new multi trillion dollar bail out...

Don't think he really needs this money anyways..

Besides, Obama and Bush's "advisors" are buddies, I don't think they care honestly.

Rockpuck

I try to understand this politicians, their plans to our nation and what they have for us the citizens, I guess borrowing at the expenses of tax payer is becoming a very lucrative way to make fortunes and maintain them.

And to think that this people doesn't have the decency to hide their corruption any more.

[edit on 19-12-2008 by marg6043]

Obama is a tool.

Simple as that.

Hence no difference in their little lets repair the economy plan.

But to play devils advocate.. if we did not borrow and loan or print the trillions we have, and just let the economy crash, people would be screaming "Why didn't you bail them out?!"

I guess my question is "Did anyone think Paulson wouldn't spend the entire 3/4 trillion?", and the next question is "Does anyone think CONgress has the testicular fortitude to reconvene to stop it?"

reply to post by jefwane


Well as we can see CONgress is all in it also, they are getting pay raise while the nation falls in decay and unemployment, they are living the life of the privilege and they walk in hand in hand with the elite in the nation.

They are so detached from the regular America that we as well for them live in another planet.

Originally posted by Rockpuck
Obama is a tool.
Simple as that.


But to play devils advocate.. if we did not borrow and loan or print the trillions we have, and just let the economy crash, people would be screaming "Why didn't you bail them out?!"

the financial crisis came about because the FerderalReserve
took the authority toboth Legalize & Monetize all the fraudulent debt paper created out of nowhere, which had no real assets or backing...


the Fed used the molehill sized sub-prime mortgage problem as the Springboard
to actualize & monetize all the derivative paper and counter-party bets made by all the wall-street bankers & investment houses.


the bail-outs are fraudulent, as it pays real dollars for counterfeit/illusiory debts... the few CDO, MBS, etc ammounted to perhaps 1/2Trillion at the onset of the mortgage problem...nowhere near the $7-9Trillion the Fed/Treasury has already paid out!

All the investment banks & brokers which issued fraudulent debt paper which has no material assets to secure that counterfeit debt should be tried, & left to go belly-up...
there are any other number of smaller firms---which behave and conduct financial business 'Ethically'...able to grow and take over where the others have gone about hanging themselves...

let the buyer beware! --- just like whats going to happen in the settlement of the Madoff ponzi scheme unwinding right now... the foolish & unwise investors lose their investment...& it does not cost the US taxpayers trillions of $$$ to make the sucker investors or the sinister fraud artists 'whole' again by replacing monies which were sent into a fraudulent black-hole to begin with.