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Never ending bailouts? Bernake wants another $750Billion for banks

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posted on Mar, 4 2009 @ 01:52 AM
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Another $750 Billion

www.bloomberg.com...

Bernanke Says U.S. May Need to Expand Bank Rescue (Update1)

By Craig Torres and Scott Lanman

March 3 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke said policy makers may need to expand aid to the banking system beyond the $700 billion already approved and take other aggressive measures even at the cost of soaring fiscal deficits.

“Without a reasonable degree of financial stability, a sustainable recovery will not occur,” the Fed chairman said today in testimony prepared for the Senate Budget Committee. “Although progress has been made on the financial front since last fall, more needs to be done.”

Bernanke’s comments suggest he sees a role for bigger federal outlays as the Obama administration seeks congressional approval for a budget of $3.55 trillion for the fiscal year beginning in October. President Barack Obama has already signed into a law a $787 billion economic stimulus package of tax cuts and government spending.

Obama’s first budget seeks standby authority for as much as $750 billion in new aid to the financial industry. Whether those funds will be needed “depends on the results of the current supervisory assessment of banks” and the evolution of the economy, Bernanke said.

Bernanke said policy makers would have “preferred to avoid” what is likely to be the largest ratio of federal debt compared with gross domestic product since the end of World War II, and he urged lawmakers not to lose sight of fiscal discipline....


Had to add this little gem:

Fed Forecasts

Fed officials don’t see labor markets improving until 2011, when growth forecast at 3.8 percent to 5 percent reduces the unemployment rate to a range of 6.7 percent to 7.5 percent.



[edit on 4-3-2009 by Dbriefed]




posted on Mar, 4 2009 @ 02:23 AM
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Sure...Why not keep printing it's what were good at right?! It's not like we're ever going to have to pay it back. It's not like our kids are going to have to be responsible for it. Matter of fact I think I'll just break out some crayons and start making my own. I doubt anyone will be able to tell the difference. These fiat fornicators are seriously asking for a revolution but then again that's probably what they want. There's no better way to make alot of money then to start a war.


[edit on 4-3-2009 by Avalon22]



posted on Mar, 4 2009 @ 03:41 AM
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Hey man, why do you got to be the barer of such bad news?
I was having an ok night till I came across this thread. Now
I am going to have to go hit the punching bag with obamas face drawn on it.


no, in all seriousness...this is sad. no this is beyond sad, this is just embarassing. I feel like every forth grader from every school in America just kicked me in the nuts.


GOD HELP US!!!!



posted on Mar, 4 2009 @ 07:14 PM
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Sorry about that Common Good, I was starting to feel comfortable about my bank account. This is a reality check, the fundamentals have not stabilized in the least. I put into bold the recent statement from the FDIC Chairman “rapidly deteriorating economic conditions". This is from two days ago, this is a reality check on the situation. A temporary stock market rally of 200 points doesn't reflect the fact that the fundamentals have gotten worse rather than better.

Seems this thread goes with this one: [Bair Says [FDIC] Insurance Fund Could Be Insolvent This Year]
www.abovetopsecret.com...

www.bloomberg.com...

“Without these assessments, the deposit insurance fund could become insolvent this year,” Bair wrote in a March 2 letter to the industry. U.S. community banks plan to flood the FDIC with about 5,000 letters in protest of the fees, according to a trade group.

“A large number” of bank failures may occur through 2010 because of “rapidly deteriorating economic conditions,” Bair said in the letter. “Without substantial amounts of additional assessment revenue in the near future, current projections indicate that the fund balance will approach zero or even become negative.”


[edit on 4-3-2009 by Dbriefed]



posted on Mar, 4 2009 @ 07:17 PM
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Okay... I've had about enough of this...

I'm about to stock up on food & guns with every penny I have right now... because pretty soon every penny I have will be worthless.

I think it's time to prepare ourselves for the greatest financial meltdown ever... Otherwise known as the greatest depression.



posted on Mar, 4 2009 @ 07:20 PM
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That's it!

STOP BAILING BANKS OUT!

I've had it! They make huge mistakes and someone else pays for them. EI Taxpayers.

Let them fail. I'm tired of this. We DO NOT have a moral obligation to help these businesses out. They screwed up. They deserve to fail.
I say that in full knowledge of the economic possibilities and outcome.

Let's let them fail and start over with a system that is regulated and made sure not to fail.

Boy I am just livid about this!



posted on Mar, 4 2009 @ 07:34 PM
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Originally posted by Tentickles
That's it!

STOP BAILING BANKS OUT!

I've had it! They make huge mistakes and someone else pays for them. EI Taxpayers.

Let them fail. I'm tired of this. We DO NOT have a moral obligation to help these businesses out. They screwed up. They deserve to fail.
I say that in full knowledge of the economic possibilities and outcome.

Let's let them fail and start over with a system that is regulated and made sure not to fail.

Boy I am just livid about this!


Damn, I agree 100%.

If we were to do so miserably with our investments/businesses do you think the Gov would be bailing us out? **** NO! They'd let us fail and wouldn't give us a second thought. Heck, they wouldn't even give us a first thought.



posted on Mar, 4 2009 @ 07:34 PM
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I'm an incredibly even-tempered person. This sort of thing really infuriates me. And the worst part is that there's nothing I can do about it. We need to completely revamp the system. No more Money from Debt. Let's make a system that makes sense. One that doesn't benefit the banking system!

This is getting ridiculous!

Hopefully it will get the coverage it deserves, and people will feel just like I do right now!



posted on Mar, 4 2009 @ 07:36 PM
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reply to post by Doomsday 2029
 


They won't be worthless. You could get .5 to .10 on your old dollar once the new currency kicks in. Why keep giving the banks money? So that they will have enough start-up to keep moving once the new system is in place. They aren't going to let the system fall without a banking system in place. No one wants to actually start from scratch. Hence the real reason for the war in Iraq. Just moving money around to keep the rich as rich as possible in the new system.

Of course I don't have any proof of this. Just a thought.



posted on Mar, 4 2009 @ 07:38 PM
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I just wish I had started a my own bank, you don't have to be good at it apparently



posted on Mar, 4 2009 @ 07:40 PM
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The only bailing out of the banks should be the people bailing THEIR MONEY OUT of the banks.

Now I am NOT talking about the little local banks that have done right in their accounting and are completely stable.

I AM talking about these big names, JP Morgan, Citi, Bank of America, Wells Fargo.

Man if you still let these leech pigmen hold your money, you are a fool.

Wouldn't it be wonderful if the whole country - and I mean EVERYONE - went on strike.

We don't work, you can't take our taxes. Of course, we don't get paid either, so we would have to plan ahead and stock up, but it sure would send a HUGE message to these leeches in CONgress

Don't ya think?



posted on Mar, 4 2009 @ 07:49 PM
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Why not be mad at the corrupt bankers
instead of the ones trying to save this country
from the greedy, while you hope it will fail anyway. WTF?
Lets just give our newborns to the banks and get it over with. Geez

Obama was left with a 1.3 trillion dollar DEFICIT
that BUSH left for him. Get real. It will take a
decade or more to fix bush's problems he left.
The big plan worked! Let them fight each other
while we rip them off trillions! (the banker said to the other one)
Smart, very smart. And predictable.
Anything otherwise would require us to take some responsibility
and THAT won't ever happen for sure. Easier to blame others.
Follow the yellow brick trail:
www.abovetopsecret.com...
P.S. If obama did the same thing as bush we'd be buying up
basketball teams and declaring war on soccer! LOL



[edit on 4-3-2009 by dodadoom]



posted on Mar, 4 2009 @ 07:52 PM
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Well you can't protest it, it's already passed because it's in Obama's budget.

And yes, they will give it to the banks and yes there will be another bailout before the year is out.

And no it won't help, and finally yes, the dollar will collapse.

And yes, even if i'm in Canada, I'll spend most of my savings on useful stuff, like guns, ammo, food, and survival gear because we will have an economic meltdown worse than in Argentina in 2001 that was engineered by JP Morgan and the other banks raping us right now.

I'll be ready by the beginning of september, because IMO it will happen between september and february 2010.

[edit on 4-3-2009 by Vitchilo]



posted on Mar, 4 2009 @ 08:04 PM
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Absolutely hilarious .. and unbelievable. So, they think they can solve all these problems with more paper and ink? LOL! Yup, we are either dealing with idiots in power, or this is a government Ponzi scheme to scam us all.

My advice: Everyone stop paying back your loans, and use that money to prepare for hell on Earth to come. Well, you may as well do so now, rather than later when you have no other choice after the economy totally crashes. Think of it as a protest, a necessity! The ship is sinking and it may be those who are first into the lifeboats that may survive. Use whatever funds you can to prepare for tomorrow NOW instead of paying for yesterdays mistakes with more IOUs.

No amount of paper and ink can fix this mess. In fact, it is all that worthless paper and ink that caused this mess. They are only making matters worse by printing up more of that funny money.



posted on Mar, 4 2009 @ 08:07 PM
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Congress is the only one that can stand up to the fed reserve, imf, etc.
We all know how well that works!


If anyone is ready for the answer HERE IT IS.
The people have to FORCE congress to stand up to them!

That's the only way.


Sorry bout the language
www.youtube.com...



[edit on 4-3-2009 by dodadoom]



posted on Mar, 4 2009 @ 08:40 PM
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PLEASE PLEASE PLEASE do yourself a favor and watch this video...it's more important than you think. it has so much to bare on our current financial situation its scary! look up The Monery Masters on google or on you tube....long but the history and facts there in are priceless! not to mention, it was a video created in the 90's and is VERY relevant to the CURRENT "Economic Crisis" we are experiencing right now....it even offers a solution to the problems we are facing as a whole in this country!



posted on Mar, 4 2009 @ 09:46 PM
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reply to post by dodadoom
 


blah blah blah bush blah blah bush blah blah.

The Senate and House voted for the No Banker Left Bonusless Act if I recall.

The American people were strongly opposed to the first bailout bill, by an overwhelming majority regardless of party color.

Those same people also had their chance to vote those who did not listen to the voice of the people out of office. The voters did what again? How many of them got tossed out of office?

Oh that's right. We voted for democrat because we've always voted democrat. Or we voted for republican because we've always voted republican.

How many more times do you think AIG is going to come to the trough? And the banks? How about when the FDIC goes insolvent. This will go on and on until the treasury market dislocates and the money is simply not there.

Until then it's spend spend spend your way to prosperity mixed with party like it's 1929.

The collapse cannot come soon enough to end this madness. We the voters got what we deserved.

Ultimately, it is our fault.

[edit on 4-3-2009 by Not Authorized]



posted on Mar, 4 2009 @ 09:57 PM
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I understand that we are all pretty much powerless to stop this fiasco. The one thing I'd like to see come out of it would be for the govt. to take over all of those banks and then break them up into smaller regional banks, much like they did with Ma Bell. Then forbid any single bank from ever having more than about 5% of the total banking business in the country. That would allow banks to be big enough to finance the business activities of the larger corporate clients, but still not allow any one bank to be so large that we couldn't do without them. We wouldn't need a bank bailout then. If a bank was badly run it could just be allowed to fail and the stockholders would be left holding worthless paper, instead of the rest of us having worthless dollars.

We could do very well without monsters the size of Citigroup and AIG thanks.



posted on Mar, 4 2009 @ 09:58 PM
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reply to post by Not Authorized
 


Exactly, blah,blah,blah,blah, why?
Party over, lets go lay down and die!
Boo hoo, nothin we can do......
It's all good and so are you.

The people have to FORCE congress to stand up to the PTB!

That's the only way.

Unless we really want to revert to a third world country.
(dont blame me I don't vote, does no good)
This explains it: www.youtube.com...



[edit on 4-3-2009 by dodadoom]



posted on Mar, 4 2009 @ 10:06 PM
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Sorry for the jack. But they say unemployment was 25 percent in the 30s. And we only have 7.7 rate now, Are these numbers now just BS??. they don't count people after they quite getting UE. What do you guys think the real numbers are. Ok To the OP. I wish they would just let the market fix the banks. My point. Quite giving these losers money.







 
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