Posted on 01/26/2009 1:12:57 AM PST by TigerLikesRooster
Obama aide says bail-out may not be enough
By Demetri Sevastopulo and Alan Beattie in Washington
Published: January 25 2009 20:14 | Last updated: January 25 2009 20:14
A top economic adviser to President Barack Obama refused on Sunday to rule out the possibility that the administration would seek more money from Congress to rescue the US banking system.
Lawrence Summers, head of the White House National Economic Council, said the administration would use the $350bn (£256bn, €269.5bn) remaining of the $700bn that Congress provided to start tackling the financial crisis. He suggested, however, that it would later have to assess whether that amount was sufficient to stabilise the financial system.
“We can make important progress and get started with the support that has been provided . . . What ultimately will be necessary is something that will play out over time,” Mr Summers told NBC television.
His comments were made after Nancy Pelosi, the Democratic speaker of the House, suggested that Congress might have to provide more money for the so-called troubled asset relief programme (Tarp).
Highlighting the continuing concern about the US financial system, Bank of America received another $20bn in fresh capital from the US government two weeks ago. That came after the $25bn the bank received from Tarp in October.
(Excerpt) Read more at ft.com ...
Ping!
Yes, and Summers also said taxes will go higher. All in less than a week.
Meanwhile, these bailed out banks continue to give big bonuses, sponsor multi million dollar events while their execs heavily donate to 0’s favorite charities(like his inaugural events)
Government spending has never brought us out of a recession.
Where are all the people out there pointing this out?
There will never be any real growth in the US economy until we reduce the amount of blood available and the number of leeches sucking life from the pursuit of happiness and liberty.
The Obama Buck. Worthless.
Ping!
Time to reset the government next election, If the republicans don’t fight for us throw em out!!!
This is the biggest shell game in history!!It’s just that
the money is no longer under any shell. No winners like this..
What are these people? Stupid? Double it. Triple it. Quadruple it. Whatever it takes. It's only money. They surely can't say they don't have the votes.
Gee. Let's do something smart - like dump some more of our money down!
These people are ruining us...
The American Republic will endure, until politicians realize they can bribe the people with their own money - Alexis de Tocqueville, 1835
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