Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Bleeding banks prompt talk of new big U.S. bailout
Reuters ^ | Jan. 27, 2009 | Kevin Drawbaugh

Posted on 01/27/2009 5:55:54 PM PST by Free ThinkerNY

WASHINGTON (Reuters) - Major U.S. banks are still hemorrhaging red ink, despite massive taxpayer aid, and President Barack Obama is under pressure to take a high-stakes political gamble -- asking for another bailout.

Whether he would get one from a skeptical Congress is unclear, given the wide dissatisfaction with the first bailout, known as the Troubled Asset Relief Program, or TARP, a $700 billion fund to stabilize the banks and Wall Street.

(Excerpt) Read more at reuters.com ...


TOPICS: News/Current Events
KEYWORDS: obamadepression
Navigation: use the links below to view more comments.
first 1-2021-27 next last

1 posted on 01/27/2009 5:55:54 PM PST by Free ThinkerNY
[ Post Reply | Private Reply | View Replies]

To: Travis McGee; BGHater; TigerLikesRooster; djsherin; bamahead
Major U.S. banks are still hemorrhaging red ink, despite massive taxpayer aid...

The Federal balance sheet is hemorrhaging red ink. With any luck, it won't spill onto the whirring printing press.

2 posted on 01/27/2009 5:59:04 PM PST by rabscuttle385 ("If this be treason, then make the most of it!" —Patrick Henry)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Free ThinkerNY

Just Say NO! is a phrase that needs to come back in vogue. The same people are pretty much in charge of the failed banks as before. What good did the bailout do. Not much it looks like!


3 posted on 01/27/2009 5:59:04 PM PST by PhiKapMom ( BOOMER SOONER! Sam Bradford Heisman! LetsGetThisRight.com RED STATE Oklahoma Republican)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Free ThinkerNY

It didn’t work before, so do it again. This is wrong on so many levels. Criminal is too nice of a term.


4 posted on 01/27/2009 5:59:06 PM PST by allmost
[ Post Reply | Private Reply | To 1 | View Replies]

To: Free ThinkerNY
Bleeding banks prompt talk of new big U.S. bailout

Or what? The economy will be brought to it's knees? LOL
5 posted on 01/27/2009 5:59:51 PM PST by cripplecreek (The poor bastards have us surrounded.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Free ThinkerNY
Are we going to have to do this once a quarter? For how many quarters?

Which is more expensive? Propping them up every quarter from now 'til whenever? Or letting them go bust? Either way it costs, I just want to know which one costs less.

6 posted on 01/27/2009 6:00:10 PM PST by squidly
[ Post Reply | Private Reply | To 1 | View Replies]

To: Free ThinkerNY

Can Congress employ just ONE auditor to figure out what the HELL happened to the first round of TARP money? It seemed to have vaporized with ZERO results.


7 posted on 01/27/2009 6:01:52 PM PST by SERKIT ("Blazing Saddles" explains it all.....)
[ Post Reply | Private Reply | To 1 | View Replies]

To: cripplecreek

That is exactly what I am praying for, for the only ones left standing will be those of us who know how to WORK hard and rebuild this nation into what it was meant to be.

When they bankrupt us, when there is no more money to take, we will have to rebuild as the founders of this country did, with our blood sweat and tears.

The ones who beat their guns into plowshares, will WORK for the ones who did not :)


8 posted on 01/27/2009 6:02:04 PM PST by wombtotomb (since its "above his paygrade", why can't we err on the side of caution about when life begins?)
[ Post Reply | Private Reply | To 5 | View Replies]

To: Free ThinkerNY

LET THEM FAIL.

AND YES, I AM YELLING!


9 posted on 01/27/2009 6:06:38 PM PST by Red in Blue PA (If guns cause crime, then all of mine are defective.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Free ThinkerNY

And they want them to lend more $$ to the people (or those like them) who just defaulted. That will fix everything. [/sarc]

The sad truth is that this whole thing is reparations through the back door.


10 posted on 01/27/2009 6:09:02 PM PST by rbg81 (DRAIN THE SWAMP!!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: cripplecreek

I think this could work. If they run it like Social Security no one will have any ideal how much money is owed. Its Brilliant! sarcasm.


11 posted on 01/27/2009 6:09:14 PM PST by Orange1998
[ Post Reply | Private Reply | To 5 | View Replies]

To: Free ThinkerNY

The problem has been linked back to one virus abbreviated the GDD-UHF1 virus. (Global Deceit Derivatives - Unregulated Hedge Fund Virus). Scientists are frantic in trying to determine the original host body source so politicians around the world can point their fingers......it’s a must for the MSM Dog and Pony Show to be seen tonight at 11. Stay tuned.


12 posted on 01/27/2009 6:19:01 PM PST by RSmithOpt (Liberalism: Highway to Hell)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Orange1998
Great idea. It is very important that those of us in the financial industry get that money distributed in the form of bonuses. Having worked at 2 firms that both collapsed last year, there is no reason why my working in mortgage securitization should impact my financial bottom line. Its not like I was guilty for not calling bullshit on all those NINJA loans. Ex-Texan suffered here for calling BS on the real estate market 3 years ago.

But seriously, think of the poor girls at Hawaiian Tropic, or Penthouse, or Lace. What are they going to do if the bankers don't get their money to spend on lap dances? One must not be selfish and only think of oneself at a time like this. Those waiters at Peter Luger steak house have families too!

13 posted on 01/27/2009 6:21:55 PM PST by flushing_kenny (One by one, I will stop the motors of the world)
[ Post Reply | Private Reply | To 11 | View Replies]

To: All

Let them die, give the free market a chance instead of throwing Billion upon Billions at them.


14 posted on 01/27/2009 6:25:06 PM PST by The Magical Mischief Tour
[ Post Reply | Private Reply | To 13 | View Replies]

To: squidly

I’m not sure which would hurt worse.

I am beginning to look at this whole fiasco like I do bailing out a relative on drugs.

I give them money..they live better than I do..and keep coming back for more.


15 posted on 01/27/2009 6:30:40 PM PST by berdie (Philosophies of the school room in one generation will reflect the government philosophy of the next)
[ Post Reply | Private Reply | To 6 | View Replies]

To: rabscuttle385
The writing is on the wall, for those who can read.

"There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as a result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved."

-~~Ludwig Von Mises


16 posted on 01/27/2009 6:33:38 PM PST by Travis McGee (www.EnemiesForeignAndDomestic.com)
[ Post Reply | Private Reply | To 2 | View Replies]

To: Free ThinkerNY

Let these failing banks fail.The taxpayers shouldn’t be bailing them out.


17 posted on 01/27/2009 6:35:22 PM PST by puppypusher (The world is going to the dogs.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: squidly
Which is more expensive? Propping them up every quarter from now 'til whenever? Or letting them go bust? Either way it costs, I just want to know which one costs less.

Well...not that I am endorsing any of the government's solutions, but, you let banks fail...then you get bank runs by average J6P types like you and me, and exhaust FDIC funds...and then, all of a sudden...you (the Fed) HAS to run the printing presses to come up with the shortfall within a short period of time. And that's not even the biggest problem...bank runs are like dominoes (say if C, BAC, and JPM all fail in the same week) you're talking enventual rioting, chaos and marshall law and military intervention type stuff; if that happens, at least IMHO...so those costs aren't exactly as measurable as what the pigmen bankers and politicians are doing to save their wealth and keep power; kicking the can down the road, slowly devaluing the dollar, putting a band-aid on bad loans and the hedges/securites/bets associated with them (CDS's); and hoping somehow, miraculously, that our day of reckoning as a result of our credit addicted society, unaccountable greed, foolishness, and shortsightedness will somehow elude any adverse consequences to that behavior. At least they can give dollar amounts on bailouts and it makes for good headlines and gives the pigmen some sort of purpose.

At any rate...also IMHO...bank stocks are already zombiefied...they may as well be bankrupt. To quote an economist from another forum I frequent, "These firms (banks) are already bankrupt if anyone bothers to perform a simple dispassionate balance sheet analysis. Their common and preferred stock is worthless. They continue to trade only on the premise that our government would come in and bail them out with an endless supply of taxpayer dollars, mortgaging our nation and its future in order to keep these bankers and their investors from suffering their just desserts as a consequence of their voluntary, irrational and patently unsound lending decisions."

You should really visit this link Link And examine a few others there and peruse some of the posts here.

Its a little heavy...and I admit I'm a econ junkie. Apologies if I'm giving the impression of pimping another site...IMHO, its a pretty good site of %98 financial truth...as I also consider FreeRepublic a site of political truth and an untainted source of news.

18 posted on 01/27/2009 6:42:03 PM PST by BureaucratusMaximus (Game over man...GAME OVER!)
[ Post Reply | Private Reply | To 6 | View Replies]

To: Free ThinkerNY

Funny. My credit union is doing really well right now.

I see no reason to bail out stupidity.


19 posted on 01/27/2009 6:43:04 PM PST by ConservativeMind (Who is now in charge of the "Office of the President-Elect"?)
[ Post Reply | Private Reply | To 1 | View Replies]

To: PhiKapMom
What good did the bailout do.

Some bankers bought a private jet and had to return it (for now ).

20 posted on 01/27/2009 6:44:44 PM PST by GOPJ (Corrupt business decisions get bailed-out. Why should I play by the rules?FReeper-pierrem15)
[ Post Reply | Private Reply | To 3 | View Replies]


Navigation: use the links below to view more comments.
first 1-2021-27 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson