Posted on 11/25/2008 5:10:19 AM PST by markedmannerf
Washington--The government is working on a new loan facility to help companies that issue credit cards, make student loans and finance car purchases.
The Treasury Department and the Federal Reserve will unveil the program Tuesday, according to people familar with the plan. They spoke on condition of anonymity because a formal announcement has yet to be made.
Treasury Secretary Henry Paulson has said he plans to use a "relatively modest share" of the $700 billion financial bailout money to pay for the new program.
It's the latest effort by the government to break through a dangerous credit clog that has badly hurt the economy.
(Excerpt) Read more at foxbusiness.com ...
Help them with what? Is this going to be a government controlled credit rating bureau?
Government interference in the mortgage lending market got us into the mess we are in, now our elected representatives propose that the problem can be solved by more government —— government make work projects, government bail outs, and higher taxes on the “rich” - the “rich” being anyone who makes more than $130,000 a year, I suspect.
Obama was on the tube yesterday saying that 95% of Americans would have a net tax cut. Well, the top 5% of earners already pay 60% of all federal personal income taxes, so he wants them to pay more? That will kill consumption and kill jobs.
With the overwhelming success of Freddie & Fannie, how can this miss?
Hmm, that’s odd. Seems like Circuity City and Best Buy are offering no interest until 2011 on storewide purchases over $499, and Raymour and Flanigan is offering no money down, no interest until 2012 for purchases over $2,999. How exactly do we need Minicredit?
It’s so other companies can unload bad debt onto the government, not so much to issue more. Think the good bank/bad bank model.
Yes - government causes the problem, and then more government is proposed to “fix” it.
And the people proposing such laws are shielded from experiencing the consequences themselves.
But it brings them votes!
Great, now instead of just issuing mortgages to people who can’t afford it and backed by the taxpayers they want to issue credit cards to the same people.
Barney Franks is probably drooling over the idea of taxpayer backed credit cards for losers.
In lying to me, Mr. government official, you have granted me moral authority over you.
Hey, the credit markets are tight, if the banks won’t make loans, then the gov’t will. This will probably solve minority redlining too.
Somebody please post Fonzy jumping the shark.....
And of course existing management will stay with the "good bank", because they've done such a good job.
Wow. How much more money is going to be thrown at all these problems?
You can’t stop a train wreck by throwing money at the tracks.
Steps such as these will only slow down and lengthen the inevitable crunch.
Fonzy might not have jumped so high if he knew he was going to get bailed out either way.
I’m with you man
Love your tagline.
This is insane....
American Express was told to buy any bank to get bailout
money for bad credit card debt. The idea that taxpayers
are paying for bad credit card, auto, and student loans
is revolting!
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I hope he does. I hope that he drives the economy to levels worse than 1978-79. I hope that we see double digit inflation, 12% unemployment, 15% mortgage interest rates. I want every young white idiot and white boomer idiot who voted for bambi to suffer. Otherwise they will give him a second term - and that is when he will destroy our country.
Bring the pain.....it won't kill us, it will save us.
It’s not only revolting. It’s going to destroy this great nation.
Speaking of revolting....We may NEED to do some of that ourselves.
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