Seriously. Every God forsaken political and economic argument I read on here consists of you fucks supporting your argument with someone else’s argument. Last I checked you supported a hypothesis with facts.
So lets have a little exercise. I am providing you with facts. No spin. No analysis. No commentary. I want you to just comment on it, analyze it, draw a conclusion from it if you feel you can.
I just want to see somebody think for themself.
The first quote is the opening text of the bailout. Copied and pasted from the actual bill. The second text is copied and pasted from the Treasury’s records of what the first $350 billion was spent on. It is a few transactions, not the entire spend summary.
Here. I have given you facts. Do your own analysis.
It’s funny how you talk down to the forum with such disdain towards the way we copy and paste articles when you yourself have copied and pasted a tiny section of a huge bill as if it’s the holy grail to your argument.
What is Treasury’s Strategy? What does Treasury think the central
causes of the financial crisis are and how does its overall strategy for
using its authority and taxpayer funds address those causes? What
specific facts caused Treasury to change its strategy in the last two
months? What specific facts changed that made purchase of
mortgage-backed assets a bad idea within days of the request and
what specific facts changed again to make guaranteeing such assets a
good idea a few weeks later?
Treasury has pursued a number of strategies using its authority under the Emergency
Economic Stabilization Act:
• Strategy 1: Buying Mortgage-Related Assets. In September 2008, Secretary
Paulson requested authority for Treasury to buy up to $700 billion in troubled
mortgage-related assets.22 According to the Secretary, purchasing the assets
would reduce systemic risk and increase confidence in institutions holding these
“toxic assets.” Although Congress granted Treasury the authority to execute this
plan on October 3, Treasury did not act on this authority.23 • Strategy 2: Purchasing Preferred Stocks and Warrants to increase the capital base
of banks. On October 14, Treasury announced a plan to invest up to $250 billion
into financial institutions in exchange for preferred stocks and warrants in order to
“significantly strengthen financial institutions and improve their access to
funding, enabling them to increase financing of the consumption and business
investment that drive U.S. economic growth.”24 Treasury indicated that it still
intended to make purchases of mortgage-related assets from financial
institutions.25
• Strategy 3: On November 12, Treasury announced that it would not purchase
troubled mortgage-backed assets, as it had asked for authority to do in
September.26 Instead, Secretary Paulson stated that Treasury was considering
programs that would allow non-bank financial institutions to participate in the
CPP if they secure an equivalent amount of capital from private investors and
providing federal financing to allow private investors to purchase asset-backed
securities.27
• Strategy 4: On November 25, Treasury announced it would participate in the
Federal Reserve’s Term Asset-Backed Securities Loan Facility (TALF), a $200
billion program that would provide financing to investors of highly rated assetbacked
securities, focused on student and auto loans, credit card debt, and small
business loans.28 According to Secretary Paulson’s statement announcing the
program, “[b]y providing liquidity to issuers of consumer asset-backed paper, the
Federal Reserve facility will enable a broad range of institutions to step up their
lending, enabling borrowers to have access to lower cost consumer finance and
small business loans.”29
• Strategy 5: On December 4, it was reported that Treasury is considering
increased purchases of mortgage-backed securities held by Fannie Mae and
Freddie Mac in order to drive down interest rates to 4.5%.30 Although the details
are unclear, under this plan, lower interest rates should enable some consumers to
purchase homes.
• Other Strategies. In addition, Treasury has stated it is considering other strategies,
such as FDIC Chairman Sheila Bair’s proposal for restructuring residential
mortgages, streamlined loan modification programs for at-risk borrowers, and
guarantee of loan modifications by private lenders.31
I’m not going to claim to know what purchasing preferred stocks with warrants means. You however sure seem to be inferring that they money isn’t being spent how it was intended, which doesn’t appear to be the case.
Preferred stock is when you get paid dividends before the other shareholders also paid if the company is liquidated, and warrant i believe its backed by some sort of security so the government can’t lose there ass.
welcome to nyspeed. i laugh at half the shit said on here. many times i’ll start typing in a legitamate response but then just hit the back button due to most of these mongoloids replying with “no way, this is better, fggt”. they can’t give a proper response, just a stupid phrase. other times i have seen fantastic arguments made but because the poster used their/there/they’re wrong the thread goes horribly askew, with a bunch nitwits that can not think for themselves jumping on the “you’re a retard” bandwagon meanwhile trying to hide the fact that they have IQ’s that barely reach the level of idiot savants that have no savant.
I did not intend to frame an argument. I did not intend to infer anything. I posted the first paragraph of legislation from the TARP bill that was signed into law and the most recent transactions from TARP spending. I felt that that was a decent way to present simple facts. If you have observed a conflict between the two then good for you for thinking about it enough to recognize it as such, and further bravo for going out and finding more non-media information to counter what you perceived as my point.
I didn’t mean to offend you. It’s just that I’m just as sick of the baseless claims on here as you are, from either side. I’m not attacking the right. Honestly if someone put a gun to my head and told me I had to pick one party to side with for the rest of my life I’d sign under GOP. I think fundamental republican values are more in line with the world as I perceive it than fundamental democratic party values.
All I really wanted was for some of these puppets of their respective media spin doctors of choice to prove that they can think for themselves. I don’t include you in that category, as you tend to bring facts and logic when you bother putting effort into a debate on a silly little message board.
Well, that ought to be a sufficient volume of text to keep most people from reading it. Goodnight!
Ya know , I wont pretend to know what all that shit means. Regardless. Ever since the whole “bailout plan” got thrown onto the table I have said that the funds would be largely miss appropriated, with only a small portion actually going to where it’s supposed to go.
On a side note. It makes me chuckle how any post that requires more than 50 IQ points gets deserted faster than a brothel in the middle of a herpes epidemic.
and you guys JUST noticed this trend? This has been going on since UBRF and got worst when NYSpeed was created because all the bandwagon “hes my friend so hes right” tools were concentrated in one place.
Seems to have dissipated a bit over time as certain people grow up (sort of)
