BOHICA: Here comes $2 trillion TARP II
Tax cheat Treasury Secretary Tim Geithner is set to announce TARP II in the aptly-named Cash Room of the Treasury Department.
The cost could top $1.5 trillion. But, hey, who’s counting anymore?
The gobbledygook rhetoric:
Treasury Secretary Timothy Geithner said Tuesday a new banking rescue plan will include public-private partnerships as part of an effort to stabilize the teetering financial system.
In a statement ahead of a much-anticipated announcement of the banking plan, the US Treasury offered few specifics but indicated the measure would be a comprehensive effort to reinvigorate the ailing sector.
Geithner “will unveil a comprehensive Financial Stability Plan that will bring the full force of the federal government together in partnership with the private sector to stabilize our financial system and open up the flow of credit that families and businesses depend on to keep our economy strong,” a Treasury statement said.
“Building on President (Barack) Obama’s commitment to ‘do whatever it takes’ to stabilize our financial system and protect consumers, Secretary Geithner will make it clear that the response to the financial crisis must be comprehensive and forceful and that action has to be sustained until financial recovery is firmly established.”
Let me interpret “full force of the federal government together in partnership with the private sector:”
See what others have said
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Trackbacks
- Fiscal Suicide: Your Moms is a Hypocrite « JoHNBRoDiGaNDoTCoM
- BOHICA: Here comes $2 trillion TARP II — But As For Me
- Failed policies of the past; Barack’s dreams, America’s nightmares « Northern Thoughts And Reflections
- Geithner Announcing “TARP Part II” as NYSE Sells Off « Peace and Freedom Global Future
- If You Didn’t Like The $8.2 Billion Spending Bill Here Comes The Next $1.5 trillion Spending Bill « Goodtimepolitics
- The Snooper Report
- Killing My American Dream « Tai-Chi Policy
- CUBA COMES TO AMERICA!! « FactReal
- Stimulus passes, Geithner promises more as markets tumble « Wellsy’s World
- Jeremiah Films
- Steynian 323 « Free Canuckistan!
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Categories: Subprime crisis
Doug Ross @ Journal
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I guess if they can’t keep us barefoot and pregnant, then deep in debt is the next best choice.
My God, this just doesn’t stop!
In the immortal words of Yogi Berra(or somebody), “You ain’t seen nothin’ yet!”
There is no partnership, unless indentured servitude is a partnership. We are all now employees of the Federal government, working at the pleasure of government politicians and apparatchiks.
Where is our next Thomas Jefferson?
pardon my ignorance…
What is BOHICA?
LOCK AND LOAD…..
Bend
Over
Here
It
Comes
Again
BOHICA – orginaly a military term.
It will take awhile but that graphic will become more than symbolic. These Fascist will “break a few eggs to make an omelet” but hey can certainly break eggs without making an omelet. I am sure Treasury Secretary Timothy Geithner considers himself a good person. So did Hjalmar Schacht, Hitler’s Finance Minister, the actual author of Hitler’s slave labor programs.
Arbeit Macht Frei! (faster capitalist pig) above the gates to Williams Ayres camps in the American southwest.
—
At the moment that Finance Expert Senator Chris Dodd is introducing Treasury Secretary Timothy Geithner-the Senator is talking about Affordable Mortgages, a subject he knows well.
Bend Over Here It Comes Again
I’m not feeling very stimulated at the moment.
1.5 trillion. Cool. That means a 30% increase in the national debt in obamas first quarter of “governing”.
Thanks, Sonofdy!
schnelleres kapitalistisches Schwein = faster capitalist pig
translator page is now one of my favorites.
Elections have consequences…
Ugly, isn’t it?
I prefer to fight back, we shall see.
***
President Obama (PBUH) said that the C**P SANDWICH was only the beginning. For once he told the truth!
***
We still don’t know what happened to President Bush’s TARP1 money. Where did it go? It is taking a Freedom of Information Act suit to find out.
***
How can more TARP2 money be spent until we find out what happened to the TARP1 money?
***
The scariest part of the O’Bummer liberal / socialist / communist takeover of our economy is the plans some have mentioned about taking over IRA and 401K savings and putting them into the PONZI SCHEME SOCIAL SECURITY PROGRAM.
***
This seems farfetched to many. However, President Franklin Roosevelt took over the retired railroad worker’s pension plan money and put it into Social Security. I remember some old bitter railroad workers talking about how they were hurt financially (aka screwed over) by his action.
***
The socialist / communist lady president of Argentina did this recently and trashed the savings of many wealthy and middle class people in her country. She was also photographed hand in hand with the almost dead Fidel Castro. Any guesses as to which political system she is setting up for Argentina?
***
John Bibb
***
My mind can not get around what bho has done to our Republic in less than a month in office. We will never be able to un-do all the harm he is cramming down our throat with the help of the dc bunch. It makes me sick to see my country crater.
L
The economic stimulus package is essentially an enormous debt offering by the U.S. Government with the goal of using the money to create value in the economy. We need to remember that the simple act of transferring money from the Government to citizens or civil projects does not, in itself, create any value. In fact, if the money is used wastefully, it will actually destroy long-term wealth in the U.S. In this case, it will not be a solution to our economic crisis, but a new
financial burden. Without strong measures to ensure that the stimulus is used for value-creating programs it will most certainly only result in a short-term boost to economic growth. We will then be left with more debt, and little to show for
it. The value of the economic stimulus package will depend on how the money is used and managed.
The Republicans who Supported TARP I were fools.
If Republicans had opposed it, and instead continued the momentum of “Dril Here, Drill Now!” to turn our country into an oil EXPORTER (yes, there is more than enough oil in our own country to not only become 100% energy independent but also become an exporter!), if they had done that, the November elections would have gone very differently.
Stimulate our economy with oil production out of ANWR, Oil Shale, and offshore drilling.
Then there is absolutely no doubt that we are in deep Kimchi. The most terrifying words in the English language: “I’m from the government, and I’m here to help.” _ Ronald Reagan
Indeed!
DOW -255. I guess the market isn’t so excited either.
“Work shall set you free”. This was placed above the entrance to all concentration camps. Of course, for the coming “re-education” camps for us backward, intolerant conservatives, it will be written in Spanish.
BOHICA: Bend over, here it comes again.
Treasury Secretary Timothy Geithner, the TARP2ist in Chief is finished talking and the DOW and S&P are tanking. Imagine that.
Us backward, intolerant conservatives r Weary, Citizen?
==
schnelleres kapitalistisches Schwein = faster capitalist pig
They will need bigger gates!
Bohica might come to mean this.
Наш дорогой лидер согнет Вас, и Вы будете наслаждаться этим прибывающий снова. Или иначе.
Just think of it as “stimulating” the economy.
Now it’s down 300.
Damn greedy Wall Street types driving down the market just to make Obama look bad. They must be racists.
Stocks Tumble as Bailout Plan Is Unveiled-CNBC
Happy Days are here again? Hey Buddy, can you spare a Twenty?
The two cannot exist in tandem: either government will devour the private sector, or both will wither and fail.
1 trillion, 2 trillion, soon you will be talking REAL money.
Everyone, not is the time to divest from the us dollar. Anyway you can. They CAN’T borrow this much. They HAVE to print it.
Reading assignment: 1984, George Orwell. There will be a quiz at the end of each chapter, and a final exam after you have completed the book.
This is getting to be a pattern, isn’t it? No real review or debate of what’s in the porkulus bill, and no details on TARP2, just the usual “trust me” plea. Oh, yes, and while he was speaking? The market dropped 300 points. Smartest men in the room…
I wonder if any of the so-called “smart guys” in Washington have figured this one out yet:
Banks are cutting limits and canceling credit cards for millions of customers with good credit histories. This is causing the credit scores of these people to go down, through no fault of their own. Nice , huh?
Wells Fargo, BofA, Citibank & others need to collapse and cease to exist. They are worth more dead than alive. They can take all of their CDOs, CDWs, executive bonuses and perks to the grave with them. They were toxic paper factories and no longer serve a useful purpose.
If there’s such a huge credit crunch, why do I still see mortgage advertising on darn near every web page?
Actually, that’s not socialism, that’s fascism. Corporatism. National Socialism. Mussolini-style fascism.
Is this the CHANGE y’all voted for? Do we have any HOPE after this? Mine’s flagging.
FUBAR probably describes this porkulus more, I suspect.
I’m losing my mind here:
What he means here when he says private sector is the Federal Reserve. Geithner was the freaking president of the New York Fed before his current position. He knows that the Federal Reserve is a private bank, and he knows that trying to get money from congress take a long time and comes with too many strings. So his plan? He’ll just go to his buddies at the Federal Reserve Bank of New York, and have them print the money.
There are no downsides for him here, he doesn’t have to go through congress, he can actually claim that this money is from the private sector, it doesn’t increase the deficit, and no one ever talks about the Federal Reserve System. The consequence of his actions will be massive inflation, but they can just blame that on the wage/price spiral or oil prices, or some other crap.
As conservatives, if we don’t come to terms with what exactly the Federal Reserve is, what is does, and how it is the single driving force behind all of our booms and busts for the last century, this country will go straight to hell.
Glenn Beck has finally figured it out… Michelle? do you want to get on board and start blogging about the evils of the Fed?
The stock market plunged 300 points on the news. To the geniuses in Washington, this can mean only one thing: They aren’t spending enough.
Who would have thought that the “American Experiment” would end this way? It’s really, really sad.
61-37: HR1 passes.
BOHICA
The question from now on will be, not can I make money, but how much should I make. With Obama’s administration saying $150,000 a year is rich, does anyone dare make more than that? I can grow a business to any size,
but why should I?
Oh yes we have. It is at the core of economic conservatism.
That would be the ueber-bipartisan McVain who cast the deciding vote to stop the drill ban from being lifted. If that is serving American interests, may he never ever serve us again after 2010.
Why stop at trillions? These people seem to lack vision and ambition. When do we get to quadrillions?
Have they included lawnmower blade sharpeners and small engine repair people in TARP? Those ads in Popular Mechanics can’t be cheap. It’s time they got their share.
Farriers?
The people who make the plastic caps that go on your tires? Those jobs have gone to China and what’s Congress doing about it? MORE…MORE…MORE….
I think I’ll start printing my own money. It’ll be worth more soon enough.
I guess Odubmo was right last night, looks like
we,the Libs, are composing a complete catastrophe.I think the guy with the gun in the graphic should be in BLUE since it’s the Dems that are helping themselves to our money.
The price of ammunition is up. See good people Porkulus is working. PBHO is buying in bulk for his Civilian Security Services-aka CSS.
Where’s my M4, they can’t make them fast enough…
Plenty of money in Hawaii. Re-fis are under 5%, with some as low as 4.25% a couple of weeks ago. One bank had 3% lines of credit. Car loans, signature loans, all available. Keep your wheelbarrows handy for the twice a day bread shopping…
When are we going to start the Civil War ? I have had enough of them stealing money from my kids and grandkids.
Why is there no call for an independent council to investigate these left wing, crooked, tax robbing bastards like Murtha, Franks and Dud, Geithner, Smurky Shumer, you know the guys that started all this TARP and bailout crap in the 1st place?
I predict:
1. None of the Republican senators including the two from Oklahoma, will have the guts to assert authority over the Republican party.
2. The Obama control of the Census and the flouting of the constitution will be the onset of the Socialist/marxist state, and no one will have the balls to actively oppose it.
3. The “American” people will never know what happened because the press, broadcast media and schools will lie to them and keep them in the dark, as they are doing now.
4. The “blue” America will gravitate to a socialist/marxist aristocracy.
I Propose one of the following if we wish to prevent the most certain bloodshed:
5. Dump the Republican party. Establish a national conference of all center and right leaning parties, broadcast the proceedings if the national media will let it happen. This conference is to establish a conservative/libertarian party. Call it the dissolution party.
6. Do not secede, butimpose an associated status. Rome did this when the western empire became so corrupt it was unmanageable. The eastern empite lasted another thousand years. The associated states would voluntarily continue as they are, but have their own association legislature and laws. The Original and associated US would generally act as one when facing foreign problems.
I know this sounds nutsy to some of you, but look at history. The proposed solution, or any part of it, is better than the slavery and civil war that awaits us.
Geithner, the tax cheat, beloved of Obama the arrogant and naive, having participated joyfully in the creation of this disaster will now demonstrate how clueless and incompetent he is and the man who hired him.
They are pushing GaMidnightRider, we shall wait but be ready, they are pushing.
Public Private Partnership: where a private company keeps the profits and taxpayers keep the debts.