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Financial Crisis Tab Already In The Trillions
Topic Started: Nov 20 2008, 04:47 PM (636 Views)
Bigtoe
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Once they get their hands in our pockets they'll keep grubbing around until all thats left is lint.
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SSB

They can have my lint.
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Yhitzak
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Gringa
Nov 25 2008, 06:06 PM
Somebody help me with this..... when Congress approved the bail-out, the figure was at $800 billion...... so, is it really a blank check?

It's out of frickin' control.
As a bit of a disclaimer, I don't understand economics or policy too terribly well (as though that hasn't been evidenced in like... I don't even know how many posts), but please bear with me; I've been following this in the news as closely as anyone else. I don't think that it was necessarily *intended* to be a blank check, but that was the problem from the beginning and why people like Sen. Richard Shelby (who happens to be a Republican, BTW; there's at least ONE of 'em still around who's a good guy) never got on board with the thing in the first place. There were never enough strings attached to the money, and that's why it looks like a free-for-all right now. The way I see it, instead of adding strings, Congress is just flat-out flummoxed and trying to hold on to their asses. Yes, it is totally out of control, and it's out of control *because* of a lack of qualifications for the money. I understand the urgency of this situation, but the way Congress is handling it is at best a joke and at worst a total disaster. Prudence is key in this kind of situation, and it's the one thing this situation is *truly* lacking. I wish some true fiscal conservatives would step forth and point out that we have infinite opportunities to dig ourselves in deeper, but only a few chances to pull ourselves out of the muck.
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dumblonde
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It's the Iraq invasion all over again. They panicked Congress into handing over the store. You would hope they would have learned, but they are obviously little better then a herd of stupid sheep at the mercy of a clever working dog. We have got to do a better job of picking our representatives and holding their feet to the fire.
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towermonkey
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Looks like Gringa is right about the FRB.

http://www.nytimes.com/2008/11/27/us/politics/27transition.html?hp

Obama Picks Volcker to Head New Economic Panel

http://money.cnn.com/2008/11/22/news/economy/Obama_Geithner.fortune/?postversion=2008112213

Obama Treasury pick means small-dose change (Timothy Geithner )

The Federal Reserve is taking over the government. They bought Obama.
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Mtnman
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yes they did bu the grassroots ae growing

http://endthefed.us/
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Gringa
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Well, TM, they have been buying politicians since 1913. They own us now and they make our laws. Unless we abolish the system and fast there is nothing anyone can do.

They are taking everything from us and they are lining their pockets. You see, we are giving them (the bankers - who are the FRB) trillions in borrowed money. Wow, it is really something, if you think about it hard enough.
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dumblonde
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I'm thinking it's like the Stepford Wives- they've got a room in the basement of one of the tony DC clubs. Regular folks go in- FRB drones come out.
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fool
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Sorry - haven't read all the posts so hope I'm not repeating here, but this article has the tab at 7.7 trillion... ugh

http://bloomberg.com/apps/news?pid=20601109&sid=arEE1iClqDrk&refer=home
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Bigtoe
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That's not something to be thankful for.
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