Bailout Plan: $2.5 Trillion and a Strong U.S. HandThis is just ridiculous. $2,500,000,000,000.00 ($2.5Tr) to the very banks who got us into this disaster?
The New York Times.
"WASHINGTON — The White House plan to rescue the nation’s financial system, announced on Tuesday by Timothy F. Geithner, the Treasury secretary, is far bigger than anyone predicted and envisions a far greater government role in markets and banks than at any time since the 1930s.
Administration officials committed to flood the financial system with as much as $2.5 trillion — $350 billion of that coming from the bailout fund and the rest from private investors and the Federal Reserve, making use of its ability to print money.
Mindful of previous financial crises at home and abroad that became protracted because governments moved too slowly, Mr. Geithner pointedly criticized the Bush administration for not acting boldly and quickly enough. But the initial assessment of the plan from the markets, lawmakers and economists was brutally negative, in large part because they expected more details."
I can live with deficit spending - there's every reason to believe it helped us get out of the Great Depression. But it's utterly beyond me why we'd be even TALKING about giving more money to ginormous banks.
Give it to the unemployed, to those who need money for food, and to mortgage holders who are in foreclosure. Put it into schools and infrastructure improvements. Invest it in CREATING JOBS IN SUSTAINABLE ENERGY! These are the things that can keep society on life support while the banks fail. And those banks that were smart enough not to get caught up in all of this disaster will inevitably rise out of the ashes, relatively unhurt.
Fuck the mega-bankers! Are you kidding me? They're responsible for this disaster! They shouldn't be given one. More. Cent. Not a one. Let these bastards fail. I'm sure all those people in foreclosure will feel real sorry for the billionaires. This is the 'pain' of the "markets shaking out" that needs to be felt - and it needs to be felt by those most responsible for this mess - the Boards and Executives of some of America's largest banks.
Yep, Geithner is definitely a neo-liberal jerkoff who's here to preserve the status quo.