Kerry: Obama Within Hours Of Decision On Bailout Funds

President-elect Barack Obama vowed to restructure a financial rescue plan to save more U.S. families from home foreclosures, as he considered on Sunday whether to seek additional funds from a $700 billion bailout program.

Obama's aides have been in discussions with the White House over whether President George W. Bush should ask Congress for permission to use the remaining $350 billion of the funds, which are aimed at stabilizing the financial system.

Read the whole story here.

Comments

[ObjectiveRealist]

Great news, lousy Reuters writing, quote:
The TARP program has chiefly been used to give banks fresh capital so they can return to normal lending but Obama and his Democratic colleagues in Congress want more of that money to go directly to consumers.
/quote

If any group of people according to our roles in the economy are "consumers" it's the stock brokers, investment bankers and other high finance fat cats who produce nothing, and siphon as much capital to the wealthiest 1/10th% of the populace as is shared by the bottom 50%. Transferring funds from Account A to Account B produces nothing worthy of such pay. The consumers are the Wall Street locusts who have reduced the Dow to less than its value when Bush was sworn in, and now receives undocumented taxpayer subsidies.

[SEQUOIABISON]

I think Kerry has some great points, if they implement a tax rebate and give every household a check for $500 or $1,000 it will help them only temporarily, if they instead use the money to invest in projects that create jobs, it would create long term relief.

[hortonhearsawho2]

Temporary meals are sometime the best...

[payos]

"Until there is a demonstrated need in our economy and a plan to address that need, I think it would be irresponsible for them to release that money," House Minority Leader John Boehner, an Ohio Republican, told CBS's "Face the Nation"

- - - - - -

until...demonstrated need in our economy...

Oh, repug nant Bone Head, let us count the ways we can demonstrate how to flay you and your co-horts

[joebhed]

Dennis Kucinich says HOW to do it.

http://www.youtube.com/watch?v=AR2EtMteHCg&feature=channel_page00

thanks.

[PhilipTaylor]

The "Hero of the House" said it right AGAIN!

Kucinich is the Bravest and Clearest Thinking man in all of CONGRESS!

It must be Home Owners who are bailed out - Kucinich said:

1. "The Banks can not be Trusted"
2. "Federal Reserve is no more Federal than Federal Express"
3. "Power back by putting Federal Reserve under Treasury"
4. "Put money into Infrastructure and Healthcare and help students"

The banks then used the money to reduce competition by buying up small to large banks to become MEGA BANKS.

In the Age of Technology the Government can fight this reduction in competition by having the following:

Internet Central Bank, ICB
-----------------------------
1. Include Fannie/Freddie in the ICB
2. Include the FED in the ICB
3. Use Internet, Databases, and automation software to provide direct Banking Services
4. AVOID USURY - Defined: Usury is the interest above the lawful rate or unreasonably high rates that Banks now charge.
5. ICB will compete well with Banks charging high RATES and high FEES to control Banks!

Offer Internet Automated Fixed Rate Loans at the FED Rate +2.5% to all Homeowners with Low FEES. 98% of loan processing done with automation and 2% for final Manual Verifications.

Also offer ATMs, Credit Cards, and Auto Loans all without "TRICKS" or TRAPS" and low rates

[Changeizgood]

"REDUCED COMPETITION?" Is that what they call a "FINANCIAL BANKING AND INVESTMENT MONOPOLY" now?

Just because decades have gone by, the game doesn't change when robbing the people. It's still a job for the FBI and Justice Department's "BUNKO SQUAD ON BREAKING MONOPOLIES, that steal from the Citizens lively hoods through schemes and scams.

They broke the law, and now more "Club Fed separate justice. They are as guilty as any crook in any prison, only they wear a designer suit.

America, "GIVE THEM A ORANGE UNIFORM" and make them work cleaning the sludge, their corporations polluted in our rivers, for the same pay as any other criminal on the "trustee list" Only they ca'nt be trusted, so they should be stripped of any monetary income. They OWE America, too much and they shouldn't be allowed to spend a dime.

[LITNUP]

Kerry,,, The only way Pres Bush won Reelecton is because the Dems ran the worst ever.

[PhilipTaylor]

Ro ve fixed the Election! Mike Connell, his IT guy, did it! See video:

http://www.youtube.com/watch?v=PAdSJlm0u0o&eurl=http://video.google.com/videosearch?hl=en&q=Mike%20connell%20rove&um=1&ie=UTF-8&sa=N&tab=wv

[thecanadian]

Nice to see Senator Kerry involved!

[MomfromTexas]

I think he's going to be a very powerful voice in the senate during this administration. I suspect that's why he was left in the senate and not nominated for a post.

[thecanadian]

Exactly my thought as well!

[LovingHope]

I can't wait till January 20th. Get Bush out of there already.

[bluguy8]

Mentally he hasn't been there for 8 years

[Dayahka]

With changes to limit the way the funds are used AND with a proviso that none of the funds were to be disbursed before Jan 20 AND with a Contempt of Congress citation to Mr. Paulson for failure to reveal how the first monies were distributed, this bill would be OK, otherwise not. Mr. Paulson needs to have either a contempt citation or an arrest warrant waiting for him at 12:01PM on Jan 20. This crook needs to explain just how his recommendations about the reserve funds and the distribution of funds was carried out. Also, the provision needs to be stated that Bush and his cronies have no authority to distribute any of these funds, and that the authority is for after the 20th, otherwise there'll be last-minute frauds--and no kiting, Paulson.

[ObjectiveRealist]

Hear, hear!

[Changeizgood]

They needed a big bank account, to launder the Taliban Drug money. Follow the money. These guys are dark side crooks.

Why else is there no explaination?

It is illegal activity going on there. If Ronnie Reagan, can fund wars through Cocaine and Ollie North, then so can these clowns. They are in charge of ALL the money in the world. They couldn't go through the smaller banks being monitored by government, they needed something with "bigger assets" to not draw attention. $700 Billion, is a lot of assets.

[spiffarino]

Bush and Paulson are anxious to get their hands on the rest of the TARP money in hopes that they can bail out their already rich buddies and keep it out of the hands of the people who would benefit from it. If they get the 350 bil, they will hand the next president a destroyed economy that the Republicans can exploit to their electoral advantage in 2010.

What possible interest could they have in doing otherwise? Saving the country from economic collapse? As if...

[CaptainVideo]

There is a 15 day lag between the time the request is made and the money is made available. If Bush requests it now, Obama will be President by the time it is made available.

[curiousasheck]

Need it for those Shovel Ready jobs.

Problem is we're already in a hole six feet deep furiously shoveling away thinking we're at a ground breaking ceremony.

[curiousasheck]

Kids born starting around 2000 won't remember the days of "consumer instant gratification something for nothing gimme free schtuff I want it all and now" we're trying to prop up and bail out anyway.

[NotMcCain]

Everything Bush touches turns to sh*t.

I wouldn't ask him to do anything for me. There's no hurry with TARP (aka the Bush-Paulsen $350 billion taxpayer swindle....)

[whoknew---]

Please Obama don't let Bush get his hands on that money...

Not a good thing...

[judyc]

I'm quite sure that he won't.

[MissT]

Can he stop him?