Tuesday, February 10, 2009

Another bailout for the bailout

Fed chairman Geithner called for an addiitional $2 TRILLION dollars today to help out financial institutions and help get credit flowing again. Under the named "Financial Stability Plan," or the Obama-Geithner Ponzi Plan, the money will be used to do four things.

1. Clean up standards for banks. And lend banks in crisis additional capital.

2. Create a public-private fund to buy up toxic assets. They also want to encourage private ownership of some of these assets.

3. Expand consumer and business lending to kick start spending and secondary markets.

4. Commit $50 BILLION to help reduce monthly mortgage payments.

So, does this have to get passed by Congress or is more money just printed? This would put the price tag for the Obama administration at $2.8 TRILLION dollars.

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