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Obama Team Agrees to Aid Treasury in Push for Rescue Funds

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girl gone mad Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 04:10 PM
Original message
Obama Team Agrees to Aid Treasury in Push for Rescue Funds
Edited on Fri Dec-05-08 04:10 PM by girl gone mad
Hopefully, congress will resist...

http://www.washingtonpost.com/wp-dyn/content/article/20...

President-elect Barack Obama's transition team has agreed to accompany Treasury Department officials to meet with Capitol Hill leaders to help the Bush administration gain access to the second half of the $700 billion financial rescue package, government sources familiar with the matter said.

With lawmakers on both sides of the aisle expressing heated opposition to granting such a request, Treasury officials have come to realize that they need the president-elect's help to obtain the rescue money and are actively engaged with his aides, the sources said.

Separately, the sources said, Treasury staffers are working on several proposals to unfreeze the troubled credit markets. But these initiatives would not be possible without the next installment of the rescue package. Transition officials want to see the Treasury's plans before they agree to support tapping the rescue package.

Of the first $350 billion in rescue money provided by Congress, the Treasury has only $15 billion left, not enough to save a major financial institution if it were to collapse. Just weeks ago, Treasury committed to spending $25 billion in rescue money to prop up Citigroup; it had already provided the firm with an earlier $25 billion infusion.

Obama has not yet said publicly whether Congress should give the Treasury access to the rest of the rescue funds. But in agreeing to allow his aides to meet with administration officials and lawmakers on the issue, Obama is demonstrating his willingness to engage on the issue, according to the sources, who spoke on condition of anonymity.
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David Dunham Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 04:11 PM
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1. These funds are key to save the auto cos and others
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Truth2Tell Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 04:19 PM
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2. None of this addresses the crisis of the derivatives bubble.
Still re-arranging deck chairs. Peeing into the wind.
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natrat Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 04:38 PM
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3. is this a complete scam or am i missing something?
Will they still not account for the whereabouts of the already distributed money? Is there any real oversight? Has this money gone to foreign entities? Is this money basically being used in part for bonuses to the tune of billions? Are barney frank and chris dodd complete pieces of shit?
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Citizen Number 9 Donating Member (878 posts) Send PM | Profile | Ignore Fri Dec-05-08 09:08 PM
Response to Reply #3
4. Money under the bridge
Out of sight, out of mind.

Spilled milk.



Isn't it like going to a medium five times to find out where Uncle Harry hid his fortune? Maybe the sixth time will be the charm.
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